Is Sierra Wireless, Inc. (USA) (SWIR) A Good Stock To Buy?

As aggregate interest increased, key hedge funds were leading the bulls’ herd. Renaissance Technologies assembled the most outsized position in Sierra Wireless, Inc. (USA) (NASDAQ:SWIR), followed by Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, which initiated a $0.6 million position during the quarter. The following funds were also among the new SWIR investors: Ken Griffin’s Citadel Investment Group, John Overdeck and David Siegel’s Two Sigma Advisors, and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s go over hedge fund activity in other stocks similar to Sierra Wireless, Inc. (USA) (NASDAQ:SWIR). We will take a look at Ruth’s Hospitality Group, Inc. (NASDAQ:RUTH), Cascade Bancorp (NASDAQ:CACB), Revance Therapeutics Inc (NASDAQ:RVNC), and American Midstream Partners LP (NYSE:AMID). This group of stocks’ market valuations are similar to SWIR’s market valuation.

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 $45 million. That figure was $4 million in SWIR’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. Sierra Wireless, Inc. (USA) (NASDAQ:SWIR) 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.

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