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Is Xenith Bankshares Inc (XBKS) Going To Burn These Hedge Funds?

As aggregate interest increased, specific money managers have been driving this bullishness. Anchorage Advisors  initiated the most outsized position in Xenith Bankshares Inc (NASDAQ:XBKS). The following funds were also among the new XBKS investors: Anton Schutz’s Mendon Capital Advisors and Gregg J. Powers’ Private Capital Management.

Let’s also examine hedge fund activity in other stocks similar to Xenith Bankshares Inc (NASDAQ:XBKS). These stocks are RPX Corp (NASDAQ:RPXC), Unifi, Inc. (NYSE:UFI), AtriCure Inc. (NASDAQ:ATRC), and Armstrong Flooring Inc (NYSE:AFI). This group of stocks’ market values are closest to XBKS’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
RPXC 14 104632 -3
UFI 9 68164 0
ATRC 17 43840 2
AFI 15 216726 -1

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $108 million. That figure was $113 million in XBKS’s case. AtriCure Inc. (NASDAQ:ATRC) is the most popular stock in this table. On the other hand Unifi, Inc. (NYSE:UFI) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks Xenith Bankshares Inc (NASDAQ:XBKS) is even less popular than UFI. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.

Disclosure: None

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