Voss Capital, LLC an investment management company, released its first-quarter 2024 investor letter. A copy of the letter can be downloaded here. Voss Capital’s funds, Voss Value Fund, LP, and the Voss Value Offshore Fund, Ltd returned +9.2% and +9.0% to investors net of fees and expenses respectively, in the first quarter compared to a +5.2% return for the Russell 2000 Index, 2.9% return for the Russell 2000 Value Index, and +10.6% return for the S&P 500 Index. The fund’s total gross exposure stood at 167.8% and the net long exposure was 92.9% at the end of the first quarter. The weight of the fund’s top 10 longs was 81.1% and the top 10 shorts was 24.2%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Voss Capital highlighted stocks like PAR Technology Corporation (NYSE:PAR) in the first quarter 2024 investor letter. PAR Technology Corporation (NYSE:PAR) offers omnichannel cloud-based hardware and software solutions to the restaurant and retail industries. PAR Technology Corporation’s (NYSE:PAR) one-month return was -0.62%, and its shares gained 27.41% of their value over the last 52 weeks. On May 31, 2024, PAR Technology Corporation (NYSE:PAR) stock closed at $44.62 per share with a market capitalization of $1.517 billion.
Voss Capital stated the following regarding PAR Technology Corporation (NYSE:PAR) in its first quarter 2024 investor letter:
“We have reentered PAR Technology Corporation (NYSE:PAR) in a major way, making it an ~8% position at cost, buying in at a discount to the market price in a recent PIPE that was done to fund two key TAM expanding acquisitions. The new management team spent the last few years building a comprehensive restaurant technology platform just in time for an explosion of enterprise level RFPs. The bull case laid out by us and other vocal investors over the last few years is finally coming into focus. We believe PAR is poised to emerge as one of a few winners in the global restaurant POS and software market and will be the primary winner in the very sticky, counter-cyclical enterprise market. The market especially loves tech stocks that go from unprofitable to profitable, which we believe PAR will demonstrate on a sustainable basis within the next two quarters. In addition to the inflection in profitability, we believe there are several tangible catalysts on the horizon, including a sale of their unrelated Government business (simplifying the company to a restaurant tech pureplay), announcements of new Tier 1 wins that will accelerate organic ARR growth, and an investor day this Fall. Our base case price target is $80 (~90% upside), using 5x our 2026 sales estimate, a conservative ~40% discount to the most directly relevant trading comp AGYS (which is valued at 8.5x 2026 consensus sales despite growing significantly more slowly than PAR).”
An engineer working in a tech lab, surrounded by tools and components.
PAR Technology Corporation (NYSE:PAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held PAR Technology Corporation (NYSE:PAR) at the end of the first quarter which was 19 in the previous quarter. Total revenues of PAR in the first quarter were $105.5 million, an increase of 5% compared to Q1 2023.
In another article, we discussed PAR Technology Corporation (NYSE:PAR) and shared the list of stocks that are on hedge funds’ radar. Greenhaven Road Capital commented about PAR Technology Corporation (NYSE:PAR) in its first quarter 2024 investor letter. In addition, please check out our hedge fund investor letters Q1 2024 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.
