Is BlackBerry Ltd (BBRY) A Good Stock To Buy?

Seeing as BlackBerry Ltd (NASDAQ:BBRY) has witnessed falling interest from the smart money, logic holds that there was a specific group of funds who were dropping their positions entirely heading into Q4. It’s worth mentioning that Joel Greenblatt’s Gotham Asset Management said goodbye to the largest investment of the “upper crust” of funds watched by Insider Monkey, worth close to $13.8 million in stock. Eric Sprott’s fund, Sprott Asset Management, also dumped its stock, about $7.4 million worth of shares. These moves are interesting, as total hedge fund interest dropped by 5 funds heading into Q4.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as BlackBerry Ltd (NASDAQ:BBRY) but similarly valued. We will take a look at LaSalle Hotel Properties (NYSE:LHO), Teledyne Technologies Incorporated (NYSE:TDY), Aspen Technology, Inc. (NASDAQ:AZPN), and VeriFone Systems Inc (NYSE:PAY). All of these stocks’ market caps are closest to BBRY’s market cap.

As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $198 million. That figure was a whooping $470 million in BBRY’s case. Aspen Technology, Inc. (NASDAQ:AZPN) is the most popular stock in this table. On the other hand Teledyne Technologies Incorporated (NYSE:TDY) is the least popular one with only 11 bullish hedge fund positions. BlackBerry Ltd (NASDAQ:BBRY) is not the least popular stock in this group, but hedge fund interest is still below 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 AZPN might be a better candidate to consider a long position.