Due to the fact that Rubicon Technology, Inc. (NASDAQ:RBCN) has witnessed a falling interest from hedge fund managers, it’s safe to say that there is a sect of hedge funds that slashed their positions entirely in the third quarter. At the top of the heap, Peter Muller’s PDT Partners said goodbye to the largest stake of the “upper crust” of funds monitored by Insider Monkey, comprising close to $0.2 million in stock. Ben Levine, Andrew Manuel and Stefan Renold’s fund, LMR Partners, also sold off its stock, about $0.1 million worth of shares. These moves are important to note, as aggregate hedge fund interest dropped by 2 funds in the third quarter.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Rubicon Technology, Inc. (NASDAQ:RBCN) but similarly valued. These stocks are Echelon Corporation (NASDAQ:ELON), Acura Pharmaceuticals, Inc. (NASDAQ:ACUR), Luna Innovations Incorporated (NASDAQ:LUNA), and SMTC Corporation (USA) (NASDAQ:SMTX). This group of stocks’ market values are closest to Rubicon Technology, Inc. (NASDAQ:RBCN)’s market value.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see, these stocks had an average of 4 hedge funds with bullish positions and the average amount invested in these stocks was $3 million. That figure was $8 million in Rubicon Technology, Inc. (NASDAQ:RBCN)’s case. SMTC Corporation (USA) (NASDAQ:SMTX) is the most popular stock in this table. On the other hand, Echelon Corporation (NASDAQ:ELON) is the least popular one with only 4 bullish hedge fund positions. Rubicon Technology, Inc. (NASDAQ:RBCN) 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, SMTC Corporation (USA) (NASDAQ:SMTX) might be a better candidate to consider a long position.