Hedge Funds Are Crazy About Shenandoah Telecommunications Company (SHEN)

As one would reasonably expect, some big names have been driving this bullishness. Millennium Management, led by Israel Englander, initiated the biggest position in Shenandoah Telecommunications Company (NASDAQ:SHEN). Millennium Management had $1.5 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also initiated a $0.6 million position during the quarter. The other funds with new positions in the stock are Michael Platt and William Reeves’s BlueCrest Capital Mgmt., Ken Griffin’s Citadel Investment Group, and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s check out hedge fund activity in other stocks similar to Shenandoah Telecommunications Company (NASDAQ:SHEN). These stocks are Petrobras Argentina SA ADR (NYSE:PZE), Barracuda Networks Inc (NYSE:CUDA), The E.W. Scripps Company (NYSE:SSP), and SUPERVALU INC. (NYSE:SVU). This group of stocks’ market valuations are similar to SHEN’s market valuation.

As you can see these stocks had an average of 16.25 hedge funds with bullish positions and the average amount invested in these stocks was $141 million. That figure was $46 million in SHEN’s case. SUPERVALU INC. (NYSE:SVU) is the most popular stock in this table. On the other hand Petrobras Argentina SA ADR (NYSE:PZE) is the least popular one with only 8 bullish hedge fund positions. Shenandoah Telecommunications Company (NASDAQ:SHEN) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard SVU might be a better candidate to consider taking a long position in.