Greenhaven Road Capital, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund declined in the third quarter, bringing the year-to-date returns to approximately -59%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Greenhaven Road Capital highlighted stocks like Cellebrite DI Ltd. (NASDAQ:CLBT) in its third-quarter investor letter. Headquartered in Petah Tikva, Israel, Cellebrite DI Ltd. (NASDAQ:CLBT) is a software company that provides a platform for digital intelligence. On November 25, 2022, Cellebrite DI Ltd. (NASDAQ:CLBT) stock closed at $4.6350 per share. One-month return of Cellebrite DI Ltd. (NASDAQ:CLBT) was -7.86% and its shares lost 39.79% of their value over the last 52 weeks. Cellebrite DI Ltd. (NASDAQ:CLBT) has a market capitalization of $879.023 million.
Greenhaven Road Capital made the following comment about Cellebrite DI Ltd. (NASDAQ:CLBT) in its Q3 2022 investor letter:
“I wrote about Cellebrite DI Ltd. (NASDAQ:CLBT) extensively in the last letter. Their software is used by law enforcement to manage digital investigations with products that enable law enforcement to access data on cell phones without knowing the passcode. 90% of their revenue is from government sources and 10% from large companies – they have zero exposure to the individual consumer and have reported customer churn of 2%. Governments need their products.
Cellebrite benefits from several trends. As the company disclosed in their initial investor presentation, data stored on devices has grown between 2,000X – 8,000X in last 17 years. Annual cell phone sales have gone from 300M in 2010 to 1.6B last year. Apps and encryption are increasing, as is complexity, and the use of crypto currencies further complicates the financial tracking of crimes. This combination of trends heightens investigators’ need to have powerful tools to gather, organize, and analyze data in digital investigations. Beyond their initial suite of useful offerings, Cellebrite is expanding their product lines to meet these diversifying needs. Our digital lives increasingly reflect our real lives, and it is implausible that texts, geo locations, emails, photographs, and other digital communications will play less of a role in criminal investigations, even in a recession…” (Click here to read the full text)
Photo by Scott Graham on Unsplash
Cellebrite DI Ltd. (NASDAQ:CLBT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Cellebrite DI Ltd. (NASDAQ:CLBT) at the end of the third quarter, which was 15 in the previous quarter.
We discussed Cellebrite DI Ltd. (NASDAQ:CLBT) in another article and shared Greenhaven Road Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.
