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The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 817 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of September 30th, about a month before the elections. In this article we look at what those investors think of Energy Fuels Inc (NYSE:UUUU).
Energy Fuels Inc (NYSE:UUUU) was in 3 hedge funds' portfolios at the end of the third quarter of 2020. The all time high for this statistics is 9. UUUU has seen a decrease in hedge fund interest recently. There were 6 hedge funds in our database with UUUU holdings at the end of June. Our calculations also showed that UUUU isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings and see the video for a quick look at the top 5 stocks).
Video: Watch our video about the top 5 most popular hedge fund stocks.
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. 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 66 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 13% through November 17th. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
Michael Hintze of CQS Cayman LP
At Insider Monkey we scour multiple sources to uncover the next great investment idea. For example, Federal Reserve has been creating trillions of dollars electronically to keep the interest rates near zero. We believe this will lead to inflation and boost real estate prices. So, we recommended this real estate stock to our monthly premium newsletter subscribers. We go through lists like the 10 most profitable companies in the world to pick the best large-cap stocks to buy. 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 website. Now we're going to check out the new hedge fund action surrounding Energy Fuels Inc (NYSE:UUUU).
How are hedge funds trading Energy Fuels Inc (NYSE:UUUU)?
At Q3's end, a total of 3 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -50% from the second quarter of 2020. By comparison, 6 hedge funds held shares or bullish call options in UUUU a year ago. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Michael Hintze's CQS Cayman LP has the biggest position in Energy Fuels Inc (NYSE:UUUU), worth close to $0.7 million, amounting to 0.1% of its total 13F portfolio. Sitting at the No. 2 spot is Ken Griffin of Citadel Investment Group, with a $0.2 million call position; less than 0.1%% of its 13F portfolio is allocated to the stock. Remaining professional money managers with similar optimism encompass Ken Griffin's Citadel Investment Group, John Overdeck and David Siegel's Two Sigma Advisors and Ken Griffin's Citadel Investment Group. In terms of the portfolio weights assigned to each position CQS Cayman LP allocated the biggest weight to Energy Fuels Inc (NYSE:UUUU), around 0.1% of its 13F portfolio. Two Sigma Advisors is also relatively very bullish on the stock, designating 0.0002 percent of its 13F equity portfolio to UUUU.
Since Energy Fuels Inc (NYSE:UUUU) has witnessed declining sentiment from hedge fund managers, logic holds that there lies a certain "tier" of money managers that decided to sell off their full holdings last quarter. Intriguingly, Joe Huber's Huber Capital Management dropped the biggest position of the "upper crust" of funds monitored by Insider Monkey, worth close to $0.3 million in stock, and Renaissance Technologies was right behind this move, as the fund dumped about $0.1 million worth. These moves are interesting, as total hedge fund interest dropped by 3 funds last quarter.
Let's check out hedge fund activity in other stocks - not necessarily in the same industry as Energy Fuels Inc (NYSE:UUUU) but similarly valued. We will take a look at Nathan's Famous, Inc. (NASDAQ:NATH), Falcon Minerals Corporation (NASDAQ:FLMN), Oasis Midstream Partners LP (NASDAQ:OMP), Maui Land & Pineapple Company, Inc. (NYSE:MLP), Alpine Immune Sciences, Inc. (NASDAQ:ALPN), YRC Worldwide, Inc. (NASDAQ:YRCW), and Genie Energy Ltd (NYSE:GNE). This group of stocks' market caps match UUUU's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position NATH,5,25066,1 FLMN,20,20183,-1 OMP,3,1741,0 MLP,4,8841,1 ALPN,12,81013,7 YRCW,9,8497,-1 GNE,8,11912,-2 Average,8.7,22465,0.7 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 8.7 hedge funds with bullish positions and the average amount invested in these stocks was $22 million. That figure was $1 million in UUUU's case. Falcon Minerals Corporation (NASDAQ:FLMN) is the most popular stock in this table. On the other hand Oasis Midstream Partners LP (NASDAQ:OMP) is the least popular one with only 3 bullish hedge fund positions. Compared to these stocks Energy Fuels Inc (NYSE:UUUU) is even less popular than OMP. Our overall hedge fund sentiment score for UUUU is 12. 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. Hedge funds clearly dropped the ball on UUUU as the stock delivered strong returns, though hedge funds' consensus picks still generated respectable returns. Our calculations showed that top 20 most popular stocks among hedge funds returned 41.3% in 2019 and outperformed the S&P 500 ETF (SPY) by 10 percentage points. These stocks gained 28.1% in 2020 through November 23rd and still beat the market by 15.4 percentage points. A small number of hedge funds were also right about betting on UUUU as the stock returned 13.7% since Q3 (through November 23rd) and outperformed the market by an even larger margin.
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Disclosure: None. This article was originally published at Insider Monkey.