Tourlite Capital: “Verra (VRRM) was Well-Positioned Coming Into the Year

Tourlite Capital Management, an investment management firm, released its first quarter 2023 investor letter, a copy of which can be downloaded here. Tourlite Fund, LP Founder Class gained 1.0% for the first quarter of 2023. The fund has returned 6.1% since inception in April 2022, versus the -7.8% return of the S&P 500 and the -11.6% of the Russell 2000 for the same period. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.

In its Q1 2023 investor letter, Tourlite Capital Management mentioned Verra Mobility Corporation (NASDAQ:VRRM) and explained its insights for the company. Founded in 2016, Verra Mobility Corporation (NASDAQ:VRRM) is a Mesa, Arizona-based  smart mobility technology solutions provider with a $2.8 billion market capitalization. Verra Mobility Corporation (NASDAQ:VRRM) delivered a 36.51% return since the beginning of the year, while its 12-month returns are up by 19.72%. The stock closed at $19.12 per share on June 22, 2023.

Here is what Tourlite Capital Management has to say about Verra Mobility Corporation (NASDAQ:VRRM)  in its Q1 2023 investor letter:

“After selling off at the end of 2022 due to what we believed to be a misunderstood reaction to earnings, Verra was well-positioned coming into the year. We highlighted a few reasons for the weakness in our last letter: 1) some travel demand pulled forward by one quarter, 2) impact from Hurricane Ian, and 3) a headwind from quarterly seasonality of title registration business. TSA data continues to remain strong through the first quarter, up 20% year-over-year and in line with pre-Covid levels. As of this writing, Q2 data is trending ~10% higher than last year. In February, it was announced Verra was added to the S&P SmallCap 600 Index.

Our calculations show that Verra Mobility Corporation (NASDAQ:VRRM)  was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Verra Mobility Corporation (NASDAQ:VRRM)  was in 22 hedge fund portfolios at the end of the first quarter of 2023, compared to 29 funds in the previous quarter. Verra Mobility Corporation (NASDAQ:VRRM)  delivered a 10.99% return in the past 3 months.

Earlier this year, we also discussed Verra Mobility Corporation (NASDAQ:VRRM)  in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.

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