Is SBA Communications Corporation (SBAC) Going to Burn These Hedge Funds?

As one would reasonably expect, specific money managers have been driving this bullishness. Maplelane Capital, managed by Leon Shaulov, created the largest position in SBA Communications Corporation (NASDAQ:SBAC). Maplelane Capital had $18.3 million invested in the company at the end of the quarter. Eduardo Abush’s Waterfront Capital Partners also initiated a $10.6 million position during the quarter. The following funds were also among the new SBAC investors: George Soros’s Soros Fund Management, John Overdeck and David Siegel’s Two Sigma Advisors, and Stuart J. Zimmer’s Zimmer Partners.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as SBA Communications Corporation (NASDAQ:SBAC) but similarly valued. We will take a look at Vale SA (ADR) (NYSE:VALE), Symantec Corporation (NASDAQ:SYMC), NVIDIA Corporation (NASDAQ:NVDA), and FirstEnergy Corp. (NYSE:FE). This group of stocks’ market caps resemble SBAC’s market cap.

As you can see these stocks had an average of 30 hedge funds with bullish positions and the average amount invested in these stocks was $477 million. That figure was $1.91 billion in SBAC’s case. Symantec Corporation (NASDAQ:SYMC) is the most popular stock in this table, while Vale SA (ADR) (NYSE:VALE) and FirstEnergy Corp. (NYSE:FE) are the least popular ones with only 24 bullish hedge fund positions. Compared to these stocks SBA Communications Corporation (NASDAQ:SBAC) 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.