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 Weave Communications, Inc. (NYSE:WEAV) in the second quarter 2023 investor letter. Headquartered in Lehi, Utah, Weave Communications, Inc. (NYSE:WEAV) offers a customer communications and engagement software platform. On September 28, 2023, Weave Communications, Inc. (NYSE:WEAV) stock closed at $8.12 per share. One-month return of Weave Communications, Inc. (NYSE:WEAV) was -21.62%, and its shares gained 60.79% of their value over the last 52 weeks. Weave Communications, Inc. (NYSE:WEAV) has a market capitalization of $548.493 million.
Liberty Park Capital made the following comment about Weave Communications, Inc. (NYSE:WEAV) in its Q2 2023 investor letter:
“Weave Communications, Inc. (NYSE:WEAV) had its public offering in late 2021 and quickly suffered a dramatic drawdown as investors shunned new issues in 2022. In WEAV’s case, the selloff was overdone. We decided to buy shares near the March lows after seeing the new management team’s progress on cutting costs and reinvigorating sales growth. More evidence of progress on growth and profitability was provided when the company reported its first quarter results. Shares quickly rerated closer to other vertical software peers.”
A software engineer in front of a computer screen, typing code to build the company’s electronic signature software. Editorial photo for a financial news article. 8k. –ar 16:9
Weave Communications, Inc. (NYSE:WEAV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Weave Communications, Inc. (NYSE:WEAV) at the end of second quarter which was 9 in the previous quarter.
We discussed Weave Communications, Inc. (NYSE:WEAV) in another article and shared the list of cheap new stocks to buy. 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.
