Here is What Hedge Funds Think About Avid Technology, Inc. (AVID)

With a general bullishness amongst the heavyweights, specific money managers were breaking ground themselves. Cove Street Capital, led by Jeffrey Bronchick, established the most valuable position in Avid Technology, Inc. (NASDAQ:AVID). Peter Algert and Kevin Coldiron’s Algert Coldiron Investors also initiated a $1.8 million position during the quarter. The other funds with brand new AVID positions are John Overdeck and David Siegel’s Two Sigma Advisors, Adam Usdan’s Trellus Management Company, and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Avid Technology, Inc. (NASDAQ:AVID) but similarly valued. We will take a look at DSP Group, Inc. (NASDAQ:DSPG), Mitek Systems, Inc. (NASDAQ:MITK), Tandem Diabetes Care Inc (NASDAQ:TNDM), and Boot Barn Holdings Inc (NYSE:BOOT). This group of stocks’ market values are closest to AVID’s market value.

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $38 million. That figure was $94 million in AVID’s case. Mitek Systems, Inc. (NASDAQ:MITK) is the most popular stock in this table. On the other hand Boot Barn Holdings Inc (NYSE:BOOT) is the least popular one with only 9 bullish hedge fund positions. Avid Technology, Inc. (NASDAQ:AVID) 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 MITK might be a better candidate to consider taking a long position in.

Disclosure: none.