Is The Spectranetics Corporation (NASDAQ:SPNC) ready to raly soon? Prominent investors are in a bearish mood. The number of long hedge fund bets were trimmed by 1 in recent months.
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With these “truths” under our belt, we’re going to take a look at the latest action encompassing The Spectranetics Corporation (NASDAQ:SPNC).
How are hedge funds trading The Spectranetics Corporation (NASDAQ:SPNC)?
Heading into 2013, a total of 12 of the hedge funds we track were long in this stock, a change of -8% from the previous quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists an “upper tier” of key hedge fund managers who were increasing their holdings significantly.
When looking at the hedgies we track, Richard Driehaus’s Driehaus Capital had the most valuable position in The Spectranetics Corporation (NASDAQ:SPNC), worth close to $10 million, accounting for 0.4% of its total 13F portfolio. Sitting at the No. 2 spot is Manatuck Hill Partners, managed by Mark Broach, which held a $7 million position; 2.5% of its 13F portfolio is allocated to the company. Other hedgies with similar optimism include Scott Burney’s Bluefin Investment Management, Brian Ashford-Russell and Tim Woolley’s Polar Capital and SAC Subsidiary’s CR Intrinsic Investors.
Due to the fact that The Spectranetics Corporation (NASDAQ:SPNC) has experienced a declination in interest from the entirety of the hedge funds we track, logic holds that there were a few hedge funds who were dropping their full holdings last quarter. At the top of the heap, Phill Gross and Robert Atchinson’s Adage Capital Management dumped the biggest position of all the hedgies we monitor, totaling close to $5 million in stock., and Andy Redleaf of Whitebox Advisors was right behind this move, as the fund dropped about $0 million worth. These bearish behaviors are intriguing to say the least, as aggregate hedge fund interest was cut by 1 funds last quarter.
What do corporate executives and insiders think about The Spectranetics Corporation (NASDAQ:SPNC)?
Insider trading activity, especially when it’s bullish, is particularly usable when the company in question has seen transactions within the past half-year. Over the latest six-month time frame, The Spectranetics Corporation (NASDAQ:SPNC) has experienced 1 unique insiders buying, and 2 insider sales (see the details of insider trades here).
With the results shown by Insider Monkey’s studies, retail investors should always keep an eye on hedge fund and insider trading sentiment, and The Spectranetics Corporation (NASDAQ:SPNC) is an important part of this process.
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