In this article, we discuss 5 stock picks of Rishi Bajaj’s Altai Capital. If you want to read our detailed analysis of Bajaj’s history, investment philosophy, and hedge fund performance, go directly to 10 Stock Picks of Rishi Bajaj’s Altai Capital.
5. Coupang, Inc. (NYSE:CPNG)
Altai Capital’s Stake Value: $5,884,000
Percentage of Altai Capital’s 13F Portfolio: 2.58%
Number of Hedge Fund Holders: 29
Coupang, Inc. (NYSE:CPNG) is a company that provides an e-commerce platform. It is divided into two segments: Product Commerce and Growth Initiatives. Altai Capital held 200,267 shares in the Coupang, Inc. (NYSE:CPNG), worth over $5.88 million, representing 2.58% of its portfolio. The fund first bought a stake in Coupang, Inc. (NYSE:CPNG) in the third quarter of 2021.
Many high-end funds have reduced their holdings in Coupang, Inc. (NYSE:CPNG). According to Insider Monkey’s Q4 data, 29 hedge funds placed long calls on Coupang, Inc. (NYSE:CPNG), compared to 45 funds in the previous quarter. Neil Mehta’s Greenoaks Capital is a significant stakeholder of Coupang, Inc. (NYSE:CPNG), with 115.85 million shares worth over $3.40 billion.
4. BlackSky Technology Inc. (NYSE:BKSY)
Altai Capital’s Stake Value: $2,245,000
Percentage of Altai Capital’s 13F Portfolio: 0.98%
Number of Hedge Fund Holders: 20
BlackSky Technology Inc. (NYSE:BKSY) delivers mission systems and real-time geospatial intelligence, images, and related data analysis products and services. Rishi Bajaj’s Altai Capital owned 500,000 shares of BlackSky Technology Inc. (NYSE:BKSY), worth over $2.25 million.
BlackSky Technology Inc. (NYSE:BKSY), on February 22, posted earnings for the fourth quarter. The reported revenue came in at $11.5 million, beating estimates by $2.5 million. Chase Coleman and Feroz Dewan’s Tiger Global Management LLC is BlackSky Technology Inc. (NYSE:BKSY)’s most significant stakeholder, with 5 million shares worth $22.45 million.
As of the end of the fourth quarter, 20 hedge funds in Insider Monkey’s database of 924 funds held stakes in BlackSky Technology Inc. (NYSE:BKSY), compared to 21 funds in the third quarter. Altai Capital added BlackSky Technology Inc. (NYSE:BKSY) to its portfolio in the third quarter of 2021.
3. Sunlight Financial Holdings Inc. (NYSE:SUNL)
Altai Capital’s Stake Value: $1,893,000
Percentage of Altai Capital’s 13F Portfolio: 0.83%
Number of Hedge Fund Holders: 17
Sunlight Financial Holdings Inc. (NYSE:SUNL) is a technology-based point-of-sale lending company. Third-party lenders use Sunlight Financial Holdings Inc. (NYSE:SUNL)’s platform to provide homeowners with secured and unsecured loans for the purchase and installation of solar energy systems and other home improvements.
Citi analyst Arren Cyganovich decreased his price objective on Sunlight Financial Holdings Inc. (NYSE:SUNL) to $6 from $10 on April 10 and maintained a Buy recommendation on the stock. The analyst noted a move in his valuation to adjusted price-to-earnings vs. adjusted EBITDA, signaling that Sunlight Financial Holdings Inc. (NYSE:SUNL) will trade more like a thriving consumer finance company than a higher fledgling fintech multiple.
Altai Capital owned 396,000 Sunlight Financial Holdings Inc. (NYSE:SUNL) shares in its fourth quarter 2021 investment portfolio. These were worth $1.89 million, representing 0.83% of the portfolio. Sunlight Financial Holdings Inc. (NYSE:SUNL) was in 17 hedge funds portfolios at the end of the fourth quarter of 2021. There were 20 hedge funds in our database with Sunlight Financial Holdings Inc. (NYSE:SUNL) holdings at the end of the previous quarter.
2. Pardes Biosciences, Inc. (NASDAQ:PRDS)
Altai Capital’s Stake Value: $1,637,000
Percentage of Altai Capital’s 13F Portfolio: 0.71%
Number of Hedge Fund Holders: 18
Pardes Biosciences, Inc. (NASDAQ:PRDS) is a bio-pharmaceutical business in the clinical stage. Roanna Ruiz of SVB Leerink initiated coverage of Pardes Biosciences, Inc. (NASDAQ:PRDS) on March 15, maintaining an Outperform rating and assigning a price target of $18.
Rishi Bajaj’s Altai Capital initiated a new stake in Pardes Biosciences, Inc. (NASDAQ:PRDS) in the fourth quarter of 2021 by purchasing 100,000 shares of the bio-pharmaceutical company, worth $1.64 million.
By the end of the fourth quarter of 2021, Insider Monkey identified 18 hedge funds with stakes in Pardes Biosciences, Inc. (NASDAQ:PRDS). These stakes were worth a total of $219.88 million.
1. Upwork Inc. (NASDAQ:UPWK)
Altai Capital’s Stake Value: $1,093,000
Percentage of Altai Capital’s 13F Portfolio: 0.47%
Number of Hedge Fund Holders: 32
Upwork Inc. (NASDAQ:UPWK) is a company that provides an online marketplace for companies to locate, hire, and pay freelancers for short- and long-term tasks. Upwork Basic, Upwork Plus, Upwork Business, Upwork Enterprise, and Upwork Payroll are among the marketplace’s options.
Upwork Inc. (NASDAQ:UPWK) is one of the latest acquisitions of Altai Capital in Q4 2021. The hedge fund held shares worth over $1.09 million in Upwork Inc. (NASDAQ:UPWK), representing 0.47% of its 13F portfolio. Durable Capital Partners is Upwork Inc. (NASDAQ:UPWK)’s largest shareholder, with shares worth $62.30 million.
At the end of the fourth quarter of 2021, 32 hedge funds in the database of Insider Monkey held stakes worth $383.37 million in Upwork Inc. (NASDAQ:UPWK), down from 35 the preceding quarter worth $418.06 million.
In its Q4 2020 investor letter, Spree Capital Advisers mentioned Upwork Inc. (NASDAQ:UPWK). Here is what the fund has to say about Upwork Inc. (NASDAQ:UPWK):
“Early in the fourth quarter we meaningfully increased our position size in Upwork (UPWK). Upwork is a global employment marketplace that enables businesses to vet, hire, and manage talent as part of their distributed workforce. Upwork facilitates labor and demand side connectivity on a global scale by providing the infrastructure to create trust and to streamline talent sourcing, contracting, analysis and payment. Freelancers benefit from having a reputation ranking system that feeds their marketing channels, allowing them to have access to quality, flexible work and on time compensation. Businesses on the demand side benefit by having extensive access to specialized talent, enabling faster and more cost effective hiring, and by having the strategic optionality inherent in the ability to flex a portion of their workforce based on changing demand requirements…” (Click here to see the full text)
You can also take a peek at 10 Stocks to Sell Now According to Michael Zimmerman’s Prentice Capital Management and 8 Stocks to Sell Now According to Mitch Cantor’s Mountain Lake Investment Management.
