Do Advanced Micro Devices, Inc. (AMD) Earnings Suggest A Comeback Is Around the Corner?

How have hedgies been trading Advanced Micro Devices, Inc. (NYSE:AMD)?

At the end of the March quarter, a total of 15 of the hedge funds tracked by Insider Monkey were bullish in this stock, an increase from 12 firms one quarter earlier. With the smart money’s sentiment swirling, there exists an “upper tier” of notable hedge fund managers who were increasing their stakes meaningfully.

Of the funds tracked by Insider Monkey, D E Shaw, managed by David E. Shaw, holds the number one position in Advanced Micro Devices, Inc. (NYSE:AMD). D E Shaw has a $13 million position in the stock, comprising less than 0.1% of its 13F portfolio. On D E Shaw’s heels is Gotham Asset Management, led by Joel Greenblatt, holding an $8.9 million position; the fund has 0.1% of its 13F portfolio invested in the stock as well. Some other hedgies with similar optimism contain Dmitry Balyasny‘s Balyasny Asset Management, Ken Griffin’s Citadel Investment Group, and Cliff Asness’ AQR Capital Management.

Consequently, specific money managers have been driving this bullishness. The aforementioned Gotham Asset Management created the most valuable position in Advanced Micro Devices, Inc. (NYSE:AMD) during the first trimester. The following funds were also among the new AMD investors: Philippe Jabre’s Jabre Capital Partners, Balyasny Asset Management, and Louis Bacon’s Moore Global Investments.

Taking into account the hedge fund sentiment and a decent earnings report, we believe that Advanced Micro Devices, Inc. (NYSE:AMD) could make a turnaround alongside the chip market, which itself is forecast to have a better second half of the year. We recommending buying into the company at this time.

Disclosure: None