5 Stocks to Invest In Today According to Orkun Kilic’s Berry Street Capital

3. Coherent, Inc. (NASDAQ:COHR)

Berry Street Capital Stake Value: $62,470,000
Percentage of Berry Street Capital’s 13F Portfolio: 6.43%
Number of Hedge Fund Holders: 38

Coherent, Inc. (NASDAQ:COHR) is a laser and optics company that serves the microelectronics, life sciences, industrial, scientific and aerospace, and defense industries. Simon Leopold of Raymond James upgraded II-VI Incorporated (NASDAQ:IIVI), which is set to acquire Coherent in the first-half of 2022, from ‘Market Perform’ to ‘Outperform’, with a $77 price objective on January 3. Hyperscale builders investing in 400G, 200G, and 100G fiber wireless connectivity, according to Leopold, are expected to fuel significant growth.

Coherent, Inc. (NASDAQ:COHR) is also getting the attention of the smart money. As of the end of the fourth quarter, 38 hedge funds tracked by Insider Monkey disclosed having long positions in the firm, up from 37 funds a quarter earlier..

According to Berry Street Capital’s 13F filing for the fourth quarter of 2021, the fund owns 234,375 shares of Coherent, Inc. (NASDAQ:COHR) worth $62.47 million, representing 6.43% of the fund’s portfolio value. In addition, the fund increased its stake in Coherent, Inc. (NASDAQ:COHR) by 71% during the fourth quarter.

Appleseed Fund mentioned Coherent, Inc. (NASDAQ:COHR) in its first quarter 2021 investor letter. Here is what the fund said:

“Our most significant contributors to the Fund’s equity performance during the quarter (includes) Coherent (COHR). During the quarter, Coherent announced that it was being acquired, after which several other bidders emerged. Between the takeover announcement and the bidding war among Coherent suitors, the shares rallied strongly during the quarter.”