Every now and then it’s nice to have assurance that hedge fund managers and professional stock pickers know what they’re doing, and do it well. With that in mind we created a list of outperforming stocks that hedge funds have been buying up in the current quarter.
The list of stocks below have met the following criteria:
- Winning Streaks (see below for more info)
- Significant net institutional purchases in the current quarter
- Market cap over $300 million (for stability)
For our purposes winning streaks are measured by a persistence of days in which the stock outperformed the S&P 500 and little persistence of days in underperforming the index. We measured this by the ratio of the longest winning streak (in days) divided by the longest losing streak over the last month.
Below is our final list of 9 stocks that made the cut. Do you think they have more upside to price in? List Average 1-Year Return: 46%.1. Accuray Incorporated : Designs, develops, and sells the CyberKnife system, an image-guided robotic radiosurgery system used for the treatment of solid tumors. Market cap at $488.95M, most recent closing price at $6.79. Net institutional purchases in the current quarter at 3.7M shares, which represents about 6.% of the company’s float of 61.63M shares. The stock’s average daily alpha vs. the S&P500 index stands at 0.86% (measured close to close, over the last month). During this period, the longest winning streak lasted 5 days (i.e. the stock’s daily returns outperformed the S&P 500 for 5 consecutive days). The longest losing streak lasted 2 days (i.e. a win streak / losing streak ratio of 2.5). 2. CalAmp Corp. : Develops and markets wireless communications solutions that deliver data, voice, and video for critical networked communications and other applications in the United States. Market cap at $269.63M, most recent closing price at $9.10. Net institutional purchases in the current quarter at 4.3M shares, which represents about 17.37% of the company’s float of 24.75M shares. The stock’s average daily alpha vs. the S&P500 index stands at 1.21% (measured close to close, over the last month). During this period, the longest winning streak lasted 5 days (i.e. the stock’s daily returns outperformed the S&P 500 for 5 consecutive days). The longest losing streak lasted 2 days (i.e. a win streak / losing streak ratio of 2.5).
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