In this article, we discuss 3 stocks to buy according to Eduardo Costa’s Calixto Global Investors. If you want to read our detailed analysis of Costa’s history, investment philosophy, and hedge fund performance, go directly to 7 Stocks to Buy According to Eduardo Costa’s Calixto Global Investors.
3. Nexstar Media Group, Inc. (NASDAQ:NXST)
Calixto Global Investors’ Stake Value: $27,463,000
Percentage of Calixto Global Investors’ Portfolio: 18.34%
Number of Hedge Fund Holders: 39
A television broadcasting and digital media firm, Nexstar Media Group, Inc. (NASDAQ:NXST) acquires, develops, and runs television stations, interactive community websites, and digital media services. Seth Klarman’s Baupost Group is Nexstar Media Group, Inc. (NASDAQ:NXST)’s most significant stakeholder, with 1.15 million shares worth $216.32 million.
On May 12, Deutsche Bank analyst Connor Murphy maintained a Buy rating on Nexstar Media Group, Inc. (NASDAQ:NXST) and boosted his price objective from $216 to $225. The analyst updated the revenue, EBITDA, and free cash flow forecasts in light of the Q1 performance.
Nexstar Media Group, Inc. (NASDAQ:NXST) was in 39 hedge fund portfolios at the end of the first quarter of 2022. Comparatively, there were 41 hedge funds in our database with Nexstar Media Group, Inc. (NASDAQ:NXST) positions at the end of the previous quarter.
Nexstar Media Group, Inc. (NASDAQ:NXST) is the third-largest holding in the Q1 portfolio of Eduardo Costa’s Calixto Global Investors, with the hedge fund owning about 145,706 shares of the company, worth $27.46 million, representing 18.34% of the total 13F portfolio.
Richie Capital Group mentioned Nexstar Media Group Inc. (NASDAQ:NXST) in their Q1, 2022 investor letter. Here is what the fund said:
“Nexstar Media Group (NXST up 24.8%) – The television broadcasting and digital media company surged during the quarter after presenting at an investor conference where management pointed to a strong 2022 for both political advertising and retransmission. They have exposure to more than 80% of markets with competitive mid-term political races. NXST is developing new ad categories such as sports betting and they are focused on expanding digital ad revenue and providing digital solutions to local advertisers. Auto advertising will return in the fall as auto dealerships re-enter the market to sell their replenished inventory.”