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Leap Wireless International, Inc. (LEAP): Insiders Aren’t Crazy About It

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Leap Wireless International, Inc. (NASDAQ:LEAP) was in 14 hedge funds’ portfolio at the end of the first quarter of 2013. LEAP investors should be aware of a decrease in support from the world’s most elite money managers lately. There were 17 hedge funds in our database with LEAP positions at the end of the previous quarter.

Leap Wireless International, Inc. (NASDAQ:LEAP)

At the moment, there are many methods shareholders can use to analyze the equity markets. Some of the best are hedge fund and insider trading movement. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the top investment managers can outclass the market by a superb amount (see just how much).

Just as key, positive insider trading sentiment is another way to break down the world of equities. Obviously, there are lots of reasons for a corporate insider to cut shares of his or her company, but only one, very obvious reason why they would buy. Several empirical studies have demonstrated the market-beating potential of this method if “monkeys” understand where to look (learn more here).

Now, we’re going to take a look at the key action regarding Leap Wireless International, Inc. (NASDAQ:LEAP).

Hedge fund activity in Leap Wireless International, Inc. (NASDAQ:LEAP)

At Q1’s end, a total of 14 of the hedge funds we track were long in this stock, a change of -18% from one quarter earlier. With the smart money’s positions undergoing their usual ebb and flow, there exists a select group of noteworthy hedge fund managers who were boosting their stakes substantially.

When looking at the hedgies we track, MHR Fund Management, managed by Mark Rachesky, holds the largest position in Leap Wireless International, Inc. (NASDAQ:LEAP). MHR Fund Management has a $138.7 million position in the stock, comprising 4.9% of its 13F portfolio. Coming in second is Paulson & Co, managed by John Paulson, which held a $45.9 million position; 0.3% of its 13F portfolio is allocated to the company. Remaining hedge funds with similar optimism include Alec Litowitz and Ross Laser’s Magnetar Capital, Jeffrey Altman’s Owl Creek Asset Management and Ken Griffin’s Citadel Investment Group.

Because Leap Wireless International, Inc. (NASDAQ:LEAP) has faced bearish sentiment from the aggregate hedge fund industry, it’s safe to say that there exists a select few fund managers that elected to cut their entire stakes last quarter. Interestingly, Rishi Bajaj, Toby Symonds, and Steve Tesoriere’s Altai Capital cut the largest stake of the “upper crust” of funds we track, worth an estimated $12.1 million in stock., and Rob Citrone of Discovery Capital Management was right behind this move, as the fund dropped about $10.4 million worth. These transactions are interesting, as total hedge fund interest was cut by 3 funds last quarter.

How have insiders been trading Leap Wireless International, Inc. (NASDAQ:LEAP)?

Insider purchases made by high-level executives is at its handiest when the company we’re looking at has seen transactions within the past six months. Over the latest half-year time frame, Leap Wireless International, Inc. (NASDAQ:LEAP) has experienced zero unique insiders purchasing, and 4 insider sales (see the details of insider trades here).

Let’s go over hedge fund and insider activity in other stocks similar to Leap Wireless International, Inc. (NASDAQ:LEAP). These stocks are Maxcom Telecomunic S.A.B. de C.V. (ADR) (NYSE:MXT), USA Mobility Inc (NASDAQ:USMO), NII Holdings, Inc. (NASDAQ:NIHD), UTStarcom Holdings Corp (NASDAQ:UTSI), and Pendrell Corporation – Class A (NASDAQ:PCO). This group of stocks are the members of the wireless communications industry and their market caps match LEAP’s market cap.

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