Top 5 Stock Picks of Eli Cohen’s Crescent Park Management

In this article, we discuss the top 5 stock picks of Eli Cohen’s Crescent Park Management. If you want to read our detailed analysis of Cohen’s history, investment philosophy, and hedge fund performance, go directly to Top 10 Stock Picks of Eli Cohen’s Crescent Park Management.

5. Accel Entertainment, Inc. (NYSE:ACEL)

Crescent Park Management’s Stake Value: $37,290,000
Percentage of Crescent Park Management’s 13F Portfolio: 6.06%
Number of Hedge Fund Holders: 19

Accel Entertainment, Inc. (NYSE:ACEL) is an American distributed gaming operator with multiple subsidiaries. Among the hedge funds being tracked by Insider Monkey, Darlington Partners Capital is a leading shareholder of Accel Entertainment, Inc. (NYSE:ACEL), with 6.77 million shares worth $88.15 million. Overall, 19 hedge funds had a stake in Accel Entertainment, Inc. (NYSE:ACEL) as of Q4 2021. The total value of their holdings was $283.75 million.

On May 4, Accel Entertainment, Inc. (NYSE:ACEL) posted financial results for the March 2022 quarter. Accel Entertainment, Inc. (NYSE:ACEL) reported earnings per share of $0.17, beating analysts’ estimates by $0.02. Revenue for the period came in at $196.9 million, missing market consensus by $0.9 million.

Eli Cohen’s hedge fund held 2.86 million Accel Entertainment, Inc. (NYSE:ACEL) shares in the fourth quarter of 2021, worth $37.29 million, representing 6.06% of the total 13F portfolio. The hedge fund sold 727,533 shares of Accel Entertainment, Inc. (NYSE:ACEL) in the fourth quarter of 2021.

In its fourth-quarter 2021 investor letter, Clark Street Value mentioned Accel Entertainment, Inc. (NYSE:ACEL). Here is what the fund said:

“Accel Entertainment (ACEL) is the best part of regional casinos, the slot machines without the worst part, all the capex and lease payments. Their acquisition of Century Gaming unfortunately didn’t close this year, to me it sounded like a management misstep or unfamiliarity with cross state border acquisitions. But ACEL announced a big buyback ($200MM on a $1.2B market cap), it trades at roughly 8x EBITDA proforma for the acquisition, wage inflation should put more discretionary dollars in their client’s pockets, a few more states are talking about legalizing VGTs, the shares seem pretty cheap to me.”