The Hedge Fund Buying of Advanced Micro Devices

Bull Market on Wall Street

Somebody with money is buying AMD.

Advanced Micro Devices (NYSE:AMD) had a terrible week losing almost 9% in market cap. It entered the weekend at an all-time low trading well under $2.  So who cares?

Via InsiderMonkey.com -- hedge fund sentiment is positive for Advanced Micro Devices, Inc. (NASDAQ:AMD), with 15 hedge fund investors holding $36.33 million of the company’s shares on March 31 compared to holdings of $28.34 million from 12 investors on December 31. David E. Shaw’s D. E. Shaw is among the primary stakeholders of the chipmaker, investing $13.00 million in the company through ownership of 4.85 million shares. Insiders have not made any open market sales or purchases over the past six months in either company. Some of the common hedge fund investors with positions in both Microsoft Corporation (NASDAQ:MSFT) and Advanced Micro Devices, Inc. (NASDAQ:AMD) include D E Shaw, Cliff Asness’ AQR Capital Management, and Ken Griffin’s Citadel Investment Group.
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AMD lost 4% on Friday and YTD its down 33%.  Could this hedge fund buying be worth something?

AMD Advanced Micro Devices, Inc. daily Stock Chart