Hedge Funds Are Crazy About Ebix Inc (EBIX)

As industrywide interest jumped, key hedge funds have been driving this bullishness. Weatherbie Capital assembled the biggest position in Ebix Inc (NASDAQ:EBIX). Weatherbie Capital had $8.2 million invested in the company at the end of the quarter. George McCabe’s Portolan Capital Management also made a $4.1 million investment in the stock during the quarter. The following funds were also among the new EBIX investors: Ken Griffin’s Citadel Investment Group, Israel Englander’s Millennium Management, and Warren Lammert’s Granite Point Capital.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Ebix Inc (NASDAQ:EBIX) but similarly valued. We will take a look at Dana Holding Corporation (NYSE:DAN), DineEquity Inc (NYSE:DIN), Eaton Vance Ltd Duration Income Fund (NYSEMKT:EVV), and Semtech Corporation (NASDAQ:SMTC). This group of stocks’ market caps are closest to EBIX’s market cap.

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $144 million. That figure was $163 million in EBIX’s case. Dana Holding Corporation (NYSE:DAN) is the most popular stock in this table. On the other hand Eaton Vance Ltd Duration Income Fund (NYSEMKT:EVV) is the least popular one with only 3 bullish hedge fund positions. Ebix Inc (NASDAQ:EBIX) 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 DAN might be a better candidate to consider taking a long position in.

Disclosure: None