Is IRCP Stock A Buy Here?

In this article you are going to find out whether hedge funds think IRSA Propiedades Comerciales S.A. (NASDAQ:IRCP) is a good investment right now. We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for known risk attributes. It’s not surprising given that hedge funds have access to better information and more resources to predict the winners in the stock market.

Is IRCP stock a buy? IRSA Propiedades Comerciales S.A. (NASDAQ:IRCP) shares haven’t seen a lot of action during the second quarter. Overall, hedge fund sentiment was unchanged. The stock was in 4 hedge funds’ portfolios at the end of March. Our calculations also showed that IRCP isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings). The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as AerSale Corporation (NASDAQ:ASLE), Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX), and Geron Corporation (NASDAQ:GERN) to gather more data points.

At the moment there are a multitude of methods stock traders can use to assess stocks. A duo of the less known methods are hedge fund and insider trading moves. We have shown that, historically, those who follow the best picks of the best money managers can beat the broader indices by a superb amount (see the details here). Also, our monthly newsletter’s portfolio of long stock picks returned 206.8% since March 2017 (through May 2021) and beat the S&P 500 Index by more than 115 percentage points. You can download a sample issue of this newsletter on our website .

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At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, an activist hedge fund wants to buy this $28 biotech stock for $50. So, we recommended a long position to our monthly premium newsletter subscribers. We go through lists like the 10 best battery stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. With all of this in mind let’s take a peek at the fresh hedge fund action regarding IRSA Propiedades Comerciales S.A. (NASDAQ:IRCP).

Do Hedge Funds Think IRCP Is A Good Stock To Buy Now?

Heading into the second quarter of 2021, a total of 4 of the hedge funds tracked by Insider Monkey were long this stock, a change of 0% from one quarter earlier. On the other hand, there were a total of 4 hedge funds with a bullish position in IRCP a year ago. So, let’s see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

When looking at the institutional investors followed by Insider Monkey, Richard Mashaal’s Rima Senvest Management has the largest position in IRSA Propiedades Comerciales S.A. (NASDAQ:IRCP), worth close to $4.9 million, comprising 0.2% of its total 13F portfolio. Coming in second is 683 Capital Partners, led by Ari Zweiman, holding a $4.8 million position; 0.3% of its 13F portfolio is allocated to the company. Some other peers that are bullish consist of Robert Charles Gibbins’s Autonomy Capital, Don Morgan’s Brigade Capital and . In terms of the portfolio weights assigned to each position Autonomy Capital allocated the biggest weight to IRSA Propiedades Comerciales S.A. (NASDAQ:IRCP), around 0.27% of its 13F portfolio. 683 Capital Partners is also relatively very bullish on the stock, setting aside 0.25 percent of its 13F equity portfolio to IRCP.

Earlier we told you that the aggregate hedge fund interest in the stock was unchanged and we view this as a negative development. Even though there weren’t any hedge funds dumping their holdings during the third quarter, there weren’t any hedge funds initiating brand new positions. This indicates that hedge funds, at the very best, perceive this stock as dead money and they haven’t identified any viable catalysts that can attract investor attention.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as IRSA Propiedades Comerciales S.A. (NASDAQ:IRCP) but similarly valued. We will take a look at AerSale Corporation (NASDAQ:ASLE), Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX), Geron Corporation (NASDAQ:GERN), Tredegar Corporation (NYSE:TG), Allied Motion Technologies, Inc. (NASDAQ:AMOT), Willdan Group, Inc. (NASDAQ:WLDN), and Fangdd Network Group Ltd. (NASDAQ:DUO). All of these stocks’ market caps are similar to IRCP’s market cap.

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As you can see these stocks had an average of 8.7 hedge funds with bullish positions and the average amount invested in these stocks was $106 million. That figure was $13 million in IRCP’s case. AerSale Corporation (NASDAQ:ASLE) is the most popular stock in this table. On the other hand Fangdd Network Group Ltd. (NASDAQ:DUO) is the least popular one with only 2 bullish hedge fund positions. IRSA Propiedades Comerciales S.A. (NASDAQ:IRCP) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for IRCP is 36.7. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.2% in 2021 through June 11th and still beat the market by 3.3 percentage points. A small number of hedge funds were also right about betting on IRCP as the stock returned 16.9% since the end of the first quarter (through 6/11) and outperformed the market by an even larger margin.

Disclosure: None. This article was originally published at Insider Monkey.