As one would reasonably expect, specific money managers have jumped into Straight Path Communications Inc (NYSEMKT:STRP) headfirst. Point State Capital initiated the largest position in Straight Path Communications Inc (NYSEMKT:STRP). HighVista Strategies also initiated a $4.7 million position during the quarter. The following funds were also among the new STRP investors: Israel Englander’s Millennium Management and Glenn Russell Dubin’s Highbridge Capital Management.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Straight Path Communications Inc (NYSEMKT:STRP) but similarly valued. These stocks are Callon Petroleum Company (NYSE:CPE), E Commerce China Dangdang Inc (ADR) (NYSE:DANG), EPIQ Systems, Inc. (NASDAQ:EPIQ), and Boot Barn Holdings Inc (NYSE:BOOT). This group of stocks’ market values are closest to STRP’s market value.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $43 million. That figure was $66 million in STRP’s case. Callon Petroleum Company (NYSE:CPE) is the most popular stock in this table. On the other hand Boot Barn Holdings Inc (NYSE:BOOT) is the least popular one with only 7 bullish hedge fund positions. Straight Path Communications Inc (NYSEMKT:STRP) 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 CPE might be a better candidate to consider a long position.