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 Cellebrite DI Ltd. (NASDAQ:CLBT) in the second quarter 2023 investor letter. Headquartered in Petah Tikva, Israel, Cellebrite DI Ltd. (NASDAQ:CLBT) is a software company that develops solutions for legally sanctioned investigations. On August 11, 2023, Cellebrite DI Ltd. (NASDAQ:CLBT) stock closed at $7.70 per share. One-month return of Cellebrite DI Ltd. (NASDAQ:CLBT) was 10.32%, and its shares gained 44.19% of their value over the last 52 weeks. Cellebrite DI Ltd. (NASDAQ:CLBT) has a market capitalization of $1.499 billion.
Greenhaven Road Capital made the following comment about Cellebrite DI Ltd. (NASDAQ:CLBT) in its second quarter 2023 investor letter:
“Cellebrite DI Ltd. (NASDAQ:CLBT) – Cellebrite develops technology to assist law enforcement in extracting data from cellphones. They also have products to review and analyze the data and document the chain of evidence. Digital evidence is only becoming more important in investigations and is generally impossible to access without tools from companies like Cellebrite. The company has a strong product pipeline that should drive cross-sells and upsells. Another industry participant just raised prices by 40%, which presumably provides a pricing umbrella under which Cellebrite can raise its own prices over the next year. Additionally, a private-equity- firm (Thoma Bravo) bought out Magnet Forensics, their much smaller competitor, for $1.3B at 10X 2023 revenues. CLBT currently trades at approximately 4X revenues, so multiple expansion is a real possibility. With each passing day, the stigma of being a SPAC reduces and the strength of the business shines through. I see a clear path to growing revenues by 20% and profits even faster.”
Cellebrite DI Ltd. (NASDAQ:CLBT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Cellebrite DI Ltd. (NASDAQ:CLBT) at the end of first quarter which was 17 in the previous quarter.
We discussed Cellebrite DI Ltd. (NASDAQ:CLBT) 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.
Suggested Articles:
- 15 States With The Lowest College Tuition and Fees
- 15 Highest Paying Countries for Dentists
- 10 Best Fast Growing Penny Stocks to Buy Now
Disclosure: None. This article is originally published at Insider Monkey.
