Here is What Hedge Funds Think About Checkpoint Systems, Inc. (CKP)

Seeing as Checkpoint Systems, Inc. (NYSE:CKP) has faced declining sentiment from the aggregate hedge fund industry, it’s easy to see that there is a sect of hedge funds who sold off their entire stakes in the third quarter. It’s worth mentioning that Jim Chanos’ Kynikos sold off the largest position of the 700 funds monitored by Insider Monkey, valued at about $6.7 million in stock. Matthew Drapkin and Steven R. Becker’s fund, Becker Drapkin Management, also dropped its stock, about $0.6 million worth. These moves are interesting, as aggregate hedge fund interest dropped by 2 funds in the third quarter.

Let’s now take a look at hedge fund activity in other stocks similar to Checkpoint Systems, Inc. (NYSE:CKP). These stocks are Carbonite Inc (NASDAQ:CARB), Park Sterling Corp (NASDAQ:PSTB), Axcelis Technologies Inc (NASDAQ:ACLS), and Monarch Casino & Resort, Inc. (NASDAQ:MCRI). This group of stocks’ market values match CKP’s market value.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $47 million. That figure was $27 million in CKP’s case. Axcelis Technologies Inc (NASDAQ:ACLS) is the most popular stock in this table. On the other hand Monarch Casino & Resort, Inc. (NASDAQ:MCRI) is the least popular one with only 8 bullish hedge fund positions. Checkpoint Systems, Inc. (NYSE:CKP) is not the least popular stock in this group, but hedge fund interest is close to the average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard ACLS might be a better candidate to consider a long position.