5 Best Depressed Stocks To Buy in 2024

4. Liberty Broadband Corp  Series C (NASDAQ:LBRDA)

Number of Hedge Fund Investors: 53

Liberty Broadband Corp  Series C (NASDAQ:LBRDA) shares are down about 35% over the past one year. As of the end of the fourth quarter of 2023, 53 hedge funds had stakes in Liberty Broadband Corp Series C (NASDAQ:LBRDA).

Meridian Hedged Equity Fund stated the following regarding Liberty Broadband Corporation (NASDAQ:LBRDA) in its fourth quarter 2023 investor letter:

“Liberty Broadband Corporation (NASDAQ:LBRDA) is a holding company that owns interests in several cable businesses, primarily in the United States. Most of Liberty Broadband’s value (about 90%) comes from its large stake in Charter Communications, a broadband provider with 32 million customers across 41 states. Charter’s stock underperformed after missing subscriber growth expectations. Management signaled a likelihood of continued softness through the remainder of 2023. The company also announced $1 billion of additional capital expenditures, which was unwelcome news for many investors. Liberty Broadband has historically traded at a discount to its net asset value, which continues today. We estimate that the business trades as much as 30% below fair value and presents an opportunity to own a quality asset at a sizeable discount. Our long position in Liberty Broadband remained based on the consistent discount to net asset value and Charter’s underlying strengths, even as Charter manages through current industry dynamics.”