Hedge Funds See Something to Like in Cardiovascular Systems Inc (CSII)

Now, specific money managers have been driving this bullishness. Partner Fund Management assembled the most outsized position in Cardiovascular Systems Inc (NASDAQ:CSII). Partner Fund Management had $11.9 million invested in the company at the end of the quarter. Millennium Management also made a $9.3 million investment in the stock during the quarter. The other funds with brand new CSII positions are Jim Simons’ Renaissance Technologies, Ken Griffin’s Citadel Investment Group, and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Cardiovascular Systems Inc (NASDAQ:CSII) but similarly valued. We will take a look at Encore Capital Group, Inc. (NASDAQ:ECPG), Corcept Therapeutics Incorporated (NASDAQ:CORT), Unitil Corporation (NYSE:UTL), and Entravision Communication (NYSE:EVC). This group of stocks’ market caps are similar to CSII’s market cap.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $62 million. That figure was $143 million in CSII’s case. Entravision Communication (NYSE:EVC) is the most popular stock in this table. On the other hand Encore Capital Group, Inc. (NASDAQ:ECPG) is the least popular one with only 6 bullish hedge fund positions. Cardiovascular Systems Inc (NASDAQ:CSII) 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 EVC might be a better candidate to consider taking a long position in, though CSII is worth watching given the recent surge in smart money ownership.

Disclosure: None