Is Harmonic Inc (HLIT) Going to Burn These Hedge Funds?

As one would reasonably expect, some big names were breaking ground themselves. Glenn Russell Dubin’s Highbridge Capital Management established the most outsized position in Harmonic Inc (NASDAQ:HLIT). Highbridge Capital Management had $0.7 million invested in the company at the end of the quarter.

Let’s now review hedge fund activity in other stocks similar to Harmonic Inc (NASDAQ:HLIT). We will take a look at Sierra Wireless, Inc. (USA) (NASDAQ:SWIR), Ruth’s Hospitality Group, Inc. (NASDAQ:RUTH), Cascade Bancorp (NASDAQ:CACB), and Revance Therapeutics Inc (NASDAQ:RVNC). This group of stocks’ market caps are closest to HLIT’s market cap.

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 $42 million. That figure was $69 million in HLIT’s case. Ruth’s Hospitality Group, Inc. (NASDAQ:RUTH) is the most popular stock in this table. On the other hand Revance Therapeutics Inc (NASDAQ:RVNC) is the least popular one with only 4 bullish hedge fund positions. Harmonic Inc (NASDAQ:HLIT) 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 RUTH might be a better candidate to consider taking a long position in.

Disclosure: None