Published on 7 Feb 2022 on Insider Monkey via Yahoo Finance

Were Expert Investors Right About McAfee Corp. (MCFE)?

Technology stocks had a lousy start to 2022. QQQ lost 9% of its value in January. Pandemic winners are getting crushed while energy stocks are surging. Roblox lost 36%, Moderna lost 33%, and Carvana and Shopify lost 30% of their values 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 McAfee Corp. (NASDAQ:MCFE) at the end of the third quarter and determine whether the smart money was really smart about this stock.

Is McAfee Corp. (NASDAQ:MCFE) a healthy stock for your portfolio? The best stock pickers were getting more optimistic. The number of long hedge fund positions went up by 13 in recent months. McAfee Corp. (NASDAQ:MCFE) was in 31 hedge funds' portfolios at the end of the third quarter of 2021. The all time high for this statistic was previously 20. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. Our calculations also showed that MCFE isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings). There were 18 hedge funds in our database with MCFE positions at the end of the second quarter.

At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium prices have more than doubled over the past year, so we go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. With all of this in mind we're going to check out the key hedge fund action encompassing McAfee Corp. (NASDAQ:MCFE).