Laughing Water Capital, an investment management company, released its first-quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, investment in the fund returned 8.4% after all fees and expenses compared to 10.6% and 5.2% returns for the SP500TR and R2000 during the quarter, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Laughing Water Capital featured stocks like PAR Technology Corporation (NYSE:PAR) in the first quarter 2024 investor letter. Headquartered in New Hartford, New York, PAR Technology Corporation (NYSE:PAR) offers omnichannel cloud-based hardware and software solutions to the restaurant and retail industries. On May 2, 2024, PAR Technology Corporation (NYSE:PAR) stock closed at $42.97 per share. One-month return of PAR Technology Corporation (NYSE:PAR) was -1.06%, and its shares gained 46.46% of their value over the last 52 weeks. PAR Technology Corporation (NYSE:PAR) has a market capitalization of $1.46 billion.
Laughing Water Capital stated the following regarding PAR Technology Corporation (NYSE:PAR) in its first quarter 2024 investor letter:
“PAR Technology Corporation (NYSE:PAR) – PAR has become the leading player in enterprise restaurant software. You may remember the company as it was last discussed as a Top 5 position in the H1’21 letter to investors. Since that time we have continued to own shares, albeit it in smaller size. In retrospect it seems obvious that PAR’s valuation got ahead of itself in 2021 when it traded in the mid $80s per share, and I should have more aggressively trimmed the position. The problem was that PAR has been executing very well on a well laid out plan that appears to lead to a dominant position in a very attractive market.
Based on the stock price coming down, clear progress with product development, exciting new customer wins, and most recently large scale M&A, I have added to the position, and PAR is now a mid-sized position once again. I believe that the long-expected sale of PAR’s government business is imminent, which will make PAR a pureplay software story, ARPUs are going up, margins are expanding, the company will shortly be “rule of 40”, the pace of RFPs from Tier 1 customers is accelerating, and the likelihood of winning those RFPs has gone up, all of which suggest that PAR should rerate higher as they continue to grow.”
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PAR Technology Corporation (NYSE:PAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held PAR Technology Corporation (NYSE:PAR) at the end of fourth quarter which was 17 in the previous quarter.
We previously discussed PAR Technology Corporation (NYSE:PAR) in another article, where we shared Choice Equities Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.
