Nexstar Media Group (NXST) Landed in Richie Capitals’ Top Performers List

Richie Capital Group, an investment management firm, published its first-quarter 2022 investor letter – a copy of which can be downloaded here. A quarterly portfolio return of -8.4% was recorded by the RCG Long Only strategy for the first quarter of 2022, while the RCG Long Short Fund declined -7.9%. The fund’s benchmarks, the Russell 3000 Index, the Equity Long-Short Index, and the S&P 500 Large Cap Index returned -7.5%, -1.2%, and -5.0% respectively for the same period.  Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Richie Capital Group mentioned Nexstar Media Group, Inc. (NASDAQ:NXST) and explained its insights for the company. Founded in 1996, Nexstar Media Group, Inc. (NASDAQ:NXST)  is an Irving, Texas-based media company with a $7.0 billion market capitalization. Nexstar Media Group, Inc. (NASDAQ:NXST)  delivered a 14.53% return since the beginning of the year, while its 12-month returns are up by 16.06%. The stock closed at $172.92 per share on April 13, 2022.

Here is what Richie Capital Group has to say about Nexstar Media Group, Inc. (NASDAQ:NXST) in its Q1 2022 investor letter:

Nexstar Media Group (NXST up 24.8%) – The television broadcasting and digital media company surged during the quarter after presenting at an investor conference where management pointed to a strong 2022 for both political advertising and retransmission. They have exposure to more than 80% of markets with competitive mid-term political races. NXST is developing new ad categories such as sports betting and they are focused on expanding digital ad revenue and providing digital solutions to local advertisers. Auto advertising will return in the fall as auto dealerships re-enter the market to sell their replenished inventory.”

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Our calculations show that Nexstar Media Group, Inc. (NASDAQ:NXST) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Nexstar Media Group, Inc. (NASDAQ:NXST) was in 41 hedge fund portfolios at the end of the first quarter of 2022, compared to 38 funds in the previous quarter. Nexstar Media Group, Inc. (NASDAQ:NXST) delivered a 5.31% return in the past 3 months.

In April 2021, we published an article that includes Nexstar Media Group, Inc. (NASDAQ:NXST) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

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