Straight Path Communications Inc (STRP)Hedge Funds Are Snapping Up

As one would reasonably expect, specific money managers have jumped into Straight Path Communications Inc (NYSEMKT:STRP) headfirst. Point State Capital initiated the largest position in Straight Path Communications Inc (NYSEMKT:STRP). HighVista Strategies also initiated a $4.7 million position during the quarter. The following funds were also among the new STRP investors: Israel Englander’s Millennium Management and Glenn Russell Dubin’s Highbridge Capital Management.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Straight Path Communications Inc (NYSEMKT:STRP) but similarly valued. These stocks are Callon Petroleum Company (NYSE:CPE), E Commerce China Dangdang Inc (ADR) (NYSE:DANG), EPIQ Systems, Inc. (NASDAQ:EPIQ), and Boot Barn Holdings Inc (NYSE:BOOT). This group of stocks’ market values are closest to STRP’s market value.

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 $43 million. That figure was $66 million in STRP’s case. Callon Petroleum Company (NYSE:CPE) is the most popular stock in this table. On the other hand Boot Barn Holdings Inc (NYSE:BOOT) is the least popular one with only 7 bullish hedge fund positions. Straight Path Communications Inc (NYSEMKT:STRP) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CPE might be a better candidate to consider a long position.