Have Hedge Funds Uncovered A Big Winner in Accuray Incorporated (ARAY)?

Now, key money managers were leading the bulls’ herd. Pura Vida Investments, led by Efrem Kamen, created the most outsized position in Accuray Incorporated (NASDAQ:ARAY). Pura Vida Investments had $3.2 million invested in the company at the end of the quarter. Steve Cohen’s Point72 Asset Management also initiated a $1.4 million position during the quarter. The other funds with new positions in the stock are Efrem Kamen’s Pura Vida Investments, Neil Chriss’ Hutchin Hill Capital, and Mike Vranos’ Ellington.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Accuray Incorporated (NASDAQ:ARAY) but similarly valued. These stocks are China Cord Blood Corp (NYSE:CO), The Chefs Warehouse, Inc (NASDAQ:CHEF), ArcBest Corp (NASDAQ:ARCB), and Enanta Pharmaceuticals Inc (NASDAQ:ENTA). All of these stocks’ market caps are closest to ARAY’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
CO 5 15329 0
CHEF 5 12585 0
ARCB 13 26835 2
ENTA 12 66193 2

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $30 million. That figure was $104 million in ARAY’s case. ArcBest Corp (NASDAQ:ARCB) is the most popular stock in this table. On the other hand China Cord Blood Corp (NYSE:CO) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Accuray Incorporated (NASDAQ:ARAY) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None