We at Insider Monkey have gone over 867 13F filings that hedge funds and prominent investors are required to file by the SEC. The 13F filings show the funds’ and investors’ portfolio positions as of September 30th. In this article, we look at what those funds think of AngioDynamics, Inc. (NASDAQ:ANGO) based on that data.
AngioDynamics, Inc. (NASDAQ:ANGO) investors should pay attention to a decrease in hedge fund sentiment recently. AngioDynamics, Inc. (NASDAQ:ANGO) was in 21 hedge funds’ portfolios at the end of the third quarter of 2021. The all time high for this statistic is 23. Our calculations also showed that ANGO isn’t among the 30 most popular stocks among hedge funds (click for Q2 rankings).
Phillip Gross of Adage Capital
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium prices have more than doubled over the past year, so we go through lists like the 10 best EV 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. With all of this in mind let’s review the recent hedge fund action regarding AngioDynamics, Inc. (NASDAQ:ANGO).
Do Hedge Funds Think ANGO Is A Good Stock To Buy Now?
At Q3’s end, a total of 21 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -5% from the second quarter of 2021. The graph below displays the number of hedge funds with bullish position in ANGO over the last 25 quarters. So, let’s find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds, Polar Capital held the most valuable stake in AngioDynamics, Inc. (NASDAQ:ANGO), which was worth $34.4 million at the end of the third quarter. On the second spot was Adage Capital Management which amassed $33.7 million worth of shares. Millennium Management, Renaissance Technologies, and Point72 Asset Management were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position Tamarack Capital Management allocated the biggest weight to AngioDynamics, Inc. (NASDAQ:ANGO), around 2.87% of its 13F portfolio. Parian Global Management is also relatively very bullish on the stock, dishing out 2.2 percent of its 13F equity portfolio to ANGO.
Because AngioDynamics, Inc. (NASDAQ:ANGO) has experienced a decline in interest from the aggregate hedge fund industry, logic holds that there is a sect of money managers who sold off their positions entirely in the third quarter. Intriguingly, Jinghua Yan’s TwinBeech Capital cut the biggest position of all the hedgies followed by Insider Monkey, valued at about $0.3 million in stock, and Joel Greenblatt’s Gotham Asset Management was right behind this move, as the fund dumped about $0.3 million worth. These moves are intriguing to say the least, as total hedge fund interest fell by 1 funds in the third quarter.
Let’s now take a look at hedge fund activity in other stocks similar to AngioDynamics, Inc. (NASDAQ:ANGO). We will take a look at CTS Corporation (NYSE:CTS), The Lovesac Company (NASDAQ:LOVE), Preferred Bank (NASDAQ:PFBC), Smith & Wesson Brands, Inc. (NASDAQ:SWBI), Zumiez Inc. (NASDAQ:ZUMZ), Vaxart, Inc. (NASDAQ:VXRT), and Cowen Inc. (NASDAQ:COWN). This group of stocks’ market valuations are closest to ANGO’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| CTS | 13 | 76901 | 1 |
| LOVE | 17 | 78702 | -1 |
| PFBC | 9 | 29837 | 0 |
| SWBI | 19 | 138484 | -2 |
| ZUMZ | 16 | 34359 | -2 |
| VXRT | 8 | 17023 | 0 |
| COWN | 26 | 214148 | -1 |
| Average | 15.4 | 84208 | -0.7 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 15.4 hedge funds with bullish positions and the average amount invested in these stocks was $84 million. That figure was $169 million in ANGO’s case. Cowen Inc. (NASDAQ:COWN) is the most popular stock in this table. On the other hand Vaxart, Inc. (NASDAQ:VXRT) is the least popular one with only 8 bullish hedge fund positions. AngioDynamics, Inc. (NASDAQ:ANGO) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for ANGO is 67.5. 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. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. 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 29.6% in 2021 and beat the market again by 3.6 percentage points. Unfortunately ANGO wasn’t nearly as popular as these 5 stocks and hedge funds that were betting on ANGO were disappointed as the stock returned 6.3% since the end of September (through 12/31) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as many of these stocks already outperformed the market since 2019.
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Disclosure: None. This article was originally published at Insider Monkey.
