Is Kayak Software Corp (NASDAQ:KYAK) ready to raly soon? Prominent investors are in a bullish mood. The number of long hedge fund positions improved by 6 lately.
In the 21st century investor’s toolkit, there are plenty of methods shareholders can use to track the equity markets. A duo of the most underrated are hedge fund and insider trading sentiment. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the best hedge fund managers can beat the market by a solid margin (see just how much).
Just as integral, positive insider trading sentiment is another way to break down the marketplace. There are lots of motivations for an insider to sell shares of his or her company, but only one, very obvious reason why they would behave bullishly. Several academic studies have demonstrated the useful potential of this strategy if investors know where to look (learn more here).
With these “truths” under our belt, it’s important to take a peek at the latest action regarding Kayak Software Corp (NASDAQ:KYAK).
Hedge fund activity in Kayak Software Corp (NASDAQ:KYAK)
At year’s end, a total of 8 of the hedge funds we track were long in this stock, a change of 300% from one quarter earlier. With the smart money’s positions undergoing their usual ebb and flow, there exists an “upper tier” of key hedge fund managers who were upping their stakes significantly.
Of the funds we track, AQR Capital Management, managed by Cliff Asness, holds the largest position in Kayak Software Corp (NASDAQ:KYAK). AQR Capital Management has a $42.2 million position in the stock, comprising 0.2% of its 13F portfolio. On AQR Capital Management’s heels is Jane Mendillo of Harvard Management Co, with a $11.4 million position; 1.1% of its 13F portfolio is allocated to the stock. Some other peers with similar optimism include Robert Emil Zoellner’s Alpine Associates, Nancy Havens-Hasty’s Havens Advisors and Sander Gerber’s Hudson Bay Capital Management.
Consequently, some big names were leading the bulls’ herd. AQR Capital Management, managed by Cliff Asness, assembled the most valuable position in Kayak Software Corp (NASDAQ:KYAK). AQR Capital Management had 42.2 million invested in the company at the end of the quarter. Jane Mendillo’s Harvard Management Co also initiated a $11.4 million position during the quarter. The following funds were also among the new KYAK investors: Robert Emil Zoellner’s Alpine Associates, Nancy Havens-Hasty’s Havens Advisors, and Sander Gerber’s Hudson Bay Capital Management.
How have insiders been trading Kayak Software Corp (NASDAQ:KYAK)?
Insider purchases made by high-level executives is particularly usable when the primary stock in question has seen transactions within the past six months. Over the last six-month time frame, Kayak Software Corp (NASDAQ:KYAK) has seen zero unique insiders buying, and zero insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to Kayak Software Corp (NASDAQ:KYAK). These stocks are Sohu.com Inc (NASDAQ:SOHU), OpenTable Inc (NASDAQ:OPEN), InterXion Holding NV (NYSE:INXN), Shutterfly, Inc. (NASDAQ:SFLY), and Yelp Inc (NYSE:YELP). All of these stocks are in the internet information providers industry and their market caps are similar to KYAK’s market cap.