What Do Hedge Funds Think Of OmniVision Technologies, Inc. (OVTI)?

Interestingly, Jim Simons’ Renaissance Technologies cut the largest investment of the 700 funds watched by Insider Monkey, comprising about $30.4 million in stock. Anand Parekh’s fund, Alyeska Investment Group, also sold off its stock, about $6.8 million worth. These transactions are intriguing to say the least, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s also examine hedge fund activity in other stocks similar to OmniVision Technologies, Inc. (NASDAQ:OVTI). These stocks are Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY), Dean Foods Co (NYSE:DF), Eros International plc (NYSE:EROS), and Press Ganey Holdings Inc (NYSE:PGND). All of these stocks’ market caps match OVTI’s market cap.

As you can see these stocks had an average of 18.5 hedge funds with bullish positions and the average amount invested in these stocks was $124 million. That figure was $227 million in OVTI’s case. Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) is the most popular stock in this table. On the other hand Press Ganey Holdings Inc (NYSE:PGND) is the least popular one with only 13 bullish hedge fund positions. Along with PLAY, OmniVision Technologies, Inc. (NASDAQ:OVTI) is the most popular stock in this group and that makes it worth a closer look.