The 700+ hedge funds and money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the third quarter, which unveil their equity positions as of September 30. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund positions. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards Boingo Wireless Inc (NASDAQ:WIFI).
Boingo Wireless Inc (NASDAQ:WIFI) was in 18 hedge funds’ portfolios at the end of the third quarter of 2015. Boingo Wireless Inc (NASDAQ:WIFI) has seen an increase in the hedge fund interest of late. There were 14 hedge funds in our database with Boingo Wireless Inc (NASDAQ:WIFI) positions at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity, but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Alliance Fiber Optic Products Inc (NASDAQ:AFOP), Checkpoint Systems, Inc. (NYSE:CKP), and Carbonite Inc (NASDAQ:CARB) to gather more data points.
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In the eyes of most investors, hedge funds are assumed to be unimportant, outdated financial vehicles of the past. While there are greater than 8000 funds trading at the moment, We look at the leaders of this club, approximately 700 funds. Most estimates calculate that this group of people directs the bulk of all hedge funds’ total capital, and by watching their first-class investments, Insider Monkey has unearthed several investment strategies that have historically defeated the market. Insider Monkey’s small-cap hedge fund strategy outperformed the S&P 500 index by 12 percentage points per annum for a decade in their back tests.
With all of this in mind, let’s check out the fresh action encompassing Boingo Wireless Inc (NASDAQ:WIFI).
How have hedgies been trading Boingo Wireless Inc (NASDAQ:WIFI)?
At the end of September, a total of 18 of the hedge funds tracked by Insider Monkey were bullish on this stock, an increase of 29% from one quarter earlier. With hedgies’ capital changing hands, there exists a few noteworthy hedge fund managers who were upping their stakes meaningfully (or already accumulated large positions).
According to Insider Monkey’s hedge fund database, Park West Asset Management, managed by Peter S. Park, holds the biggest position in Boingo Wireless Inc (NASDAQ:WIFI). Park West Asset Management has a $8.3 million position in the stock, comprising 0.8% of its 13F portfolio. On Park West Asset Management’s heels is Amy Minella of Cardinal Capital, with a $7.9 million position; 0.5% of its 13F portfolio is allocated to the company. Remaining peers that hold long positions encompass Renaissance Technologies, Charles Paquelet’s Skylands Capital and Paul Solit’s Potomac Capital Management.
As industrywide interest jumped, some big names have been driving this bullishness. Whitebox Advisors, managed by Andy Redleaf, created the most valuable position in Boingo Wireless Inc (NASDAQ:WIFI). Whitebox Advisors had $1.8 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $1.6 million position during the quarter. The following funds were also among the new Boingo Wireless Inc (NASDAQ:WIFI) investors: Adam Wright and Gary Kohler’s Blue Clay Capital, Josh Goldberg’s G2 Investment Partners Management, and Potomac Capital Management.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Boingo Wireless Inc (NASDAQ:WIFI) but similarly valued. We will take a look at Alliance Fiber Optic Products Inc (NASDAQ:AFOP), Checkpoint Systems, Inc. (NYSE:CKP), Carbonite Inc (NASDAQ:CARB), and Park Sterling Bank (NASDAQ:PSTB). This group of stocks’ market valuations resembles Boingo Wireless Inc (NASDAQ:WIFI)’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| AFOP | 14 | 20337 | 3 |
| CKP | 15 | 27475 | -2 |
| CARB | 19 | 83817 | 1 |
| PSTB | 12 | 36595 | 4 |
As you can see, these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $42 million. That figure was $41 million in Boingo Wireless Inc (NASDAQ:WIFI)’s case. Carbonite Inc (NASDAQ:CARB) is the most popular stock in this table. On the other hand, Park Sterling Bank (NASDAQ:PSTB) is the least popular one with only 12 bullish hedge fund positions. Boingo Wireless Inc (NASDAQ:WIFI) 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, Carbonite Inc (NASDAQ:CARB) might be a better candidate to consider a long position.
