InvenSense Inc (NYSE:INVN) shares surged by 7.72%

Boston, MA, 06/17/2013 (nysepost) – The share prices of InvenSense Inc (NYSE:INVN) had surged by 7.72 percent to close at $14.65 per share for the end of last trading session on Friday. The shares of the company had been trading in the range of $14.05 to $14.96 per during the day, which had pushed the company to hit new peaks. The shares of InvenSense Inc (NYSE:INVN) had a market capitalization of $1.24 billion. The stock opened at $14.09 per share.

InvenSense Inc (NYSE:INVN) shares increased 4.78% to $14.25. The company on June 5 announced a family of 6 Industrial Motion Tracking solutions including 3-axis gyroscopes and integrated 6-axis gyroscopes plus accelerometers. With the introduction of ITG-31N1/N2/N3 and MPU-61N1/N2/N3 devices for Industrial markets, InvenSense is now providing the same level of high performance and reliability for these markets, that it is known for in the consumer market.

In preparation for this quarter, a total of 18 of the hedge funds were long in this stock, a change of 38% from the previous quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists a select group of noteworthy hedge fund managers who were upping their holdings substantially. Andor Capital Management, managed by Daniel Benton, holds the largest position in InvenSense Inc (NYSE:INVN).

Investors eyeing a purchase of InvenSense  Inc. (NYSE: INVN) stock, but tentative about paying the going market price of $13.27 per share, might benefit from considering selling puts among the alternative strategies at their disposal. One interesting put contract in particular, is the January 2015 put at the $10 strike, which has a bid at the time of this writing of $1.95. Collecting that bid as the premium represents a 19.5% return against the $10 commitment, or a 12.2% annualized rate of return.

About the Author

Gregory Peters financial reporter NYSE post. Authors have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. This article is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. *NYSE Post does not set price targets on securities. Never invest into a stock discussed on this website unless you can afford to lose your entire investment.