RPX Corp (RPXC): Hedge Fund Sentiment Unchanged

Judging by the fact that RPX Corp (NASDAQ:RPXC) has faced a bearish sentiment from the entirety of the hedge funds we track, it’s safe to say that there is a sect of hedge funds who were dropping their full holdings last quarter. It’s worth mentioning that Mike Vranos’s Ellington cut the biggest position of all the hedgies followed by Insider Monkey, valued at close to $0.5 million in stock. Chao Ku’s fund, Nine Chapters Capital Management, also dumped its stock, about $0.3 million worth of shares. These transactions are interesting, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s go over hedge fund activity in other stocks similar to RPX Corp (NASDAQ:RPXC). We will take a look at Meridian Bancorp, Inc. (NASDAQ:EBSB), Lakeland Financial Corporation (NASDAQ:LKFN), Ethan Allen Interiors Inc. (NYSE:ETH), and Radware Ltd. (NASDAQ:RDWR). This group of stocks’ market values is similar to RPX Corp (NASDAQ:RPXC)’s market value.

As you can see, these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $119 million. That figure was $61 million in RPX Corp (NASDAQ:RPXC)’s case. Radware Ltd. (NASDAQ:RDWR) is the most popular stock in this table. On the other hand, Lakeland Financial Corporation (NASDAQ:LKFN) is the least popular one with only 4 bullish hedge fund positions. RPX Corp (NASDAQ:RPXC) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, Radware Ltd. (NASDAQ:RDWR) might be a better candidate to consider a long position.