Greenlight Capital, an investment management company, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. For 2022, the fund returned 36.6% net of fees and expenses compared to an 18.1% loss for the S&P 500 Index. 2022 was an exceptionally good year for the strategy as the market environment was favorable, and the firm expects attractive, absolute, and risk-adjusted returns to be achieved over the long term. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Greenlight Capital highlighted stocks like Danimer Scientific, Inc. (NYSE:DNMR) in the Q4 2022 investor letter. Headquartered in Bainbridge, Georgia, Danimer Scientific, Inc. (NYSE:DNMR) is a polymer company that produces bioplastic replacements. On January 17, 2023, Danimer Scientific, Inc. (NYSE:DNMR) stock closed at $2.2300 per share. One-month return of Danimer Scientific, Inc. (NYSE:DNMR) was 25.28%, and its shares lost 58.70% of their value over the last 52 weeks. Danimer Scientific, Inc. (NYSE:DNMR) has a market capitalization of $226.097 million.
Greenlight Capital made the following comment about Danimer Scientific, Inc. (NYSE:DNMR) in its Q4 2022 investor letter:
“In 2022, our long book was profitable. The only significant losers we had were Green Brick Partners (GRBK) and Danimer Scientific, Inc. (NYSE:DNMR).
As for DNMR, in 2021 we switched most of our investment from common shares to convertible bonds. Later in 2022, we added to the stock position. Both the bonds and the shares had an awful year. The company is thought of (correctly) as a money-losing technology SPAC. Given what happened to those, the loss is not surprising. We nevertheless remain optimistic that the company has a viable product and should remain solvent. With the converts trading below 40% of par and the market cap below $200 million, there is a lot of optionality, with an exciting recovery from these levels should we be proven correct.”
Copyright: art9858 / 123RF Stock Photo
Danimer Scientific, Inc. (NYSE:DNMR) is not on our 30 Most Popular Stocks Among Hedge Funds list. As per our database, 16 hedge fund portfolios held Danimer Scientific, Inc. (NYSE:DNMR) at the end of the third quarter, which was 18 in the previous quarter.
We discussed Danimer Scientific, Inc. (NYSE:DNMR) in another article and shared Greenlight Capital’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 14 Countries Where Official Language is English
- 15 Largest Plastic Manufacturing Companies in the World
- 12 Best Holding Company Stocks To Invest In
Disclosure: None. This article is originally published at Insider Monkey.
