Hedge Funds Are Crazy About AMC Networks Inc (AMCX)

Consequently, some big names have been driving this bullishness. Highbridge Capital Management, led by Glenn Russell Dubin, established the largest position in AMC Networks Inc (NASDAQ:AMCX). The fund reportedly had $20.4 million invested in the company at the end of the quarter. Peter Muller’s PDT Partners also made a $5 million investment in the stock during the quarter. The other funds with new positions in the stock are D. E. Shaw’s D E Shaw, Jim Chanos’s Kynikos, and Paul Hondros’s AlphaOne Capital Partners.

Let’s check out hedge fund activity in other stocks similar to AMC Networks Inc (NASDAQ:AMCX). These stocks are Brocade Communications Systems, Inc. (NASDAQ:BRCD), Copa Holdings, S.A. (NYSE:CPA), PAREXEL International Corporation (NASDAQ:PRXL), and Acacia Communications, Inc. (NASDAQ:ACIA). This group of stocks’ market values match AMCX’s market value.

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $242 million. That figure was $344 million in AMCX’s case. Brocade Communications Systems, Inc. (NASDAQ:BRCD) is the most popular stock in this table. On the other hand Acacia Communications, Inc. (NASDAQ:ACIA) is the least popular one with only 8 bullish hedge fund positions. AMC Networks Inc (NASDAQ:AMCX) 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 BRCD might be a better candidate to consider taking a long position in.

Disclosure: none.