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Hedge Funds Are Nibbling On Jianpu Technology Inc. (JT)

We at Insider Monkey have gone over 866 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 March 31st. In this article, we look at what those funds think of Jianpu Technology Inc. (NYSE:JT) based on that data.

Is Jianpu Technology Inc. (NYSE:JT) ready to rally soon? Investors who are in the know were taking a bullish view. The number of bullish hedge fund bets increased by 1 recently. Jianpu Technology Inc. (NYSE:JT) was in 3 hedge funds' portfolios at the end of March. The all time high for this statistic is 7. Our calculations also showed that JT isn't among the 30 most popular stocks among hedge funds (click for Q1 rankings). There were 2 hedge funds in our database with JT positions at the end of the fourth quarter.

In the 21st century investor’s toolkit there are plenty of tools stock market investors use to grade their holdings. Some of the less utilized tools are hedge fund and insider trading indicators. Our researchers have shown that, historically, those who follow the top picks of the best investment managers can outpace the broader indices by a healthy margin (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 .

Billionaire Ken Griffin's Top 10 Stocks Holdings
Billionaire Ken Griffin's Top 10 Stocks Holdings

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. With all of this in mind let's take a look at the new hedge fund action surrounding Jianpu Technology Inc. (NYSE:JT).

Do Hedge Funds Think JT 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 50% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards JT over the last 23 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.

Is JT A Good Stock To Buy?
Is JT A Good Stock To Buy?

Among these funds, Renaissance Technologies held the most valuable stake in Jianpu Technology Inc. (NYSE:JT), which was worth $0.7 million at the end of the fourth quarter. On the second spot was Yiheng Capital which amassed $0.6 million worth of shares. 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 Yiheng Capital allocated the biggest weight to Jianpu Technology Inc. (NYSE:JT), around 0.03% of its 13F portfolio. Renaissance Technologies is also relatively very bullish on the stock, designating 0.0009 percent of its 13F equity portfolio to JT.

With a general bullishness amongst the heavyweights, specific money managers were leading the bulls' herd. Citadel Investment Group, managed by Ken Griffin, created the biggest position in Jianpu Technology Inc. (NYSE:JT). Citadel Investment Group had $0 million invested in the company at the end of the quarter.

Let's also examine hedge fund activity in other stocks similar to Jianpu Technology Inc. (NYSE:JT). We will take a look at Idera Pharmaceuticals Inc (NASDAQ:IDRA), Mercurity Fintech Holding Inc. (NASDAQ:MFH), Liquid Media Group Ltd. (NASDAQ:YVR), BiondVax Pharmaceuticals Ltd. (NASDAQ:BVXV), Trevi Therapeutics, Inc. (NASDAQ:TRVI), CPI Aerostructures, Inc. (NYSE:CVU), and Sonim Technologies, Inc. (NASDAQ:SONM). All of these stocks' market caps match JT's market cap.

[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position IDRA,7,4019,-3 MFH,2,169,2 YVR,2,98,1 BVXV,3,190,2 TRVI,2,359,1 CVU,3,4828,1 SONM,5,4438,-1 Average,3.4,2014,0.4 [/table]

View table here if you experience formatting issues.

As you can see these stocks had an average of 3.4 hedge funds with bullish positions and the average amount invested in these stocks was $2 million. That figure was $1 million in JT's case. Idera Pharmaceuticals Inc (NASDAQ:IDRA) is the most popular stock in this table. On the other hand Mercurity Fintech Holding Inc. (NASDAQ:MFH) is the least popular one with only 2 bullish hedge fund positions. Jianpu Technology Inc. (NYSE:JT) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for JT is 28.9. 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 JT as the stock returned 8.8% 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.

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