Technical analysis, or the use of price and volume data to find stock trading trends, is a helpful angle in addition to the traditional fundamental analysis applied to stocks. If you're interested in using technical analysis, you may like this list.
We ran a screen on stocks that appear technically oversold, with RSI(14) below 40, for those with the most significant net institutional purchases over the current quarter, indicating that institutional investors such as hedge fund managers believe these stocks will outperform.
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Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.?
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We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.
Do you think these stocks will outperform like hedge fund managers expect? Use this list as a starting point for your own analysis.
List sorted by net institutional purchases as a percent of share float.
1. Heckmann Corporation (HEK): Acquires or makes investments in various businesses. Market cap of $663.03M. RSI(14) at 29.54. Net institutional shares purchased over the current quarter at 17.6M, which is 18.03% of the company's 97.60M share float. The stock is a short squeeze candidate, with a short float at 22.69% (equivalent to 9.94 days of average volume). It's been a rough couple of days for the stock, losing 11.8% over the last week.
2. Quicksilver Resources Inc. (KWK): Engages in the exploration, development, and production of unconventional natural gas onshore in North America. Market cap of $915.01M. RSI(14) at 37.25. Net institutional shares purchased over the current quarter at 13.8M, which is 15.35% of the company's 89.89M share float. The stock is a short squeeze candidate, with a short float at 16.13% (equivalent to 5.44 days of average volume). It's been a rough couple of days for the stock, losing 14.7% over the last week.
3. Mellanox Technologies, Ltd. (MLNX): Engages in the design, development, marketing, and sale of interconnect products primarily in North America, Israel, Europe, and Asia. Market cap of $1.32B. RSI(14) at 39.33. Net institutional shares purchased over the current quarter at 3.4M, which is 12.62% of the company's 26.94M share float. The stock has gained 22.88% over the last year.
4. Rex Energy Corporation (REXX): Operates as an independent oil and gas company in the Appalachian, Illinois, and Denver-Julesburg Basins. Market cap of $451.10M. RSI(14) at 28.39. Net institutional shares purchased over the current quarter at 4.4M, which is 12.38% of the company's 35.54M share float. This is a risky stock that is significantly more volatile than the overall market (beta = 2.25). The stock is a short squeeze candidate, with a short float at 25.48% (equivalent to 9.5 days of average volume). It's been a rough couple of days for the stock, losing 12.64% over the last week.
5. Walter Investment Management Corp. (WAC): Operates as a mortgage portfolio owner and mortgage servicer, specializing in sub prime, non-conforming, and other credit challenged residential loans primarily in the southeastern United States. Market cap of $489.94M. RSI(14) at 37.90. Net institutional shares purchased over the current quarter at 2.6M, which is 11.84% of the company's 21.96M share float. The stock has performed poorly over the last month, losing 10.3%.
6. Calpine Corp. (CPN): Owns and operates natural gas-fired and geothermal power plants in North America. Market cap of $6.65B. RSI(14) at 37.54. Net institutional shares purchased over the current quarter at 26.9M, which is 11.14% of the company's 241.50M share float. The stock has gained 5.28% over the last year.
7. IPC The Hospitalist Company, Inc. (IPCM): Provides hospitalist services in the United States. Market cap of $537.92M. RSI(14) at 29.64. Net institutional shares purchased over the current quarter at 1.7M, which is 10.66% of the company's 15.95M share float. The stock is a short squeeze candidate, with a short float at 17.% (equivalent to 12.59 days of average volume). The stock has performed poorly over the last month, losing 26.78%.
8. Cogent Communications Group Inc. (CCOI): Provides high-speed Internet access, Internet protocol, and communications services to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations. Market cap of $701.35M. RSI(14) at 38.60. Net institutional shares purchased over the current quarter at 2.4M, which is 6.37% of the company's 37.67M share float. The stock is a short squeeze candidate, with a short float at 7.28% (equivalent to 6.26 days of average volume). It's been a rough couple of days for the stock, losing 15.38% over the last week.
9. Astronics Corporation (ATRO): Designs and manufactures products for the aerospace and defense industries worldwide. Market cap of $390.35M. RSI(14) at 31.67. Net institutional shares purchased over the current quarter at 603.6K, which is 6.21% of the company's 9.72M share float. The stock has gained 49.95% over the last year.
10. Twin Disc Inc. (TWIN): Designs, manufactures, and sells marine and heavy duty off-highway power transmission equipment. Market cap of $450.34M. RSI(14) at 29.54. Net institutional shares purchased over the current quarter at 509.9K, which is 5.98% of the company's 8.53M share float. This is a risky stock that is significantly more volatile than the overall market (beta = 2.49). The stock is a short squeeze candidate, with a short float at 14.29% (equivalent to 9.18 days of average volume). The stock has gained 42.7% over the last year.
11. PharMerica Corporation (PMC): Operates as an institutional pharmacy services company in the United States. Market cap of $388.37M. RSI(14) at 37.09. Net institutional shares purchased over the current quarter at 1.4M, which is 5.16% of the company's 27.15M share float. The stock is a short squeeze candidate, with a short float at 8.28% (equivalent to 6.26 days of average volume). The stock has performed poorly over the last month, losing 13.32%.
12. RPC Inc. (RES): Provides a range of oilfield services and equipment to the oil and gas companies primarily in the United States. Market cap of $2.65B. RSI(14) at 39.69. Net institutional shares purchased over the current quarter at 1.8M, which is 3.57% of the company's 50.37M share float. It's been a rough couple of days for the stock, losing 6.82% over the last week.
*Institutional data sourced from Fidelity, all other data sourced from Finviz.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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