Boingo Wireless Inc (NASDAQ:WIFI) shareholders have witnessed a decrease in hedge fund interest in recent months.
To the average investor, there are tons of metrics market participants can use to track publicly traded companies. A duo of the most under-the-radar are hedge fund and insider trading movement. At Insider Monkey, our research analyses have shown that, historically, those who follow the top picks of the elite hedge fund managers can outperform the broader indices by a superb amount (see just how much).
Just as important, bullish insider trading activity is a second way to break down the world of equities. Just as you’d expect, there are lots of reasons for an executive to sell shares of his or her company, but only one, very obvious reason why they would initiate a purchase. Plenty of empirical studies have demonstrated the useful potential of this tactic if you understand where to look (learn more here).
Consequently, it’s important to take a peek at the recent action encompassing Boingo Wireless Inc (NASDAQ:WIFI).
Hedge fund activity in Boingo Wireless Inc (NASDAQ:WIFI)
At the end of the first quarter, a total of 8 of the hedge funds we track were bullish in this stock, a change of -11% from the first quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a select group of notable hedge fund managers who were boosting their stakes meaningfully.
When looking at the hedgies we track, Louis Bacon’s Moore Global Investments had the largest position in Boingo Wireless Inc (NASDAQ:WIFI), worth close to $15.5 million, accounting for 0.3% of its total 13F portfolio. On Moore Global Investments’s heels is Amy Minella of Cardinal Capital, with a $4.3 million position; 0.3% of its 13F portfolio is allocated to the company. Remaining peers that hold long positions include Mark N. Diker’s Diker Management, Israel Englander’s Millennium Management and Chuck Royce’s Royce & Associates.
Seeing as Boingo Wireless Inc (NASDAQ:WIFI) has witnessed bearish sentiment from the entirety of the hedge funds we track, logic holds that there lies a certain “tier” of hedgies who sold off their positions entirely in Q1. Intriguingly, Edward Gilhuly and Scott Stuart’s Sageview Capital sold off the biggest position of the 450+ funds we monitor, totaling about $5.8 million in stock., and Matthew Hulsizer of PEAK6 Capital Management was right behind this move, as the fund said goodbye to about $0.1 million worth. These transactions are intriguing to say the least, as aggregate hedge fund interest was cut by 1 funds in Q1.
How are insiders trading Boingo Wireless Inc (NASDAQ:WIFI)?
Insider buying is most useful when the company we’re looking at has seen transactions within the past 180 days. Over the latest half-year time period, Boingo Wireless Inc (NASDAQ:WIFI) has experienced zero unique insiders purchasing, and 3 insider sales (see the details of insider trades here).
Let’s check out hedge fund and insider activity in other stocks similar to Boingo Wireless Inc (NASDAQ:WIFI). These stocks are Greenway Medical Technologies, Inc. (NYSE:GWAY), Computer Task Group, Inc. (NASDAQ:CTGX), CIBER, Inc. (NYSE:CBR), iSoftStone Holdings Ltd (ADR) (NYSE:ISS), and Digimarc Corp (NASDAQ:DMRC). This group of stocks belong to the information technology services industry and their market caps match WIFI’s market cap.