Zeltiq Aesthetics Inc (ZLTQ): Are Hedge Funds Right About This Stock?

Because Zeltiq Aesthetics Inc (NASDAQ:ZLTQ) has witnessed bearish sentiment from the entirety of the hedge funds we track, it’s easy to see that there is a sect of money managers who sold off their positions entirely in the third quarter. It’s worth mentioning that Mark Kingdon’s Kingdon Capital dropped the largest position of all the hedgies followed by Insider Monkey, comprising close to $11.4 million in stock. Jim Simons’ fund, Renaissance Technologies, also said goodbye to its stock, about $3.4 million worth. These bearish behaviors are interesting, as total hedge fund interest fell by 1 funds in the third quarter.

Let’s check out hedge fund activity in other stocks similar to Zeltiq Aesthetics Inc (NASDAQ:ZLTQ). We will take a look at Cambrex Corporation (NYSE:CBM), Cogent Communications Holdings Inc. (NASDAQ:CCOI), Luxoft Holding Inc (NYSE:LXFT), and Phibro Animal Health Corp (NASDAQ:PAHC). All of these stocks’ market caps are similar to ZLTQ’s market cap.

As you can see these stocks had an average of 18.75 hedge funds with bullish positions and the average amount invested in these stocks was $124 million. That figure was $338 million in ZLTQ’s case. Cambrex Corporation (NYSE:CBM) is the most popular stock in this table. On the other hand Phibro Animal Health Corp (NASDAQ:PAHC) is the least popular one with only 16 bullish hedge fund positions. Along with CBM, Zeltiq Aesthetics Inc (NASDAQ:ZLTQ) is the most popular stock in this group and that makes it worth a closer look.