Here is What Hedge Funds Think About GoPro Inc (GPRO)

With a general bullishness amongst the heavyweights, key money managers were leading the bulls’ herd. Highbridge Capital Management, managed by Glenn Russell Dubin, created the biggest position in GoPro Inc (NASDAQ:GPRO). Highbridge Capital Management had $26 million invested in the company at the end of the quarter. Joel Greenblatt’s Gotham Asset Management also made an $18.1 million investment in the stock during the quarter. The other funds with new positions in the stock are John Lykouretzos’ Hoplite Capital Management, Mike Masters’ Masters Capital Management, and Dmitry Balyasny’s Balyasny Asset Management.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as GoPro Inc (NASDAQ:GPRO) but similarly valued. We will take a look at AECOM Technology Corp (NYSE:ACM), AptarGroup, Inc. (NYSE:ATR), Alere Inc (NYSE:ALR), and Arista Networks Inc (NYSE:ANET). This group of stocks’ market valuations matches GoPro Inc (NASDAQ:GPRO)’s market valuation.

As you can see, these stocks had an average of 25 hedge funds with bullish positions and the average amount invested in these stocks was $532 million. That figure was $240 million in GoPro Inc (NASDAQ:GPRO)’s case. Alere Inc (NYSE:ALR) is the most popular stock in this table. On the other hand, AptarGroup, Inc. (NYSE:ATR) is the least popular one with only 18 bullish hedge fund positions. GoPro Inc (NASDAQ:GPRO) 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, Alere Inc (NYSE:ALR) might be a better candidate to consider a long position.