Now, key money managers were breaking ground themselves. Kavi Asset Management, led by Manoneet Singh, initiated the most outsized position in Lumos Networks Corp (NASDAQ:LMOS). Kavi Asset Management had $2.1 million invested in the company at the end of the quarter. Bart Baum’s Ionic Capital Management also made a $0.9 million investment in the stock during the quarter. The only other fund with a brand new LMOS position is Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Lumos Networks Corp (NASDAQ:LMOS) but similarly valued. These stocks are Acacia Research Corporation (NASDAQ:ACTG), pdvWireless Inc (NASDAQ:PDVW), Xcerra Corp (NASDAQ:XCRA), and Preferred Apartment Communities Inc. (NYSE:APTS). This group of stocks’ market valuations match LMOS’s market valuation.
|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 $67 million. That figure was $53 million in LMOS’s case. Acacia Research Corporation (NASDAQ:ACTG) is the most popular stock in this table. On the other hand pdvWireless Inc (NASDAQ:PDVW) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Lumos Networks Corp (NASDAQ:LMOS) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.