Here’s What Happened to Galaxy Gaming (GLXZ) Company

Investment management company River Oak Capital recently released its second-half 2023 investor letter. A copy of the same can be downloaded here. In 2023, the fund returned 8.3% compared to 26.3% for the S&P 500, 16.9% for the Russell 2000, and 9.3% for the Russell Microcap Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

River Oak Capital featured stocks such as Galaxy Gaming, Inc. (OTC:GLXZ) in the fourth quarter 2023 investor letter. Headquartered in Las Vegas, Nevada, Galaxy Gaming, Inc. (OTC:GLXZ) is a gaming company. On February 16, 2024, Galaxy Gaming, Inc. (OTC:GLXZ) stock closed at $1.74 per share. One-month return of Galaxy Gaming, Inc. (OTC:GLXZ) was -4.42%, and its shares lost 37.09% of their value over the last 52 weeks. Galaxy Gaming, Inc. (OTC:GLXZ) has a market capitalization of $42.872 million.

River Oak Capital stated the following regarding Galaxy Gaming, Inc. (OTC:GLXZ) in its fourth quarter 2023 investor letter:

Galaxy Gaming, Inc. (OTC:GLXZ) licenses proprietary tables games to casinos – most notably ‘21+3.’ It is our ninth largest position in the fund and now has a market cap of $45m.

Since our fund started in 2020, Galaxy Gaming has been the most disappointing investment I have made thus far as their team continues to get in the way of a wonderful business by making short-term minded, often nonsensical decisions.

This problem started long before we were investors in the company. But once former CEO Todd Cravens took over for Galaxy Gaming’s founder – who had to step away from the company in 2018 due to nefarious business activities that almost caused Galaxy Gaming to lose their gambling license – I thought the company’s problematic days were finally behind them…”(Click here to read the full text)

An interior shot of a gaming operators facility, gaming machines reflecting the lights.

Galaxy Gaming, Inc. (OTC:GLXZ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. In addition, please check out our hedge fund investor letters Q4 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.