Should You Buy BlackBerry Ltd (BBRY)?

Consequently, key money managers were leading the bulls’ herd. Iridian Asset Management, led by David Cohen and Harold Levy, established the most valuable position in BlackBerry Ltd (NASDAQ:BBRY). According to regulatory filings, the fund had $115 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $4.9 million position during the quarter. The other funds with new positions in the stock are Paul Marshall and Ian Wace’s Marshall Wace LLP, Matthew Tewksbury’s Stevens Capital Management, and Glenn Russell Dubin’s Highbridge Capital Management.

Let’s go over hedge fund activity in other stocks similar to BlackBerry Ltd (NASDAQ:BBRY). These stocks are Intercept Pharmaceuticals Inc (NASDAQ:ICPT), Morningstar, Inc. (NASDAQ:MORN), Oshkosh Corporation (NYSE:OSK), and Lancaster Colony Corp. (NASDAQ:LANC). This group of stocks’ market caps match BBRY’s market cap.

As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $274 million. That figure was a whooping $794 million in BBRY’s case. Oshkosh Corporation (NYSE:OSK) is the most popular stock in this table. On the other hand Lancaster Colony Corp. (NASDAQ:LANC) is the least popular one with only 14 bullish hedge fund positions. BlackBerry Ltd (NASDAQ:BBRY) 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 OSK might be a better candidate to consider a long position.

Disclosure: none.