GigOptix Inc (GIG): Hedge Funds Are Snapping Up

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As one would reasonably expect, some big names have jumped into GigOptix Inc (NYSEMKT:GIG) headfirst. G2 Investment Partners Management initiated the largest position in GigOptix Inc (NYSEMKT:GIG) that was worth $0.9 million at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $0.1 million position during the quarter. The only other fund with a brand new GIG position is Israel Englander’s Millennium Management.

Let’s now review hedge fund activity in other stocks similar to GigOptix Inc (NYSEAMEX:GIG). We will take a look at Lombard Medical Inc (NASDAQ:EVAR), Xplore Technologies Corp. (NASDAQ:XPLR), Aldeyra Therapeutics Inc (NASDAQ:ALDX), and Amtech Systems, Inc. (NASDAQ:ASYS). This group of stocks’ market valuations are closest to GIG’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
EVAR 4 4534 0
XPLR 4 2768 0
ALDX 7 13025 0
ASYS 4 9742 0

As you can see these stocks had an average of 5 hedge funds with bullish positions and the average amount invested in these stocks was $8 million. That figure was $9 million in GIG’s case. Aldeyra Therapeutics Inc (NASDAQ:ALDX) is the most popular stock in this table. On the other hand Lombard Medical Inc (NASDAQ:EVAR) is the least popular one with only 4 bullish hedge fund positions. GigOptix Inc (NYSEMKT:GIG) 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 ALDX might be a better candidate to consider a long position.

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