Greenhaven Road 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, the Fund returned approximately 2%. In the short term, most share price fluctuations are due to changes in investor sentiment. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Greenhaven Road 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 3, 2024, PAR Technology Corporation (NYSE:PAR) stock closed at $44.69 per share. One-month return of PAR Technology Corporation (NYSE:PAR) was -0.07%, and its shares gained 51.65% of their value over the last 52 weeks. PAR Technology Corporation (NYSE:PAR) has a market capitalization of $1.519 billion.
Greenhaven Road Capital stated the following regarding PAR Technology Corporation (NYSE:PAR) in its first quarter 2024 investor letter:
“PAR Technology Corporation (NYSE:PAR) – Let’s start with the acknowledgement that anything with the word “technology” in the name is not 100% inevitable. With that said, PAR has several “ways to win” and I think the next five years will see a compelling transformation resulting in this caterpillar coming out of the cocoon and being valued like a butterfly. PAR’s core business is POS (point of sale) for chain restaurants, which has the benefit of being a very low churn business. Losing less than 5% of locations per year, PAR’s high retention rate means that new customers and new products can drive growth. They are not just spinning their wheels to refill a leaky bucket. Stable base + new customers + new products = Good Business
In the interest of space, I will not go through all of PAR’s tailwinds. I suggest you check out a write-up by Voss Capital (a fund we are invested in through the Partners Fund, our fund of funds), called “PAR’s Path to $80 Redux: Godot Finally Arrives” (link).
As discussed in our Q3 2023 letter (link), PAR has been growing their recurring revenue dramatically over the last five years through acquisitions and organic growth. The best way to measure their progress is on a per-share basis. Below is the chart from Q3…” (Click here to read the full text)
The chef of the Japanese restaurant preparing a meal at the counter.
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. Please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
We previously discussed PAR Technology Corporation (NYSE:PAR) in another article, where we shared Laughing Water Capital’s views on the company. Laughing Water Capital added PAR Technology Corporation (NYSE:PAR) to its portfolio due to strong growth prospects. Another investment manager, Choice Equities Capital Management, also expressed positive views on PAR Technology Corporation (NYSE:PAR) in their first quarter 2024 investor letter.
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Disclosure: None. This article is originally published at Insider Monkey.
