Hedge fund interest in Diamondback Energy Inc (NASDAQ: FANG ) shares was flat at the end of last quarter. This is usually a negative indicator. The level and the change in hedge fund popularity aren't the only variables you need to analyze to decipher hedge funds' perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That's why at the end of this article we will examine companies such as Celanese Corporation (NYSE: CE ), CNH Industrial NV (NYSE: CNHI ), and Evergy, Inc. (NYSE: EVRG ) to gather more data points. Our calculations also showed that FANG isn't among the 30 most popular stocks among hedge funds (click for Q4 rankings and see the video below for Q3 rankings). In the 21st century investor's toolkit there are numerous tools market participants employ to assess publicly traded companies. A pair of the most innovative tools are hedge fund and insider trading sentiment.