Published on 2 Feb 2022 on Insider Monkey via Yahoo Finance

Were Hedge Funds Right About QUALCOMM, Incorporated (QCOM)?

Stocks, especially the once high flying technology stocks, had a lousy start to the new year. QQQ lost 9% of its value in January. We aren't certain about the bubbly technology stocks that trade for ridiculously high multiples of their revenues, but we believe top hedge fund stocks will deliver positive returns for the rest of the year. In this article, we will take a closer look at hedge fund sentiment towards QUALCOMM, Incorporated (NASDAQ:QCOM) at the end of the third quarter and determine whether the smart money was really smart about this stock.

Is QUALCOMM, Incorporated (NASDAQ:QCOM) going to take off soon? The smart money was taking a pessimistic view. The number of long hedge fund bets were cut by 2 lately. QUALCOMM, Incorporated (NASDAQ:QCOM) was in 70 hedge funds' portfolios at the end of the third quarter of 2021. The all time high for this statistic is 87. Our calculations also showed that QCOM isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings). There were 72 hedge funds in our database with QCOM positions at the end of the second quarter.