Here’s Why Greenhaven Road Capital Exited Elastic N.V. (ESTC)

Greenhaven Road Capital, an investment management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the Fund returned 8% net, bringing YTD net returns to over 25%. The firm believes its portfolio is a little stronger with each passing day despite the challenges. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Greenhaven Road Capital highlighted stocks like Elastic N.V. (NYSE:ESTC) in the second quarter 2023 investor letter. Based in Amsterdam, the Netherlands, Elastic N.V. (NYSE:ESTC) is a data analytics company. On August 11, 2023, Elastic N.V. (NYSE:ESTC) stock closed at $59.44 per share. One-month return of Elastic N.V. (NYSE:ESTC) was -14.92%, and its shares lost 29.05% of their value over the last 52 weeks. Elastic N.V. (NYSE:ESTC) has a market capitalization of $5.789 billion.

Greenhaven Road Capital made the following comment about Elastic N.V. (NYSE:ESTC) in its second quarter 2023 investor letter:

“Elastic N.V. (NYSE:ESTC) was also difficult to part with – I think there is so much to like – but we needed to fund purchases in companies like Lifecore and Sphere, which I think could have significantly greater upside in the medium term and I think could be less susceptible to the gyrations caused by changes in market multiples.”

Elastic N.V. (NYSE:ESTC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Elastic N.V. (NYSE:ESTC) at the end of first quarter which was 50 in the previous quarter.

We discussed Elastic N.V. (NYSE:ESTC) in another article and shared TimesSquare U.S. Small/Mid Cap Growth Strategy ’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

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