A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended March 31st, so let’s proceed with the discussion of the hedge fund sentiment on Siebert Financial Corp. (NASDAQ:SIEB).
Is SIEB a good stock to buy? Siebert Financial Corp. (NASDAQ:SIEB) has experienced an increase in activity from the world’s largest hedge funds in recent months. Siebert Financial Corp. (NASDAQ:SIEB) was in 3 hedge funds’ portfolios at the end of the first quarter of 2021. The all time high for this statistic was previously 1. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. There were 1 hedge funds in our database with SIEB positions at the end of the fourth quarter. Our calculations also showed that SIEB isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings).
Hedge funds’ reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn’t keep up with the unhedged returns of the market indices. Hedge funds have more than $3.5 trillion in assets under management, so you can’t expect their entire portfolios to beat the market by large margins. Our research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 115 percentage points since March 2017 (see the details here). So you can still find a lot of gems by following hedge funds’ moves today.
Ken Griffin of Citadel Investment Group
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, an activist hedge fund wants to buy this $26 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. Now let’s go over the fresh hedge fund action surrounding Siebert Financial Corp. (NASDAQ:SIEB).
Do Hedge Funds Think SIEB Is A Good Stock To Buy Now?
At Q1’s end, a total of 3 of the hedge funds tracked by Insider Monkey were long this stock, a change of 200% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards SIEB over the last 23 quarters. So, let’s see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to Insider Monkey’s hedge fund database, Millennium Management, managed by Israel Englander, holds the largest position in Siebert Financial Corp. (NASDAQ:SIEB). Millennium Management has a $0.5 million position in the stock, comprising less than 0.1%% of its 13F portfolio. The second largest stake is held by Renaissance Technologies, holding a $0.2 million position; less than 0.1%% of its 13F portfolio is allocated to the stock. Some other members of the smart money that hold long positions contain Ken Griffin’s Citadel Investment Group, and . In terms of the portfolio weights assigned to each position Millennium Management allocated the biggest weight to Siebert Financial Corp. (NASDAQ:SIEB), around 0.0003% of its 13F portfolio. Renaissance Technologies is also relatively very bullish on the stock, dishing out 0.0003 percent of its 13F equity portfolio to SIEB.
As industrywide interest jumped, key money managers have jumped into Siebert Financial Corp. (NASDAQ:SIEB) headfirst. Millennium Management, managed by Israel Englander, established the biggest position in Siebert Financial Corp. (NASDAQ:SIEB). Millennium Management had $0.5 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $0.1 million position during the quarter. The only other fund with a new position in the stock is Ken Griffin’s Citadel Investment Group.
Let’s go over hedge fund activity in other stocks similar to Siebert Financial Corp. (NASDAQ:SIEB). These stocks are IEC Electronics Corp. (NASDAQ:IEC), Aptevo Therapeutics Inc. (NASDAQ:APVO), TRACON Pharmaceuticals Inc (NASDAQ:TCON), Salisbury Bancorp, Inc. (NASDAQ:SAL), inTEST Corporation (NYSE:INTT), Greenland Technologies Holding Corporation (NASDAQ:GTEC), and 36Kr Holdings Inc. (NASDAQ:KRKR). This group of stocks’ market valuations resemble SIEB’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| IEC | 1 | 4081 | -1 |
| APVO | 8 | 68540 | -1 |
| TCON | 6 | 48141 | -2 |
| SAL | 1 | 640 | 1 |
| INTT | 4 | 17935 | 1 |
| GTEC | 1 | 539 | 0 |
| KRKR | 1 | 171 | 0 |
| Average | 3.1 | 20007 | -0.3 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 3.1 hedge funds with bullish positions and the average amount invested in these stocks was $20 million. That figure was $1 million in SIEB’s case. Aptevo Therapeutics Inc. (NASDAQ:APVO) is the most popular stock in this table. On the other hand IEC Electronics Corp. (NASDAQ:IEC) is the least popular one with only 1 bullish hedge fund positions. Siebert Financial Corp. (NASDAQ:SIEB) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for SIEB is 51.3. 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 SIEB as the stock returned 23% since the end of the first quarter (through 6/11) and outperformed the market by an even larger margin.
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Disclosure: None. This article was originally published at Insider Monkey.
