Kingdom Capital Advisor: “Polished.com (POL)’s Stock Price is Floundering Despite Strong Execution”

Investment management company Kingdom Capital Advisor released its second quarter, 2022 investor letter recently. A copy of the same can be downloaded here. At the end of the second quarter, the fund returned -11.32% net of fees compared to -16% for the S&P Index and -17% for the Russell Index. Year-to-date, the fund returned 16.9% net of fees. Kingdom Capital is always focused on identifying the opportunities in undervalued small-cap stocks. For more information on the fund’s top picks in 2022, please check its top five holdings.

Kingdom Capital Advisor mentioned Polished.com Inc. (NYSE:POL)  in the letter and discussed its views about the company. In July 2022, 1847 Goedeker Inc. rebranded under its new name Polished and got the new ticker “POL.” Headquartered in Brooklyn, New York, Polished.com Inc. (NYSE:POL) is a US-based e-commerce platform and has a market capitalization of $103.263 million. Polished.com Inc. (NYSE:POL) stock closed at $0.9700 per share on August 16, 2022. One-month return of Polished.com Inc. (NYSE:POL) was -20.49%, while its shares lost 60.41% of their value over the last 52 weeks.

Here’s what Kingdom Capital Advisor specifically said about Polished.com Inc. (NYSE:POL)  in its Q2 2022 investor letter:

“Polished.com Inc. (NYSE:POL): A position we substantially increased during the second quarter was GOED warrants – the right to buy shares of Goedeker’s at $2.25, expiring mid-2026. We recently published an article on Seeking Alpha highlighting the company’s floundering stock price despite strong execution. Many investors are concerned about cyclical businesses in a recession, but data shows demand for appliances remains steadier than other consumer durable categories. We believe the stock should be trading multiples higher and expect coming quarters will help alleviate investor concerns and shore up the shareholder base. Investing in warrants provides additional “torque” if/when the stock price re-rates higher.”

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Polished.com Inc. (NYSE:POL) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Polished.com Inc. (NYSE:POL) was held by 11 hedge fund portfolios at the end of the first quarter, and 15 in the previous quarter.

We discussed Polished.com Inc. (NYSE:POL) in another article and shared Artko Capital’s views on the company. For more investor letters from hedge funds and other prominent investors, you can check our hedge fund investor letters Q2 2022 page.

Disclosure: None. This article is originally published at Insider Monkey.