Finisar Corporation (FNSR) Falls After Earnings Slide: Is It A Good Stock To Buy?

Hedge fund activity in Finisar Corporation (NASDAQ:FNSR)

At the end of the first quarter, a total of 17 of the hedge funds tracked by Insider Monkey were long in this stock, a change of +6% from one quarter earlier.

When looking at the hedge funds in the Insider Monkey database, Fisher Asset Management managed by Ken Fisher holds the most valuable position in Finisar Corporation (NASDAQ:FNSR). Fisher Asset Management has an $89.2-million position in the stock, with the position comprising 0.2% of the fund’s massive 13F portfolio. The second-largest stake is held by Citadel Investment Group managed by Ken Griffin, which held a $37.5 million position. The fund has less than 0.1% of its also-massive 13F portfolio invested in the stock. Other peers that hold long positions encompass Clint Carlson’s Carlson Capital, Anand Parekh’s Alyeska Investment Group, and Daniel S. Och’s OZ Management.

Meanwhile, some other big investing names were breaking ground themselves. OZ Management managed by Daniel S. Och established the most outsized call position in Finisar Corporation (NASDAQ:FNSR). OZ Management had $12.9 million invested in the company at the end of the first quarter in the form of 603,400 shares underlying call options. D.E. Shaw also initiated a $7.1 million long position during the quarter. The following funds were also among the new FNSR investors: Joe DiMenna’s ZWEIG DIMENNA PARTNERS, Jacob Gottlieb’s Visium Asset Management, and Phill Gross and Robert Atchinson’s Adage Capital Management.

Due to the positive hedge fund activity sentiment among the hedge funds tracked by Insider Monkey, and the solid revenue growth of the company, we recommend buying Finisar Corporation (NASDAQ:FNSR) on its current downswing.

Disclosure: None