Hedge Funds Are Crazy About Silver Spring Networks Inc (SSNI)

With a general bullishness amongst the heavyweights, specific money managers have been driving this bullishness. Ardsley Partners, managed by Philip Hempleman, assembled the most valuable position in Silver Spring Networks Inc (NYSE:SSNI). Ardsley Partners had $1 million invested in the company at the end of the quarter. Scott Fine and Peter Richards’s Empire Capital Management also made a $0.6 million investment in the stock during the quarter. The following funds were also among the new SSNI investors: Neil Chriss’s Hutchin Hill Capital, Chao Ku’s Nine Chapters Capital Management, and Cliff Asness’ AQR Capital Management.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Silver Spring Networks Inc (NYSE:SSNI) but similarly valued. We will take a look at Zhaopin Ltd (ADR) (NYSE:ZPIN), CorVel Corporation (NASDAQ:CRVL), Interactive Intelligence Group Inc (NASDAQ:ININ), and Sandy Spring Bancorp Inc. (NASDAQ:SASR). This group of stocks’ market caps is closest to Silver Spring Networks Inc (NYSE:SSNI)’s market cap.

As you can see, these stocks had an average of 7 hedge funds with bullish positions and the average amount invested in these stocks was $58 million. That figure was $15 million in Silver Spring Networks Inc (NYSE:SSNI)’s case. CorVel Corporation (NASDAQ:CRVL) is the most popular stock in this table. On the other hand, Sandy Spring Bancorp Inc. (NASDAQ:SASR) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks, Silver Spring Networks Inc (NYSE:SSNI) 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.