Consequently, some big names were breaking ground themselves. AQR Capital Management, managed by Cliff Asness, created the most valuable position in Limelight Networks, Inc. (NASDAQ:LLNW). AQR Capital Management had $0.7 million invested in the company at the end of the quarter. Jim Tarantino and Chris Galvin’s Westerly Capital Management also initiated a $0.4 million position during the quarter. The other funds with brand new LLNW positions are Peter Algert and Kevin Coldiron’s Algert Coldiron Investors and Dmitry Balyasny’s Balyasny Asset Management.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Limelight Networks, Inc. (NASDAQ:LLNW) but similarly valued. These stocks are The Phoenix Companies, Inc. (NYSE:PNX), Transenterix Inc (NYSEMKT:TRXC), POZEN Inc. (NASDAQ:POZN), and TransGlobe Energy Corporation (USA) (NASDAQ:TGA). This group of stocks’ market values match LLNW’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 10 hedge funds with bullish positions and the average amount invested in these stocks was $32 million. That figure was $12 million in LLNW’s case. POZEN Inc. (NASDAQ:POZN) is the most popular stock in this table. On the other hand The Phoenix Companies, Inc. (NYSE:PNX) is the least popular one with only 5 bullish hedge fund positions. Limelight Networks, Inc. (NASDAQ:LLNW) 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 POZN might be a better candidate to consider a long position.