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Five Cheap Stocks Hedge Funds Are Bullish On

On the second spot in Staples, Inc. (NASDAQ:SPLS), in which the number of funds holding shares declined to 49 from 54 during the last quarter. The aggregate value of positions held by the funds we track slid to $1.05 billion from $1.34 billion and totaled 17.30% of the company’s outstanding stock. As mentioned earlier in this article, Staples, Inc. (NASDAQ:SPLS) is currently in the process of acquiring Office Depot in a $5.5 billion deal. For the last quarter, Staples reported EPS of $0.26 on revenue of $5.30 billion, down by 16% and 7% on the year, respectively. Among the funds we track, the largest shareholder of Staples, Inc. (NASDAQ:SPLS) is Richard S. Pzena’s Pzena Investment Management, which owns 33.30 million shares, according to its latest 13F filing.

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Finally, Sunedison Inc (NYSE:SUNE) ranked as the most popular cheap stock among the funds we track, even though it registered a huge decline in popularity amid the slump of its share price. At the end of December, 50 funds held long positions worth $512.32 million in aggregate, versus 73 funds with $1.06 billion worth of shares a quarter earlier. At $1.91 per share, Sunedison is also the cheapest stock in this list and the funds from our database held nearly 32% of the company’s stock at the end of 2015. Shares of Sunedison Inc (NYSE:SUNE) have lost some 91% over the last 12 months. The latest hit, the stock took at the end of February, when the company announced that it would delay filing its annual 10-K filing with the SEC, because of some questions regarding its financial positions. The announcement comes as Sunedison is in the process of completing the acquisition of Vivint Solar for $1.90 billion, which was opposed by some investors, such as David Tepper’s Appaloosa Management. Appaloosa owns 9.5% of Sunedison’s yieldco Terraform Power. On the other hand, an investor that has been bullish on Sunedison Inc (NYSE:SUNE), despite the weak performance of the stock is David Einhorn’s Greenlight Capital, which, in January, disclosed holding 27.15 million shares and reached an agreement to appoint and independent director to Sunedison’s board.

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