George Baxter’s Sabrepoint Capital is Buying These 5 Stocks

In this article, we will discuss the top 5 stocks being bought by George Baxter’s Sabrepoint Capital as of the second quarter of 2021. If you want to read our detailed analysis of Baxter’s history, investment philosophy, and hedge fund performance, go directly to George Baxter’s Sabrepoint Capital is Buying UPWK, MSFT, and More.

5. Lyft, Inc. (NASDAQ:LYFT)

Baxter’s  Stake Value: $18,144,000

Percentage of George Baxter’s 13F Portfolio: 5.71% 

Number of Hedge Fund Holders: 43

One of George Baxter’s popular stock picks is Lyft, Inc. (NASDAQ: LYFT). It is a mobile ride-hailing service for cars, motorized scooters, and a bicycle-sharing system – various services available in a few clicks. It deals not only with ride-hailing services and food delivery for its customer base but also serves as an opportunity to earn money as a hired Lyft driver. 

As per the latest data, Sabrepoint Capital owned 300,000 shares in Lyft, Inc. (NASDAQ: LYFT) at the end of the second quarter of 2021, worth $18.1 million. Out of the hedge funds being tracked by Insider Monkey, Alkeon Capital Management is the leading investor in the company with a stake worth $286.5 million.

ClearBridge Investments mentioned Lyft, Inc. (NASDAQ: LYFT) in its Q2 2021 investor letter. Here’s what the investment management firm said:

“We also added to our disruptors exposure in the second quarter with the purchase of Lyft, a leading, U.S. focused ride-hailing business. Lyft operates in a rational duopoly with Uber and has been able to maintain consistent 30%–35% market share for the past several years. The company should be a key beneficiary of the U.S. reopening, with a post-COVID-19 recovery in rideshare demand driving an acceleration in volumes and revenue. We also see considerable runway for growth beyond this rebound, as rideshare remains underpenetrated. Lyft’s ability to weather a period of significant demand destruction in 2020 is encouraging and we see opportunity for margin expansion ahead. Despite volatility created by ongoing labor negotiations, we see the potential for new, state-level legislation creating collective bargaining rights for gig economy workers to provide greater certainty around industry labor costs, with increases that should be manageable.”