Should You Follow Three Bays Capital’s Buying Spree In This Semiconductor Stock?

How are hedge funds trading Cypress Semiconductor Corporation (NASDAQ:CY)

Of the funds that we track, Soros Fund Management, managed by George Soros, holds the most valuable position in Cypress Semiconductor Corporation (NASDAQ:CY). Soros Fund Management has a $186.5 million position in the stock, comprising 1.8% of its 13F portfolio. Remaining hedgies that are bullish comprise Israel Englander’s Millennium Management, Ken Griffin‘s Citadel Investment Group, and Dmitry Balyasny’s Balyasny Asset Management.

Consequently, key hedge funds have jumped into Cypress Semiconductor Corporation (NASDAQ:CY) headfirst. Balyasny Asset Management assembled the most valuable position in Cypress Semiconductor Corporation (NASDAQ:CY), now holding a $93 million position in the company at the end of the first quarter. Leon Shaulov’s Maplelane Capital also initiated a $44.1 million position during the quarter. Daniel Benton‘s Andor Capital Management, and Charles Clough’s Clough Capital Partners were also among the new Cypress investors in the quarter.

Although up by nearly 9.4% over the last year, Cypress Semiconductor Corporation (NASDAQ:CY)’s stock has depreciated by more than 18% so far this year. In comparison, the semiconductors industry has gained nearly 8% year-to-date and 30.38% over the past year. Given the extremely bullish hedge fund sentiment, the company’s solid financials, the undervalued nature of the stock, and its strong dividend yield, we feel quite confident in recommending Cypress as a great buy-low candidate.

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