As one would reasonably expect, key hedge funds were breaking ground themselves. Granite Point Capital, led by Warren Lammert, established the largest position in MeetMe Inc (NYSEAMEX:MEET). Granite Point Capital had $1.8 million invested in the company at the end of the quarter. Brian C. Freckmann’s Lyon Street Capital also made a $1.8 million investment in the stock during the quarter. The other funds with brand new MEET positions are John Overdeck and David Siegel’s Two Sigma Advisors, Chuck Royce’s Royce & Associates, and Ken Griffin’s Citadel Investment Group.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as MeetMe Inc (NYSEAMEX:MEET) but similarly valued. These stocks are BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX), Tangoe Inc (NASDAQ:TNGO), Permian Basin Royalty Trust (NYSE:PBT), and Syros Pharmaceuticals Inc (NASDAQ:SYRS). This group of stocks’ market caps resemble MEET’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| BCRX | 16 | 122719 | 1 |
| TNGO | 12 | 25577 | 1 |
| PBT | 10 | 16034 | 2 |
| SYRS | 7 | 49907 | 1 |
As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $54 million. That figure was also $54 million in MEET’s case. BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) is the most popular stock in this table. On the other hand Syros Pharmaceuticals Inc (NASDAQ:SYRS) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks MeetMe Inc (NYSEAMEX:MEET) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and growing fonder by the quarter, it may be a good idea to analyze it in detail and potentially include it in your portfolio.
Disclosure: None
