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These 5 NASDAQ Stocks Just Hit Their 52-Week Highs

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Equities have seen a pullback amid uncertainty regarding the Federal Reserve’s plans to hike the interest rates. More specifically, the NASDAQ Composite Index has seen drop from its record highs registered earlier in the month. Nevertheless, some stocks from the NASDAQ Index that continued their bull run and hit a 52-week high on Monday.

In this article, we will take a look at some of these stocks, which include Finisar Corporation (NASDAQ:FNSR), Fulton Financial Corp. (NASDAQ:FULT), Itron Inc. (NASDAQ:ITRI), NetEase Inc. (ADR) (NASDAQ:NTES), and Seattle Genetics Inc. (NASDAQ:SGEN).

At Insider Monkey, we track around 740 hedge funds and institutional investors. Through extensive backtests, we have determined that imitating some of the stocks that these investors are collectively bullish on can help retail investors generate double digits of alpha per year. The key is to focus on the small-cap picks of these funds, which are usually less followed by the broader market and allow for larger price inefficiencies (see more details about our small-cap strategy).

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Finisar Corporation (NASDAQ:FNSR) rose to a 52-week high of $27.50 on Monday. The stock has been gaining momentum since last week, when Finisar reported its financial results for the fiscal 2017 first quarter, ended July 31. For the quarter, the company posted revenue of $341.3 million, up by 7.1% on a year-over-year basis, which topped the estimates by $8.50 million, while earnings of $0.38 per share were higher than the expected $0.30. The company also saw an improvement in its gross margins, which expanded to 31.7% from 28.4% a year ago. Out of the 749 funds in our database, 21 had a long position in Finisar at the end of June, down from 27 funds a quarter earlier. However, the total value of these funds’ positions advanced to $308.70 million, representing 16.40% of Finisar’s outstanding shares, from $302.35 million registered as of the end of March.

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Fulton Financial Corp. (NASDAQ:FULT) has hit a 52-week high of $14.63, which put its year-to-date return at around 11%, outperforming the NASDAQ Index, which has inched up by 3% in the same period. Fulton’s shares have been holding steady most of the year, even though the financial sector faces uncertainties due to the Fed’s actions. A rate hike of course would be positive for banks such as Fulton as it will boost their net interest margins. That is possibly the reason why the stock has been gaining momentum over the last few days. The number of funds from our database holding shares of Fulton Financial at the end of the June quarter stood at eight, unchanged over the quarter.

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