At Insider Monkey, we pore over the filings of nearly 866 top investment firms every quarter, a process we have now completed for the latest reporting period. The data we’ve gathered as a result gives us access to a wealth of collective knowledge based on these firms’ portfolio holdings as of March 31st. In this article, we will use that wealth of knowledge to determine whether or not BioSig Technologies, Inc. (NASDAQ:BSGM) makes for a good investment right now.
BioSig Technologies, Inc. (NASDAQ:BSGM) was in 3 hedge funds’ portfolios at the end of March. The all time high for this statistic is 3. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. BSGM has seen an increase in hedge fund interest lately. There were 1 hedge funds in our database with BSGM positions at the end of the fourth quarter. Our calculations also showed that BSGM isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings).
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David Siegel of Two Sigma Advisors
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Do Hedge Funds Think BSGM Is A Good Stock To Buy Now?
Heading into the second quarter of 2021, a total of 3 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 200% from the fourth quarter of 2020. On the other hand, there were a total of 1 hedge funds with a bullish position in BSGM a year ago. With hedge funds’ positions undergoing their usual ebb and flow, there exists an “upper tier” of notable hedge fund managers who were boosting their stakes substantially (or already accumulated large positions).
More specifically, Citadel Investment Group was the largest shareholder of BioSig Technologies, Inc. (NASDAQ:BSGM), with a stake worth $0.7 million reported as of the end of March. Trailing Citadel Investment Group was Renaissance Technologies, which amassed a stake valued at $0.2 million. Citadel Investment Group was 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 Renaissance Technologies allocated the biggest weight to BioSig Technologies, Inc. (NASDAQ:BSGM), around 0.0002% of its 13F portfolio. Citadel Investment Group is also relatively very bullish on the stock, earmarking 0.0002 percent of its 13F equity portfolio to BSGM.
As industrywide interest jumped, key hedge funds have been driving this bullishness. Renaissance Technologies, established the biggest position in BioSig Technologies, Inc. (NASDAQ:BSGM). Renaissance Technologies had $0.2 million invested in the company at the end of the quarter. John Overdeck and David Siegel’s Two Sigma Advisors also made a $0 million investment in the stock during the quarter.
Let’s check out hedge fund activity in other stocks similar to BioSig Technologies, Inc. (NASDAQ:BSGM). These stocks are Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK), PFSweb, Inc. (NASDAQ:PFSW), Brainstorm Cell Therapeutics Inc. (NASDAQ:BCLI), Auburn National Bancorporation, Inc. (NASDAQ:AUBN), Franklin Financial Services Corporation (NASDAQ:FRAF), KLX Energy Services Holdings, Inc. (NASDAQ:KLXE), and Citizens Community Bancorp Inc. (NASDAQ:CZWI). This group of stocks’ market valuations match BSGM’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| PEBK | 2 | 6890 | 0 |
| PFSW | 6 | 19733 | -1 |
| BCLI | 5 | 2305 | -2 |
| AUBN | 1 | 585 | 0 |
| FRAF | 2 | 1474 | 2 |
| KLXE | 5 | 2474 | -1 |
| CZWI | 4 | 15388 | -1 |
| Average | 3.6 | 6978 | -0.4 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 3.6 hedge funds with bullish positions and the average amount invested in these stocks was $7 million. That figure was $0 million in BSGM’s case. PFSweb, Inc. (NASDAQ:PFSW) is the most popular stock in this table. On the other hand Auburn National Bancorporation, Inc. (NASDAQ:AUBN) is the least popular one with only 1 bullish hedge fund positions. BioSig Technologies, Inc. (NASDAQ:BSGM) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for BSGM is 57. 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 negative signal and 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 17.2% in 2021 through June 11th and surpassed the market again by 3.3 percentage points. Unfortunately BSGM wasn’t nearly as popular as these 5 stocks (hedge fund sentiment was quite bearish); BSGM investors were disappointed as the stock returned -4.4% since the end of March (through 6/11) 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 most of these stocks already outperformed the market in 2021.
Disclosure: None. This article was originally published at Insider Monkey.
