Hedge Funds Are Crazy About BioTelemetry, Inc. (BEAT)

Now, key money managers have jumped into BioTelemetry, Inc. (NASDAQ:BEAT) headfirst. Warren Lammert of Granite Point Capital established the biggest position in BioTelemetry, Inc. (NASDAQ:BEAT). Granite Point Capital had $0.9 million invested in the company at the end of the quarter. D. E. Shaw’s D E Shaw also initiated a $0.6 million position during the quarter. The other funds with new positions in the stock are Peter Algert and Kevin Coldiron’s Algert Coldiron Investors, Matthew Tewksbury’s Stevens Capital Management, and Ken Griffin’s Citadel Investment Group.

Let’s go over hedge fund activity in other stocks similar to BioTelemetry, Inc. (NASDAQ:BEAT). These stocks are Global Indemnity plc (NASDAQ:GBLI), Accuray Incorporated (NASDAQ:ARAY), The First of Long Island Corporation (NASDAQ:FLIC), and Pzena Investment Management, Inc. (NYSE:PZN). This group of stocks’ market valuations resemble BEAT’s market valuation.

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $52 million. That figure was $83 million in BEAT’s case. Accuray Incorporated (NASDAQ:ARAY) is the most popular stock in this table. On the other hand Global Indemnity plc (NASDAQ:GBLI) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks BioTelemetry, Inc. (NASDAQ:BEAT) is more popular among hedge funds. Considering that hedge funds are 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