Do Hedge Funds Love Carbonite Inc (CARB)?

Now, specific money managers have jumped into Carbonite Inc (NASDAQ:CARB) headfirst. SG Capital Management, managed by Ken Grossman and Glen Schneider, established the biggest position in Carbonite Inc (NASDAQ:CARB). SG Capital Management had $2.6 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $0.2 million investment in the stock during the quarter.

Let’s now take a look at 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 Park Sterling Bank (NASDAQ:PSTB), Axcelis Technologies Inc (NASDAQ:ACLS), Monarch Casino & Resort, Inc. (NASDAQ:MCRI), and Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD). All of these stocks’ market caps match CARB’s market cap.

As you can see these stocks had an average of 12.5 hedge funds with bullish positions and the average amount invested in these stocks was $33 million. That figure was $84 million in CARB’s case. Axcelis Technologies Inc (NASDAQ:ACLS) is the most popular stock in this table. On the other hand Monarch Casino & Resort, Inc. (NASDAQ:MCRI) is the least popular one with only 8 bullish hedge fund positions. Carbonite Inc (NASDAQ:CARB) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard ACLS might be a better candidate to consider a long position.