It's true and they go a lot further hunting signals that people without their resources simply can't.

https://www.financial-news.co.uk/how-hedge-funds-are-using-s...

https://edition.cnn.com/2019/07/10/investing/hedge-fund-dron...

They have the resources to spend (to them) a small amount to confirm/check a play before they make it, it's been a thing since commercial satellite imaging became a thing.

Hell the (somewhat terrible but somehow enjoyable) TV show Billions had it as a plot point years ago.