Clark Street Value on PFSweb (PFSW): “My Conviction has Lessened”

Clark Street Value, an investment management firm, published its fourth-quarter 2021 investor letter – a copy of which can be seen here. An annual portfolio return of 74.99% was recorded by the fund for the year 2021, versus 28.71% for the S&P 500, and an IRR since the inception of 29.12%.  over the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Clark Street Value, in its Q4 2021 investor letter, mentioned PFSweb, Inc. (NASDAQ: PFSW) and discussed its stance on the firm. PFSweb, Inc. is an Allen, Texas-based e-commerce company with a $256.9 million market capitalization. PFSW delivered a -5.43% return since the beginning of the year, while its 12-month returns are up by 46.57%. The stock closed at $12.18 per share on January 13, 2022.

Here is what Clark Street Value has to say about PFSweb, Inc. in its Q4 2021 investor letter:

“There’s not much to update on PFSweb (PFSW) which I wrote up in August, but only because the company hasn’t filed its Q2 or Q3 financials due to “additional time and work needed to meet the SEC reporting and accounting requirements for its LiveArea divestiture.”  That’s not confidence inspiring, but this is like some of my other “informal liquidations” where they’ve sold one business unit, the other is for sale, the situation is fairly de-risked with a large cash position.  I continue to hold awaiting news but my conviction has lessened.”

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Our calculations show that PFSweb, Inc. (NASDAQ: PFSW) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. PFSW was in 13 hedge fund portfolios at the end of the third quarter of 2021, compared to 10 funds in the previous quarter. PFSweb, Inc. (NASDAQ: PFSW) delivered a -5.58% return in the past 3 months.

In November 2021, we published an article that includes PFSW in the Top 10 Stock Picks of Eli Samaha’s Madison Avenue Partners. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

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