We already know that not all hedge funds are bullish on the stock and some hedge funds actually cashed in their positions entirely. At the top of the heap, William B. Gray’s Orbis Investment Management cashed in the biggest stake of the 700 funds watched by Insider Monkey, totaling close to $1.2 million in stock, and Dmitry Balyasny’s Balyasny Asset Management was right behind this move, as the fund dropped about $0.8 million worth of shares.
Let’s go over hedge fund activity in other stocks similar to Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC). These stocks are Kemper Corporation (NYSE:KMPR), GCP Applied Technologies Inc(NYSE:GCP), Covanta Holding Corporation (NYSE:CVA), and EXACT Sciences Corporation (NASDAQ:EXAS). This group of stocks’ market valuations match ERIC’s market valuation.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $283 million. That figure was $132 million in ERIC’s case. EXACT Sciences Corporation (NASDAQ:EXAS) is the most popular stock in this table. On the other hand Kemper Corporation (NYSE:KMPR) is the least popular one with only 5 bullish hedge fund positions. Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard EXAS might be a better candidate to consider taking a long position in.