Ubiquiti Networks Inc (UBNT): Hedge Funds Are Snapping Up

As aggregate interest increased, key hedge funds have jumped into Ubiquiti Networks Inc (NASDAQ:UBNT) headfirst. George Soros’ Soros Fund Management assembled the biggest position in Ubiquiti Networks Inc (NASDAQ:UBNT). According to regulatory filings, the fund had $19.2 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $5.4 million investment in the stock during the quarter. The following funds were also among the new UBNT investors: Louis Navellier’s Navellier & Associates, and Peter Muller’s PDT Partners.

Let’s now take a look at hedge fund activity in other stocks similar to Ubiquiti Networks Inc (NASDAQ:UBNT). These stocks are First Horizon National Corporation (NYSE:FHN), Huntsman Corporation (NYSE:HUN), John Wiley & Sons Inc (NYSE:JW), and BankUnited (NYSE:BKU). This group of stocks’ market caps are closest to UBNT’s market cap.

As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $310 million. That figure was $272 million in UBNT’s case. Huntsman Corporation (NYSE:HUN) is the most popular stock in this table. On the other hand John Wiley & Sons Inc (NYSE:JW) is the least popular one with only 12 bullish hedge fund positions. Ubiquiti Networks Inc (NASDAQ:UBNT) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard HUN might be a better candidate to consider taking a long position in.

Disclosure: none.