Rima Senvest Ups Its Bet On Axcelis Technologies Inc (ACLS), Should You Follow The Smart Money?

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How are hedge funds trading Axcelis Technologies Inc (NASDAQ:ACLS)?

At the end of the first quarter, a total of 15 hedge funds tracked by Insider Monkey were long in this stock, a change of 50% from one quarter earlier. With hedgies’ capital changing hands, there exists a select group of noteworthy hedge fund managers who were increasing their holdings substantially.

According to hedge fund intelligence website Insider Monkey, the subject of our article, Rima Senvest Management, holds the most valuable position in Axcelis Technologies Inc (NASDAQ:ACLS). Coming in second is Royce & Associates, managed by Chuck Royce, which held a $5 million position; less than 0.1% of its 13F portfolio is allocated to the company. Remaining hedge funds that hold long positions consist of Paul Solit and Eric Singer’s Potomac Capital Management, Peter Keane‘s Keane Capital Management, and Mark Coe‘s Coe Capital Management.

With a general bullishness amongst the heavyweights, specific money managers have been driving this bullishness. Coe Capital Management, managed by Mark Coe, assembled the largest position in Axcelis Technologies Inc (NASDAQ:ACLS). Coe Capital Management had  million invested in the company at the end of the quarter. Jonathan Dawson’s Southport Management also made a $494,000 investment in the stock during the quarter. The following funds were also among the new Axcelis investors: Ken Griffin’s Citadel Investment Group, John Zaro’s Bourgeon Capital, and Glenn Russell Dubin’s Highbridge Capital Management.

Given the hedge fund sentiment and a reasonable forward earnings multiple of 15.58, Axcelis Technologies Inc (NASDAQ:ACLS) could prove to be a valuable investment in the future. We have a buy rating on the stock and suggest following the smart money into this stock.

Disclosure: None

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