Richie Capital on PAR Technology (PAR): “We Believe there is Much More Ahead”

Richie Capital Group, an investment management firm, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here. A quarterly portfolio net return of 4.8% was recorded by the RCG Long Only strategy for the fourth quarter of 2021, while the RCG Long Short Fund gained 5.6%. The fund’s benchmarks, the Russell 3000 Index, the Equity Long-Short Index, and the S&P 500 Large Cap Index returned 2.3%, -0.2%, and 10.7% respectively for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Richie Capital Group, in its Q4 2021 investor letter, mentioned PAR Technology Corporation (NYSE: PAR) and discussed its stance on the firm. PAR Technology Corporation is a New Hartford, New York-based systems and service solutions provider with a $1.0 billion market capitalization. PAR delivered a -26.38% return since the beginning of the year, while its 12-month returns are down by -45.79%. The stock closed at $38.85 per share on March 03, 2022.

Here is what Richie Capital Group has to say about PAR Technology Corporation in its Q4 2021 investor letter:

“Par Technology (PAR – down 13.0%) – The restaurant Point of Sale (POS) software provider declined 13% during the quarter with seemingly few negative catalysts. Two Par subsidiaries (Government Systems and Rome Research) secured major government contracts ($15.2M and $490.4M) for the U.S. Navy and Air Force respectively. Additionally, PAR announced a new partnership with GoGoGuest to incorporate their AI and data driven customer intelligence systems into the Brink POS system. Par had a mixed earnings call reporting an increase in active subscribers along with ASP declines. However, their Annual Recurring Revenue increased over 100% and they recorded the highest number of Brink POS activations in PAR history including Jack in the Box and 13 other new customer logos. The company is also gaining traction with Par Pay. Par Technology is hitting on all cylinders, and we believe there is much more ahead.”

Photo by Danial Igdery on Unsplash

Our calculations show that PAR Technology Corporation (NYSE: PAR) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. PAR was in 23 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 23 funds in the previous quarter. PAR Technology Corporation (NYSE: PAR) delivered a -28.10% return in the past 3 months.

In February 2022, we also shared another hedge fund’s views on PAR 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.