Here’s Why Liberty Park Capital Sold Bowlero Corp. (BOWL)

Liberty Park Capital Management, LLC, a financial management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. Liberty Park Fund rose 14.60%, net of fees, in the second quarter compared to the Russell 2000 Index’s 5.18% return. Both the Liberty Park funds delivered excellent results in the quarter. The increase in the fund’s long positions contributed 15.28% on a weight-adjusted basis, while the increase in shorts detracted 0.96% on a weight-adjusted basis. Liberty Park Select Opportunities, LP’s value returned 19.46% net of fees in the second quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Liberty Park Capital highlighted stocks like Bowlero Corp. (NYSE:BOWL) in the second quarter 2023 investor letter. Headquartered in Mechanicsville, Virginia, Bowlero Corp. (NYSE:BOWL) operates bowling centers. On September 28, 2023, Bowlero Corp. (NYSE:BOWL) stock closed at $9.52 per share. One-month return of Bowlero Corp. (NYSE:BOWL) was -13.92%, and its shares lost 22.66% of their value over the last 52 weeks. Bowlero Corp. (NYSE:BOWL) has a market capitalization of $1.495 billion.

Liberty Park Capital made the following comment about Bowlero Corp. (NYSE:BOWL) in its Q2 2023 investor letter:

“We sold Bowlero Corp. (NYSE:BOWL) before the company reported earnings to make room for higher- conviction ideas. We attribute the pre-earnings decline to concerns about slowing same-store sales growth occurring at other leisure businesses.”

Bowlero Corp. (NYSE:BOWL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Bowlero Corp. (NYSE:BOWL) at the end of second quarter which was 21 in the previous quarter.

We discussed Bowlero Corp. (NYSE:BOWL) in another article and shared O’keefe Stevens Advisory’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.

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