Choice Equities Capital Management, a hedge fund manager, recently released its second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund lost -5.8% on a net basis bringing year-to-date gain to +7.5% compared to the Russell 2000’s -3.3% loss for the quarter and +1.7% gain for YTD. Since its inception in 2017, the fund has generated annualized gains of +13.5% versus +7.1% and +14.6% returns for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Choice Equities Fund highlighted stocks like PAR Technology Corporation (NYSE:PAR) in the second quarter 2024 investor letter. PAR Technology Corporation (NYSE:PAR) offers omnichannel cloud-based hardware and software solutions to the restaurant and retail industries. The one-month return of PAR Technology Corporation (NYSE:PAR) was 8.93%, and its shares gained 44.73% of their value over the last 52 weeks. On July 31, 2024, PAR Technology Corporation (NYSE:PAR) stock closed at $50.64 per share with a market capitalization of $1.721 billion.
Choice Equities Fund stated the following regarding PAR Technology Corporation (NYSE:PAR) in its Q2 2024 investor letter:
“PAR Technology Corporation (NYSE:PAR) – This month PAR completed its long-awaited transition to become a pure-play restaurant technology software provider. The sale of the government business was announced and finalized earlier this month, and just last week the company closed on the TASK acquisition. Recent corporate activity now positions the company as one singularly focused on excelling as a unified commerce solutions provider to restaurant chains. After continuously building out its platform of service offerings, the company now has a full product suite to sell to potential clients, and equally importantly, an international footprint which should enable further customer wins from here.”
An engineer working in a tech lab, surrounded by tools and components.
PAR Technology Corporation (NYSE:PAR) is not on our list of 31 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 Technology Corporation (NYSE:PAR) in the first quarter were $105.5 million, an increase of 5% compared to Q1 2023. While we acknowledge the potential of PAR Technology Corporation (NYSE:PAR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed PAR Technology Corporation (NYSE:PAR) and shared Voss Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
