Due to the fact that Qorvo Inc (NASDAQ:QRVO) has experienced a declination in interest from the aggregate hedge fund industry, it’s safe to say that there was a specific group of money managers that elected to cut their full holdings in the third quarter. Interestingly, Dmitry Balyasny’s Balyasny Asset Management dropped the largest position of the “upper crust” of funds followed by Insider Monkey, totaling an estimated $81.6 million in stock, and Jason Karp’s Tourbillon Capital Partners was right behind this move, as the fund dumped about $64.2 million worth. These moves are intriguing to say the least, as aggregate hedge fund interest fell by 7 funds in the third quarter.
Let’s also examine hedge fund activity in other stocks similar to Qorvo Inc (NASDAQ:QRVO). We will take a look at Hyatt Hotels Corporation (NYSE:H), ONEOK, Inc. (NYSE:OKE), W.R. Grace & Co. (NYSE:GRA), and W.R. Berkley Corporation (NYSE:WRB). All of these stocks’ market caps match QRVO’s market cap.
|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 27.25 hedge funds with bullish positions and the average amount invested in these stocks was $1067 million. That figure was $389 million in QRVO’s case. W.R. Grace & Co. (NYSE:GRA) is the most popular stock in this table. On the other hand Hyatt Hotels Corporation (NYSE:H) is the least popular one with only 20 bullish hedge fund positions. Qorvo Inc (NASDAQ:QRVO) 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 GRA might be a better candidate to consider a long position.