Greystone Capital Management, an investment management firm, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here. During the fourth quarter of 2021, returns for separate accounts managed by Greystone Capital ranged from +3.6% to -14.5%. The median account return was -10.8%, net of fees. The median account return for the full year 2021 was +39.4%, net of fees. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
Greystone Capital Management, in its Q4 2021 investor letter, mentioned 1847 Goedeker Inc. (NYSE: GOED) and discussed its stance on the firm. 1847 Goedeker Inc. is a Missouri-based online retail company with a $227.6 million market capitalization. GOED delivered a -10.83% return since the beginning of the year, while its 12-month returns are down by -81.86%. The stock closed at $2.14 per share on February 09, 2022.
Here is what Greystone Capital Management has to say about 1847 Goedeker Inc. in its Q4 2021 investor letter:
“Following a year that was marked by inflationary concerns, raw material price surges and supply chain issues, Goedeker achieved record results as a newly combined entity between Appliances Connection and legacy 1847 Goedeker. I say record year in terms of total revenues, revenue growth, margins and profitability. This is despite the company’s ‘fill rate’ (the percentage of order value that is completed and shipped as actual orders) touching historical lows and sitting 25% below its average. Despite the massive demand picture created by COVID, consumer access to stimulus funds and all things work from home, there remains significant industry tailwinds at Goedeker’s back, and offsetting any supply chain and inventory issues is the pricing power within appliances where during periods of strong demand, discounts can be eliminated. The combination of the appliance replacement and upgrade cycle, the current state of home building and mom and pop appliance retailers going out of business should continue to allow Goedeker to take share moving forward, especially as we see a larger percentage of appliance sales shift online. Goedeker’s scale, product offerings, logistical capabilities and SEO expertise puts them miles ahead of smaller mom and pop e-commerce operations and will provide significant revenue and margin opportunities moving forward. The current valuation remains head-scratching as none of the above is being reflected in today’s share price. Additional research can be found here.”
Our calculations show that 1847 Goedeker Inc. (NYSE: GOED) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. GOED was in 17 hedge fund portfolios at the end of the third quarter of 2021, compared to 17 funds in the previous quarter. 1847 Goedeker Inc. (NYSE: GOED) delivered a -19.85% return in the past 3 months.
In July 2021, we also shared another hedge fund’s views on GOED in another article. 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.
