Billionaire Ken Griffin Is Selling These 5 Stocks In 2022

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In this article, we discuss the 5 stocks billionaire Ken Griffin is selling in 2022. You can see some more stocks sold by Citadel Investment Group in the first quarter of 2022 by clicking Billionaire Ken Griffin Is Selling These 10 Stocks In 2022.

5. Liberty Broadband Corporation (NASDAQ:LBRDA)

Number Of Hedge Fund Holders: 26

Liberty Broadband Corporation (NASDAQ:LBRDA) operates as a holding company, which engages in the cable, broadband and mobile location technology businesses. Operating in the telecommunications industry in the United States, it provides cable services to both residential and small to medium businesses through its fiber, hybrid fiber, and coaxial cable infrastructure.

This May, Deutsche Bank analyst Bryan Kraft lowered the price target on Liberty Broadband Corporation (NASDAQ:LBRDA) to $158 from $196 and maintained a Buy rating on the shares post the Q1 results. On May 6, Liberty Broadband Corporation (NASDAQ:LBRDA) reported a Q1 GAAP EPS of $1.77, beating analysts’ predictions by $0.28. The revenue of $238 million slipped 3.6% year-over-year, missing estimates by $8.84 million.

At the end of the first quarter of 2022, 26 hedge funds in the database of Insider Monkey held stakes worth $606 million in Liberty Broadband Corporation (NASDAQ:LBRDA), up from 22 the preceding quarter worth $754.7 million. Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Eagle Capital Management is a leading shareholder in Liberty Broadband Corporation (NASDAQ:LBRDA), with 8.36 million shares.

Here is what Alphyn Capital Management has to say about Liberty Broadband Corporation (NASDAQ:LBRDA) in its Q1 2022 investor letter:

“We part-financed the additions to Amazon and Wayfair by trimming some Liberty Broadband. Liberty Broadband is a HoldCo and tracking stock whose primary holding is Charter Communications. Charter benefits from its extensive network of cable assets that can provide higher bandwidth internet at better prices than offerings from traditional telecom and satellite carriers. Moreover, with excellent management and capital stewardship, Charter has increased its high-margin broadband subscriber base despite losing some video subscribers to “cord-cutting.”

Nevertheless, competition is intensifying, with telecom companies launching aggressive Fiber-To-The-Home upgrade plans and new entrants emerging with Fixed Wireless technologies. Cable’s coaxial lines are, for once, the inferior technology compared to FTTH. While Charter has many ways to upgrade its lines to remain competitive in the medium term, it no longer has a distinct advantage. As a result, in markets with fiber competition, cable companies typically have a 50% market share vs. the 80% market share they enjoy without fiber competition.

With Fixed Wireless, Cable has a strong advantage in owning the network for internet backhaul, but it is more difficult to predict the longer-term competitive environment. In both cases, moving from a near-monopoly to a duopoly, or longer-term an oligopoly, likely comes with weaker pricing power and slower subscriber growth. These considerations warranted trimming our Liberty Broadband position, and we will monitor developments closely.”

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