In this article, we discuss the top 5 stock picks of Andrew Wiener’s Samjo Capital. If you want to read our detailed analysis of Wiener’s history, investment philosophy, and hedge fund performance, go directly to Top 10 Stock Picks of Andrew Wiener’s Samjo Capital.
5. Thryv Holdings, Inc. (NASDAQ:THRY)
Samjo Capital’s Stake Value: $8,492,000
Percentage of Samjo Capital’s Portfolio: 7.26%
Number of Hedge Fund Holders: 20
Thryv Holdings, Inc. (NASDAQ:THRY) works with small and medium-sized enterprises to provide digital marketing solutions and cloud-based technologies. Overall, hedge funds are loading up on Thryv Holdings, Inc. (NASDAQ:THRY), as 20 out of the 912 funds tracked by Insider Monkey held stakes in the company, up from 13 funds a quarter earlier.
Samjo Capital started building its position in Thryv Holdings, Inc. (NASDAQ:THRY) in the fourth quarter of 2020. The hedge fund elevated its position in Thryv Holdings, Inc. (NASDAQ:THRY) by 29% in Q1 2022, holding 302,000 shares worth over $8.49 million. The stock accounted for 7.26% of the fund’s total 13F portfolio.
In its Q1 2022 investor letter, Laughing Water Capital mentioned Thryv Holdings, Inc. (NASDAQ:THRY) and discussed its stance on the firm. Here is what the fund said:
“Thryv Inc (THRY) – Thryv, our company that has been using their declining Yellow Pages business as a base from which to build a cloud-based software product that allows small and medium businesses to greatly improve efficiency, traded down by about 30% in the first quarter. Subsequent to quarter end the company hosted an investor day where for the first time they presented their vision of the future. In brief, they laid out a plan to more than 5x SaaS revenues by 2027, and then 4x revenues again by 2032.
I am of course skeptical of this level of growth, but the trend of small businesses digitizing their operations is undeniably in very early days, providing an attractive playing field. Further, the management team here has an excellent track record of past success. CEO Joe Walsh and his team have been together for more than 20 years, and in that period they built one company from $20M in revenue to $2B in revenue, and led another company through a SaaS transformation that saw the share price go up 20x. Today’s undemanding valuation means that Thryv can fall well short of their goals (and management’s past success) and we should still be handsomely rewarded. If they are able to execute in-line with their expectations, the investment will be a grand slam. Importantly, they have already proven that this business can generate cash; if growth disappoints they can simply de-emphasize growth spending and focus on cash flow…” (Click here to see the full text)
4. Iteris, Inc. (NASDAQ:ITI)
Samjo Capital’s Stake Value: $8,702,000
Percentage of Samjo Capital’s Portfolio: 7.44%
Number of Hedge Fund Holders: 11
Iteris, Inc. (NASDAQ:ITI) is a company that specializes in intelligent mobility infrastructure management. By the end of the first quarter, Insider Monkey found Iteris, Inc. (NASDAQ:ITI) to be a part of 11 hedge fund portfolios. The total stakes these funds had in the company are worth $14.87 million, down from $17.43 million the prior quarter with 14 positions.
Samjo Capital is the leading shareholder of Iteris, Inc. (NASDAQ:ITI) in the first quarter of 2022, with 2.92 million shares of Iteris, Inc. (NASDAQ:ITI), worth over $8.70 million. Next on the list is Royce & Associates, which owns 844,474 shares of the company, worth $2.52 million.
B. Riley analyst Jeff Van Sinderen reiterated a Buy rating on Iteris, Inc. (NASDAQ:ITI) but cut his price target from $6 to $5 on June 2. The analyst lowered his projections to reflect supply chain-related margin pressure and delays.
Laughing Water Capital, an investment management firm, in its first quarter 2021 investor letter, mentioned Iteris, Inc. (NASDAQ:ITI). Here is what the fund said:
“Iteris Inc (ITI) – In early March, Iteris, our intelligent traffic management business, received a takeover proposal that valued the stock between $8.15 and $8.50 per share. The board rejected this proposal and elected to run a formal sale process which is ongoing. Shares remain ~25% below the rejected bid.
