Is Coherent, Inc. (COHR) Going to Burn These Hedge Funds?

Due to the fact that Coherent, Inc. (NASDAQ:COHR) has experienced declining sentiment from hedge fund managers, we can see that there is a sect of fund managers who sold off their entire stakes in the third quarter. At the top of the heap, George Soros’s Soros Fund Management said goodbye to the largest stake of the 700 funds tracked by Insider Monkey, valued at roughly $3.9 million in stock, and Glenn Russell Dubin’s Highbridge Capital Management was right behind this move, as the fund dumped about $1.7 million worth of COHR shares. These moves are intriguing to say the least, as total hedge fund interest fell by 5 funds in the third quarter.

Let’s now review hedge fund activity in other stocks similar to Coherent, Inc. (NASDAQ:COHR). We will take a look at Genesco Inc. (NYSE:GCO), Himax Technologies, Inc. (ADR) (NASDAQ:HIMX), CoreSite Realty Corp (NYSE:COR), and Dreamworks Animation Skg Inc (NASDAQ:DWA). This group of stocks’ market valuations are similar to COHR’s market valuation.

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 $195 million. Genesco Inc. (NYSE:GCO) is the most popular stock in this table. On the other hand Dreamworks Animation Skg Inc (NASDAQ:DWA) is the least popular one with only 9 bullish hedge fund positions. Although Coherent, Inc. (NASDAQ:COHR) has managed to attract only $74 million from hedge funds, the stock was present in 17 elite portfolios, making it the most popular among its market cap peers. Considering that hedge funds are fond of this stock, it may be a good idea to analyze it in detail and potentially include it in your portfolio.