Clark Street Value is bullish on Accel Entertainment Inc. (NYSE:ACEL) stock. Clark Street Value is an individual investor that is focused on finding value and special situation investments. Accel Entertainment Inc. (NYSE:ACEL) operates as a gaming-as-a-service provider. In the last one year, Accel Entertainment Inc. (NYSE:ACEL) stock lost 19.2% and on December 31st it had a closing price of $10.10.
Clark Street Value said that Accel Entertainment Inc. (NYSE:ACEL) is the largest distributed gaming provider in Illinois. The investor believes that slot players will prefer going to hyper local post COVID-19 instead of driving an hour or two to visit regional casino. Clark Street Value said, “These VGT locations are essentially mini-casinos first and a bar or restaurant second, the bar/restaurant piece is often regulatory arbitrage to allow for the VGTs and not the other way around. Regional casinos make the vast majority of their money from slot machines, ACEL is the slot machine revenue without the capex and overhead of actually running a casino.” Accel Entertainment Inc. (NYSE:ACEL) has a massive growth opportunity as VGTs is legalized within the Chicago city limits.
In Q1 2020, the number of bullish hedge fund positions on Accel Entertainment Inc. (NYSE:ACEL) stock increased by about 20% from the previous quarter (see the chart here), so a number of other hedge fund managers believe in ACEL’s growth potential. Our calculations showed that Accel Entertainment Inc. (NYSE:ACEL) isn’t ranked among the 30 most popular stocks among hedge funds.
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Video: Top 5 Stocks Among Hedge Funds
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