For several years I have written in these letters that I believed Iteris has enormous strategic value, and would ultimately be sold to a larger player. This view has been informed by conversations with industry experts, as well as comparable transaction analysis that has seen reasonably similar companies trade hands at more than 4x revenue and high teens EBITDA multiples, while subscale Iteris has lingered at less than 2x revenue and an EBITDA multiple that is essentially meaningless as Iteris has been unable to get leverage on their corporate level costs .…” (Click here to see the full text)
3. RumbleON, Inc. (NASDAQ:RMBL)
Samjo Capital’s Stake Value: $10,468,000
Percentage of Samjo Capital’s Portfolio: 8.95%
Number of Hedge Fund Holders: 13
RumbleON, Inc. (NASDAQ:RMBL) is a company that provides e-commerce and dealer platforms for automobiles. Steven Ng and Andrew Mitchell’s Ophir Asset Management held a notable stake in RumbleON, Inc. (NASDAQ:RMBL) at the conclusion of the first quarter of 2022, worth $33.76 million.
13 out of the 912 hedge funds held stakes in RumbleON, Inc. (NASDAQ:RMBL) in the first quarter of 2022, valued at $91.36 million, compared to the same number of funds in the preceding quarter holding stakes in RumbleON, Inc. (NASDAQ:RMBL) equaling $111.50 million.
RumbleON, Inc. (NASDAQ:RMBL) has featured on Samjo Capital’s portfolio since the fourth quarter of 2021. The hedge fund inched up its position in RumbleON, Inc. (NASDAQ:RMBL) to 306,000 shares held at the end of the first quarter of 2022.
B. Riley analyst Eric Wold maintained a Buy recommendation on RumbleON, Inc. (NASDAQ:RMBL) and lowered his price objective to $53 from $70 on May 11. Although the company’s Q1 sales and adjusted EBITDA surpassed expectations, he lowered the goal since peer group multiples were lower.
2. Aspen Aerogels, Inc. (NYSE:ASPN)
Samjo Capital’s Stake Value: $11,896,000
Percentage of Samjo Capital’s Portfolio: 10.17%
Number of Hedge Fund Holders: 17
Aspen Aerogels, Inc. (NYSE:ASPN) develops, manufactures, and sells aerogel insulation solutions for use in the energy grid and construction materials sectors. Driehaus Capital is Aspen Aerogels, Inc. (NYSE:ASPN)’s largest shareholder, with shares worth $46.57 million.
In the first quarter, hedge fund sentiment decreased for Aspen Aerogels, Inc. (NYSE:ASPN). Insider Monkey’s data shows that 17 elite hedge funds held stakes in the company at the end of the first quarter, down from 24 funds a quarter earlier.
After the company improved its sales prediction for 2022 owing to strong demand for its thermal barriers sector, B. Riley analyst Christopher Souther maintained a Buy rating on Aspen Aerogels, Inc. (NYSE:ASPN) and a price target of $44 on May 7.
Samjo Capital strengthened its position in Aspen Aerogels, Inc. (NYSE:ASPN) by buying 15,000 additional shares. This makes its stake in Aspen Aerogels, Inc. (NYSE:ASPN) total 345,000 shares valued at $11.90 million. The stock accounted for 10.17% of the fund’s total 13F portfolio.
1. PDF Solutions, Inc. (NASDAQ:PDFS)
Samjo Capital’s Stake Value: $34,628,000
Percentage of Samjo Capital’s Portfolio: 29.61%
Number of Hedge Fund Holders: 14
PDF Solutions, Inc. (NASDAQ:PDFS) provides an end-to-end analytics platform that enables engineers and data scientists across the semiconductor ecosystem and data analytics for process optimization and yield improvement. The shares of PDF Solutions, Inc. (NASDAQ:PDFS) have shown an impressive performance over the last 12 months, gaining 27.89% in value as of June 12.
On May 12, PDF Solutions, Inc. (NASDAQ:PDFS) published earnings for the first quarter, announcing earnings per share of $0.09, above the analysts’ forecast by $0.03. In addition, the $33.5 million revenue for the period was up 38.4% year-over-year, exceeding estimates by $1.9 million.
In the first quarter, Samjo Capital sold 72,500 shares of PDF Solutions, Inc. (NASDAQ:PDFS), reducing its remaining stake by about 6%. At the end of the quarter, the hedge fund still held more than 1.24 million shares of PDF Solutions, Inc. (NASDAQ:PDFS), worth about $34.63 million.
At the end of the first quarter of 2022, 14 hedge funds in the database of Insider Monkey held stakes worth $87.51 million in PDF Solutions, Inc. (NASDAQ:PDFS), down from 15 the preceding quarter worth $117.53 million.
You can also take a peek at Top 10 Stock Picks of Frank Fu’s CaaS Capital and Top 10 Stock Picks of David Halpert’s Prince Street Capital Management
