Greenhaven Road Capital, an investment management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the Fund returned 8% net, bringing YTD net returns to over 25%. The firm believes its portfolio is a little stronger with each passing day despite the challenges. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Greenhaven Road Capital highlighted stocks like PAR Technology Corporation (NYSE:PAR) in the second quarter 2023 investor letter. Headquartered in New Hartford, New York, PAR Technology Corporation (NYSE:PAR) is a technology company that serves restaurants and retail industries. On August 11, 2023, PAR Technology Corporation (NYSE:PAR) stock closed at $37.19 per share. One-month return of PAR Technology Corporation (NYSE:PAR) was 9.58%, and its shares lost 10.56% of their value over the last 52 weeks. PAR Technology Corporation (NYSE:PAR) has a market capitalization of $1.028 billion.
Greenhaven Road Capital made the following comment about PAR Technology Corporation (NYSE:PAR) in its second quarter 2023 investor letter:
“PAR Technology Corporation (NYSE:PAR) – This is another company that has undoubtedly gotten better and stronger with the course of time, but little has been reflected in the share price (yet). With each day, we are one day closer to launching their Menu product in the U.S. and their table service point-of-sale (POS), both representing very large opportunities for the company. It is increasingly likely that the company completes another accretive acquisition and divests their defense business, creating a pure play software company. We are also one day closer to the company achieving profitability, which should happen by the end of 2023 or beginning of 2024. A more speculative prognostication is that the company may win a large chain restaurant like Burger King, which has historically developed and maintained their own POS. Were that to happen, Burger King would imply 50% growth in the POS store base. PAR has a dynamic team. If the multiple stops compressing, we should do quite well as their core software business should grow 25% per year for the foreseeable future.”
PAR Technology Corporation (NYSE:PAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held PAR Technology Corporation (NYSE:PAR) at the end of first quarter which was 20 in the previous quarter.
We discussed PAR Technology Corporation (NYSE:PAR) in another article and shared Greenhaven Road Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 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.
