Here is What Hedge Funds Think About ORBCOMM Inc (ORBC)

Now, key money managers have been driving this bullishness. Jim Simons’ Renaissance Technologies assembled the largest position in ORBCOMM Inc (NASDAQ:ORBC). Renaissance Technologies had $2.8 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also initiated a $1.4 million position during the quarter. The following funds were also among the new ORBC investors: Ken Griffin’s Citadel Investment Group and Michael Platt and William Reeves’ BlueCrest Capital Mgmt..

Let’s go over hedge fund activity in other stocks similar to ORBCOMM Inc (NASDAQ:ORBC). We will take a look at Zoe’s Kitchen Inc (NYSE:ZOES), Walker & Dunlop Inc. (NYSE:WD), Altra Holdings, Inc. (NASDAQ:AIMC), and Keryx Biopharmaceuticals (NASDAQ:KERX). This group of stocks’ market values are similar to ORBC’s market value.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $66 million. That figure was $133 million in ORBC’s case. Altra Holdings, Inc. (NASDAQ:AIMC) is the most popular stock in this table. On the other hand Zoe’s Kitchen Inc (NYSE:ZOES) is the least popular one with only 6 bullish hedge fund positions. ORBCOMM Inc (NASDAQ:ORBC) 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 AIMC might be a better candidate to consider taking a long position in.

Disclosure: None