Renren Inc (NYSE:RENN) was in 5 hedge funds' portfolio at the end of the fourth quarter of 2012. RENN shareholders have witnessed an increase in support from the world's most elite money managers in recent months. There were 4 hedge funds in our database with RENN positions at the end of the previous quarter.
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Now, we're going to take a gander at the recent action surrounding Renren Inc (NYSE:RENN).
At year's end, a total of 5 of the hedge funds we track were bullish in this stock, a change of 25% from the previous quarter. With hedgies' positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were upping their stakes substantially.
With a general bullishness amongst the heavyweights, key money managers were breaking ground themselves. Renaissance Technologies, managed by Jim Simons, created the largest position in . Renaissance Technologies had 3.7 million invested in the company at the end of the quarter. Israel Englander's Millennium Management also made a $1.5 million investment in the stock during the quarter. The following funds were also among the new RENN investors: David Costen Haley's HBK Investments and John Overdeck and David Siegel's Two Sigma Advisors.
Let's also review hedge fund and insider activity in other stocks similar to Renren Inc (NYSE:RENN). These stocks are Global Sources Ltd. (Bermuda) (NASDAQ:GSOL), SouFun Holdings Limited (ADR) (NYSE:SFUN), Move Inc. (NASDAQ:MOVE), Travelzoo Inc. (NASDAQ:TZOO), and Bitauto Hldg Ltd (ADR) (NYSE:BITA). This group of stocks are in the internet information providers industry and their market caps are closest to RENN's market cap.