As industrywide interest jumped, some big names were breaking ground themselves. Millennium Management, managed by Israel Englander, created the most valuable position in Intermolecular Inc (NASDAQ:IMI). Millennium Management had $0 million invested in the company at the end of the quarter.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Intermolecular Inc (NASDAQ:IMI) but similarly valued. These stocks are Gastar Exploration Limited (USA) (NYSEAMEX:GST), STG Group Inc (OTCMKTS:GDEF), and GSI Technology, Inc. (NASDAQ:GSIT). All of these stocks’ market caps resemble IMI’s market cap.
|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 6 hedge funds with bullish positions and the average amount invested in these stocks was $11 million, which is lower than the $25 million figure in IMI’s case. Global Defense & National Scrty Sys Inc (NASDAQ:SSRG) is the most popular stock in this table. On the other hand GSI Technology, Inc. (NASDAQ:GSIT) is the least popular one with only 5 bullish hedge fund positions. Intermolecular Inc (NASDAQ:IMI) is not the least popular stock in this group, but hedge fund interest is close to the 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 SSRG might be a better candidate to consider a long position.