Hedge Funds Are Crazy About Boingo Wireless Inc (WIFI)

As industrywide interest jumped, some big names have been driving this bullishness. Whitebox Advisors, managed by Andy Redleaf, created the most valuable position in Boingo Wireless Inc (NASDAQ:WIFI). Whitebox Advisors had $1.8 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $1.6 million position during the quarter. The following funds were also among the new Boingo Wireless Inc (NASDAQ:WIFI) investors: Adam Wright and Gary Kohler’s Blue Clay Capital, Josh Goldberg’s G2 Investment Partners Management, and Potomac Capital Management.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Boingo Wireless Inc (NASDAQ:WIFI) but similarly valued. We will take a look at Alliance Fiber Optic Products Inc (NASDAQ:AFOP), Checkpoint Systems, Inc. (NYSE:CKP), Carbonite Inc (NASDAQ:CARB), and Park Sterling Bank (NASDAQ:PSTB). This group of stocks’ market valuations resembles Boingo Wireless Inc (NASDAQ:WIFI)’s market valuation.

As you can see, these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $42 million. That figure was $41 million in Boingo Wireless Inc (NASDAQ:WIFI)’s case. Carbonite Inc (NASDAQ:CARB) is the most popular stock in this table. On the other hand, Park Sterling Bank (NASDAQ:PSTB) is the least popular one with only 12 bullish hedge fund positions. Boingo Wireless Inc (NASDAQ:WIFI) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, Carbonite Inc (NASDAQ:CARB) might be a better candidate to consider a long position.