10 Best Growth Stocks To Buy According To George Soros

3. Liberty Broadband Corporation (NASDAQ:LBRDA)

Soros Fund Management Stake Value: $76.19 Million

Number of Hedge Fund Holders: 55

Liberty Broadband Corporation (NASDAQ:LBRDA) is a communications business that specializes in the provision of cable, data, wireless, and other managed services. The stock makes up 1.36% of the portfolio. The company operates and owns multiple communication businesses including Charter Communications and GCI, its subsidiary.

GCI is one of the biggest communications providers in Alaska. It specializes in the provision of data, wireless, video, voice, and managed services to consumer and business customers across Alaska and the globe. Liberty, on the other hand, owns a 26% ownership stake in Charter Communications. Charter Communications is one of the largest cable operators in the United States that provides video, internet, and voice services to residential and commercial clients.

In the second quarter of 2024, Liberty Broadband Corporation (NASDAQ:LBRDA) logged $246 million in revenue, up by 1% year-over-year. Of this, its data segment brought in $60 million and its wireless segment reported $47 million in revenue. In the second quarter, its subsidiary, GCI spent $58 million in capital expenditures to enhance its wireless and data networks in Alaska, which explains why the company has a clientele of 158,000 customers for its data segment and 201,900 for its wireless segment.

Analysts are bullish on the stock, and their 1-year median price target of $83 points to a 39% upside from current levels.  At the close of Q2 2024, 55 hedge funds were bullish on Liberty Broadband Corporation (NASDAQ:LBRDA), with total stakes amounting to $2.02 billion.

Weitz Investment Management Partners III Opportunity Fund stated the following regarding Liberty Broadband Corporation (NASDAQ:LBRDA) in its Q2 2024 investor letter:

“Liberty Broadband Corporation (NASDAQ:LBRDA) (26% owner of Charter Communications) was the Fund’s top year-to-date detractor. Shares of Charter Communications remain in the penalty box as investors wait to see how the mid-May expiration of the federal Affordable Connectivity Program (ACP) impacts subscriber results. We anticipate Charter will retain many, if not most, of its five million ACP customers, but we acknowledge this uncertainty has created an added overhang on the stock price. Beyond this one-time event, we believe the long-term picture for Charter remains intact.”