Spectranetics Corp (SPNC)Hedge Funds Are Snapping Up

As one would reasonably expect, key hedge funds were leading the bulls’ herd. Columbus Circle Investors, managed by Principal Global Investors, established the biggest position in Spectranetics Corp (NASDAQ:SPNC). The fund reportedly had $9.1 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also made a $2.9 million investment in the stock during the quarter. The other funds with new positions in the stock are David Costen Haley’s HBK Investments, Peter Muller’s PDT Partners, and Israel Englander’s Millennium Management.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Spectranetics Corp (NASDAQ:SPNC) but similarly valued. These stocks are Sun Hydraulics Corporation (NASDAQ:SNHY), Unit Corporation (NYSE:UNT), Caretrus REIT Inc (NASDAQ:CTRE), and Solaredge Technologies Inc (NASDAQ:SEDG). This group of stocks’ market caps match SPNC’s market cap.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $87 million. That figure was $160 million in SPNC’s case. Unit Corporation (NYSE:UNT) is the most popular stock in this table. On the other hand Sun Hydraulics Corporation (NASDAQ:SNHY) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Spectranetics Corp (NASDAQ:SPNC) 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.

Disclosure: none.