Here is What Hedge Funds Think About Pendrell Corporation (PCO)

Due to the fact that Pendrell Corporation (NASDAQ:PCO) has witnessed falling interest from hedge fund managers, we can see that there exists a select few hedge funds who sold off their positions entirely by the end of the third quarter. Interestingly, Millennium Management, one of the 10 largest hedge funds in the world, cashed in the biggest position of the “upper crust” of funds studied by Insider Monkey, comprising close to $1.2 million in stock. Ben Levine, Andrew Manuel and Stefan Renold’s fund, LMR Partners, also cut its stock, about $0.1 million worth.

Let’s check out hedge fund activity in other stocks similar to Pendrell Corporation (NASDAQ:PCO). These stocks are FreightCar America, Inc. (NASDAQ:RAIL), Wi-LAN Inc – US listing (NASDAQ:WILN), Ceragon Networks Ltd. (NASDAQ:CRNT), and Capstar Financial Holdings Inc (NASDAQ:CSTR). All of these stocks’ market caps are closest to PCO’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
RAIL 11 18012 -2
WILN 3 2665 -2
CRNT 5 5741 5
CSTR 4 11302 4

As you can see these stocks had an average of 6 hedge funds with bullish positions and the average amount invested in these stocks was $9 million. That figure was $44 million in PCO’s case. FreightCar America, Inc. (NASDAQ:RAIL) is the most popular stock in this table. On the other hand Wi-LAN Inc – US listing (NASDAQ:WILN) is the least popular one with only 3 bullish hedge fund positions. Pendrell Corporation – Class A (NASDAQ:PCO) 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 RAIL might be a better candidate to consider taking a long position in.

Disclosure: None