Mitel Networks Corp (MITL): 73% Surge in Hedge Fund Ownership

Consequently, specific money managers were leading the bulls’ herd. Waratah Capital Advisors assembled the most outsized position in Mitel Networks Corp (NASDAQ:MITL). Waratah Capital Advisors had $4.7 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $1.7 million investment in the stock during the quarter. The following funds were also among the new MITL investors: Ken Griffin’s Citadel Investment Group, Paul Marshall and Ian Wace’s Marshall Wace LLP, and Matthew Tewksbury’s Stevens Capital Management.

Let’s also examine hedge fund activity in other stocks similar to Mitel Networks Corp (NASDAQ:MITL). We will take a look at Universal Health Realty Income Trust (NYSE:UHT), Green Plains Renewable Energy Inc. (NASDAQ:GPRE), Hanmi Financial Corp (NASDAQ:HAFC), and PharMerica Corporation (NYSE:PMC). This group of stocks’ market values match MITL’s market value.

As you can see these stocks had an average of 12.25 hedge funds with bullish positions and the average amount invested in these stocks was $103 million. That figure was $124 million in MITL’s case. Green Plains Renewable Energy Inc. (NASDAQ:GPRE) is the most popular stock in this table. On the other hand Universal Health Realty Income Trust (NYSE:UHT) is the least popular one with only 5 bullish hedge fund positions. Mitel Networks Corp (NASDAQ:MITL) is not the most popular stock in this group but hedge fund interest is still above average. This is a positive signal, as we’d rather spend our time researching stocks that hedge funds are piling on. In this regard both MITL and GPRE might be good candidates to consider a long position in.

Disclosure: None