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Is Internap Corp (INAP) Going to Burn These Hedge Funds?

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A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended September 30, so let’s proceed with the discussion of the hedge fund sentiment on Internap Corp (NASDAQ:INAP).

Internap Corp (NASDAQ:INAP) was in 11 hedge funds’ portfolios at the end of September. INAP has seen a decrease in hedge fund sentiment recently. There were 15 hedge funds in our database with INAP holdings at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Affimed NV (NASDAQ:AFMD), CIBER, Inc. (NYSE:CBR), and ADMA Biologics Inc (NASDAQ:ADMA) to gather more data points.

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We follow over 700 hedge funds and other institutional investors and by analyzing their quarterly 13F filings, we identify stocks that they are collectively bullish on and develop investment strategies based on this data. One strategy that outperformed the market over the last year involves selecting the 100 best-performing funds and identifying the 30 mid-cap stocks that they are collectively most bullish on. Over the past year, this strategy generated returns of 18%, topping the 8% gain registered by S&P 500 ETFs. We launched this strategy 2.5 years ago and it returned more than 39% since then, vs. 22% gain registered by the S&P 500 ETFs.

 Shutter_M/Shutterstock.com

Shutter_M/Shutterstock.com

Now, let’s take a glance at the fresh action surrounding Internap Corp (NASDAQ:INAP).

What have hedge funds been doing with Internap Corp (NASDAQ:INAP)?

At Q3’s end, a total of 11 of the hedge funds tracked by Insider Monkey held long positions in this stock, a drop of 27% from the second quarter of 2016. On the other hand, there were a total of 12 hedge funds with a bullish position in INAP at the beginning of this year. So, let’s examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

HedgeFundSentimentChart

Of the funds tracked by Insider Monkey, Mario Gabelli’s GAMCO Investors has the biggest position in Internap Corp (NASDAQ:INAP), worth close to $12.1 million, amounting to 0.1% of its total 13F portfolio. Coming in second is Renaissance Technologies, one of the largest hedge funds in the world, holding a $1.8 million position; less than 0.1% of its 13F portfolio is allocated to the stock. Other hedge funds and institutional investors that are bullish encompass Israel Englander’s Millennium Management, D. E. Shaw’s D E Shaw and John Overdeck and David Siegel’s Two Sigma Advisors. We should note that none of these hedge funds are among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.

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