Integrated Device Technology, Inc. (IDTI): Are Hedge Funds Right About This Stock?

Because Integrated Device Technology, Inc. (NASDAQ:IDTI) has witnessed declining sentiment from the smart money, we can see that there exists a select few hedgies that decided to sell off their positions entirely in the third quarter. Intriguingly, Daniel Benton’s Andor Capital Management said goodbye to the largest investment of the “upper crust” of funds monitored by Insider Monkey, valued at an estimated $16.3 million in call options, and Dmitry Balyasny’s Balyasny Asset Management was right behind this move, as the fund dumped about $14.1 million worth. These bearish behaviors are intriguing to say the least, as total hedge fund interest was cut by 7 funds in the third quarter.

Let’s also examine hedge fund activity in other stocks similar to Integrated Device Technology, Inc. (NASDAQ:IDTI). We will take a look at SolarWinds Inc (NYSE:SWI), Synaptics, Incorporated (NASDAQ:SYNA), EnLink Midstream LLC (NYSE:ENLC), and ITT Corp (NYSE:ITT). This group of stocks’ market values are similar to IDTI’s market value.

As you can see these stocks had an average of 19.5 hedge funds with bullish positions and the average amount invested in these stocks was $214 million. That figure was $520 million in IDTI’s case. ITT Corp (NYSE:ITT) is the most popular stock in this table. On the other hand EnLink Midstream LLC (NYSE:ENLC) is the least popular one with only 10 bullish hedge fund positions. Compared to these stocks Integrated Device Technology, Inc. (NASDAQ:IDTI) 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.