Are Hedge Funds Holding A Winner in Carbonite Inc (CARB)?

Seeing as Carbonite Inc (NASDAQ:CARB) has witnessed bearish sentiment from the aggregate hedge fund industry, it’s safe to say that there was a specific group of hedgies who sold off their full holdings last quarter. It’s worth mentioning that Ken Grossman and Glen Schneider’s SG Capital Management dumped the largest investment of the “upper crust” of funds followed by Insider Monkey, worth close to $1.1 million in stock, and Charles Paquelet’s Skylands Capital was right behind this move, as the fund dropped about $0.2 million worth of shares.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Carbonite Inc (NASDAQ:CARB) but similarly valued. We will take a look at Everyday Health Inc (NYSE:EVDY), First Connecticut Bancorp Inc (NASDAQ:FBNK), LeMaitre Vascular Inc (NASDAQ:LMAT), and Phoenix New Media Ltd ADR (NYSE:FENG). This group of stocks’ market valuations are closest to CARB’s market valuation.

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $23 million. That figure was $144 million in CARB’s case. Everyday Health Inc (NYSE:EVDY) is the most popular stock in this table. On the other hand First Connecticut Bancorp Inc (NASDAQ:FBNK) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks Carbonite Inc (NASDAQ:CARB) is more popular among hedge funds. Considering that hedge funds are very fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None