Here’s Why Coherent Corp. (COHR) Short Position Performed Well in Q3

Liberty Park Capital Management, LLC, a financial management company, released its third quarter 2023 investor letter. A copy of the same can be downloaded here. Liberty Park Fund returned -2.29% net of fees, in the third quarter compared to a 5.10% decline in the Russell 2000 Index.  On a weight-adjusted basis, the 6.70% decline in the fund’s long holdings deducted 6.22%, while the 7.27% decline in its short positions added 3.67% to its returns. Liberty ParkSelect Opportunities decreased by 11.57%, net of fees, in the third quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Liberty Park Capital highlighted stocks like Coherent Corp. (NYSE:COHR) in the third quarter 2023 investor letter. Headquartered in Saxonburg, Pennsylvania, Coherent Corp. (NYSE:COHR) is a manufacturer and distributor of semiconductors and optical materials. On December 15, 2023, Coherent Corp. (NYSE:COHR) stock closed at $43.84 per share. One-month return of Coherent Corp. (NYSE:COHR) was 21.54%, and its shares gained 26.12% of their value over the last 52 weeks. Coherent Corp. (NYSE:COHR) has a market capitalization of $6.638 billion.

Liberty Park Capital made the following comment about Coherent Corp. (NYSE:COHR) in its Q3 2023 investor letter:

“After its stock nearly doubled on enthusiasm surrounding artificial intelligence, Coherent Corp. (NYSE:COHR) fell nearly 40% in one day after announcing weaker-than-expected 3Q guidance. We viewed the stock move as an over reaction and closed our short position.”

A scientist working on a complex photonics instruments in a sterile laboratory setting.

Coherent Corp. (NYSE:COHR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Coherent Corp. (NYSE:COHR) at the end of third quarter which was 28 in the previous quarter.

We discussed Coherent Corp. (NYSE:COHR) in another article and shared the list of stocks that Jim Cramer recommends selling. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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 Disclosure: None. This article is originally published at Insider Monkey.