TiVo Inc. (TIVO): Are Hedge Funds Right About This Stock?

TiVo Inc. (NASDAQ:TIVO)┬árevolutionized the way we watch television nearly 15 years ago with its digital video recording device, also known as DVR. The novelty exploded to the point that now, many cable subscribers include DVR technology in its subscriber packages – sometimes without an actual device. And TiCo Inc.’s technology was shown to have been flat-out stolen by several companies, and TiVo Inc. successfully won settlements for its paents in that ishouldl be getting some nice cash payments well into the foreseeable future. And the subscriber base has been slowly growing as well. However, the stock has been down slightly for the year, which goes counter to the overall market, which has grown by about 20 percent this year.

So what gives with this stock? TIVO has seen an increase in hedge fund sentiment of late.

TiVo Inc.

Hedge fund activity in TiVo Inc. (NASDAQ:TIVO)

In preparation for this quarter, 34 of the hedge funds trakced by our friends at Insider Monkey were bullish in this stock, a 26-percent increase from the second quarter. With the smart money’s capital changing hands, there exists a select group of noteworthy hedge fund managers who were upping their holdings considerably.

According to Insider Monkey’s comprehensive database, Amici Capital, managed by Paul Orlin and Alex Porter, holds the largest position in TiVo Inc. (NASDAQ:TIVO). Amici Capital has a $47-million position in the stock, comprising 1.7 percent of its 13F portfolio. Coming in second is Israel Englander of Millennium Management, with a $28.9-million position; the fund has 0.1 percent of its 13F portfolio invested in the stock. Other hedgies that hold long positions include Wojciech Uzdelewicz’s Espalier Global Management, Glenn Russell Dubin’s Highbridge Capital Management and Spencer M. Waxman’s Shannon River Fund Management.

As industrywide interest jumped, some big names were leading the bulls’ herd. Amici Capital, managed by Paul Orlin and Alex Porter, established the most valuable position in TiVo Inc. (NASDAQ:TIVO). Amici Capital had $47 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also initiated a $22.6-million position during the quarter. The other funds with brand new TIVO positions are Paul Marshall and Ian Wace’s Marshall Wace LLP, Malcolm Fairbairn’s Ascend Capital, and Peter S. Park’s Park West Asset Management.

What do insiders think about TiVo Inc. (NASDAQ:TIVO)?

Insider buying is particularly usable when the company we’re looking at has seen transactions within the past six months. Over the latest 180-day time period, TiVo Inc. (NASDAQ:TIVO) has seen one unique insider buy and five insider sales (see the details of insider trades here).

Let’s go over hedge-fund and insider activity in other stocks similar to TiVo Inc. (NASDAQ:TIVO). These stocks are Charter Communications, Inc. (NASDAQ:CHTR), Net Servicos de Comunicacao SA (ADR) (NASDAQ:NETC), AMC Networks Inc (NASDAQ:AMCX), Cablevision Systems Corporation (NYSE:CVC), and Crown Media Holdings, Inc (NASDAQ:CRWN). This group of stocks belongs to the cable television systems industry and their market caps are similar to TIVO’s market cap.

Company Name # of Hedge Funds # of Insiders Buying # of Insiders Selling
Charter Communications, Inc. (NASDAQ:CHTR) 61 0 6
Net Servicos de Comunicacao SA (ADR) (NASDAQ:NETC) 1 0 0
AMC Networks Inc (NASDAQ:AMCX) 30 0 4
Cablevision Systems Corporation (NYSE:CVC) 44 0 0
Crown Media Holdings, Inc (NASDAQ:CRWN) 5 0 0

As one can see from this peer group comparison, TiVo Inc. (NASDAQ:TIVO) is a distant No. 3 choice among hedge funds, well behind favorite Charter Communications, Inc. (NASDAQ:CHTR). However, when it comes to insider activity, TiVo Inc. is generating the same amount of group-leading interest as Charter Communications, Inc., with six transactions in the last six months.


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