In this article, we discuss the top 5 stock picks of Eli Cohen’s Crescent Park Management. If you want to read our detailed analysis of Cohen’s history, investment philosophy, and hedge fund performance, go directly to Top 10 Stock Picks of Eli Cohen’s Crescent Park Management.
5. Accel Entertainment, Inc. (NYSE:ACEL)
Crescent Park Management’s Stake Value: $37,290,000
Percentage of Crescent Park Management’s 13F Portfolio: 6.06%
Number of Hedge Fund Holders: 19
Accel Entertainment, Inc. (NYSE:ACEL) is an American distributed gaming operator with multiple subsidiaries. Among the hedge funds being tracked by Insider Monkey, Darlington Partners Capital is a leading shareholder of Accel Entertainment, Inc. (NYSE:ACEL), with 6.77 million shares worth $88.15 million. Overall, 19 hedge funds had a stake in Accel Entertainment, Inc. (NYSE:ACEL) as of Q4 2021. The total value of their holdings was $283.75 million.
On May 4, Accel Entertainment, Inc. (NYSE:ACEL) posted financial results for the March 2022 quarter. Accel Entertainment, Inc. (NYSE:ACEL) reported earnings per share of $0.17, beating analysts’ estimates by $0.02. Revenue for the period came in at $196.9 million, missing market consensus by $0.9 million.
Eli Cohen’s hedge fund held 2.86 million Accel Entertainment, Inc. (NYSE:ACEL) shares in the fourth quarter of 2021, worth $37.29 million, representing 6.06% of the total 13F portfolio. The hedge fund sold 727,533 shares of Accel Entertainment, Inc. (NYSE:ACEL) in the fourth quarter of 2021.
In its fourth-quarter 2021 investor letter, Clark Street Value mentioned Accel Entertainment, Inc. (NYSE:ACEL). Here is what the fund said:
“Accel Entertainment (ACEL) is the best part of regional casinos, the slot machines without the worst part, all the capex and lease payments. Their acquisition of Century Gaming unfortunately didn’t close this year, to me it sounded like a management misstep or unfamiliarity with cross state border acquisitions. But ACEL announced a big buyback ($200MM on a $1.2B market cap), it trades at roughly 8x EBITDA proforma for the acquisition, wage inflation should put more discretionary dollars in their client’s pockets, a few more states are talking about legalizing VGTs, the shares seem pretty cheap to me.”
4. Intercontinental Exchange, Inc. (NYSE:ICE)
Crescent Park Management’s Stake Value: $44,839,000
Percentage of Crescent Park Management’s 13F Portfolio: 7.29%
Number of Hedge Fund Holders: 56
Intercontinental Exchange, Inc. (NYSE:ICE) provides market infrastructure, data services, and technological solutions. Exchanges, Fixed Income and Data Services, and Mortgage Technology are its three segments. Crescent Park Management held 327,846 shares of Intercontinental Exchange, Inc. (NYSE:ICE) in Q4 2021, amounting to $44.84 million, representing 7.29% of its total holdings.
Intercontinental Exchange, Inc. (NYSE:ICE) featured in the portfolios of 56 hedge funds during the fourth quarter of 2021, with total stakes valued at $3.75 billion. This shows a positive sentiment from the previous quarter, where 48 hedge funds owned stakes worth almost $2.83 billion in Intercontinental Exchange, Inc. (NYSE:ICE).
In the first quarter earnings published on May 5 by Intercontinental Exchange, Inc. (NYSE:ICE), the EPS totaled $1.43, beating estimates by $0.01. The $1.9 billion revenue jumped 5.6% year-over-year, in line with estimates.
On May 6, Deutsche Bank analyst Brian Bedell reiterated a Buy recommendation on Intercontinental Exchange, Inc. (NYSE:ICE) but lowered his price target on the shares to $143 from $161. According to the analyst, Black Knight, Inc. (NYSE:BKI) transaction is a game changer for ICE’s growth. On the ICE standalone business, he cut profit projections marginally and believed the value would be restricted until more confidence about the merger completion emerges.
In its Q2 2021 investor letter, Oakmark Funds mentioned Intercontinental Exchange, Inc. (NYSE:ICE). Here is what the fund said:
“Intercontinental Exchange is one of the largest and, in our view, most successful financial exchange operators in the world. The company was created through a series of shrewd acquisitions executed by their founder and CEO Jeff Sprecher. Sprecher is one of the more capable CEOs we’ve evaluated, having demonstrated a long history of astute capital allocation and a willingness to act and adapt rapidly to new opportunities and competitive threats. Today, Intercontinental Exchange competes in three primary business segments: exchanges, fixed income/data services and mortgage technology. We believe each of these businesses exhibits attractive economic characteristics and that each should grow earnings well in excess of GDP over the long term. Despite this favorable long-term outlook, the company currently trades at a P/E ratio that is roughly in line with the S&P 500. We believe a business with Intercontinental Exchange’s strong competitive position, excellent management team and attractive growth outlook deserves to trade well above a market multiple. We like buying great businesses at average prices and believe Intercontinental Exchange represents a compelling opportunity to do just that.”
3. GoDaddy Inc. (NYSE:GDDY)
Crescent Park Management’s Stake Value: $48,736,000
Percentage of Crescent Park Management’s 13F Portfolio: 7.93%
Number of Hedge Fund Holders: 41
GoDaddy Inc. (NYSE:GDDY) is a company that offers domain registration and web hosting services. It offers website creation, hosting, and security services. Securities filings for Q4 2021 reveal that Eli Cohen’s Crescent Park Management owns 574,311 shares of GoDaddy Inc. (NYSE:GDDY), worth $48.74 million, representing 7.93% of the total 13F portfolio. Eli Cohen purchased GoDaddy Inc. (NYSE:GDDY) shares in the second quarter of 2015.
On May 5, Benchmark analyst Mark Zgutowicz raised his price target on GoDaddy Inc. (NYSE:GDDY) from $102 to $106 and maintained a Buy rating after the company reported satisfactory Q1 revenue growth and year-over-year GMV growth of 20%, which he described as significant progress. On May 4, GoDaddy Inc. (NYSE:GDDY) posted earnings for the first quarter of 2022. The revenue over the period was $1 billion, up 11.0% Y/Y, above market estimates by $10.8 million.
Investors were bullish on GoDaddy Inc. (NYSE:GDDY) in the fourth quarter of 2021, as 41 hedge funds held stakes worth $2.86 billion in the company. This is an increase from the previous quarter, when 37 hedge funds owned shares of GoDaddy Inc. (NYSE:GDDY).
In its Q3 2021 investor letter, Canterbury Tollgate mentioned GoDaddy Inc. (NYSE:GDDY). Here is what the fund has to say:
“GoDaddy (GDDY) in particular sold off after reporting quarterly earnings in early August. Yet they are still growing the top line by more than 10 percent per annum. Short term pain creates opportunity. Presently GDDY trades at a greater than 5.5 percent trailing FCF yield, and a 7.2 percent 2021 yield based on my own (lower than consensus) estimation. Deferred revenue continues to improve. CEO Aman Bhutani and team have done an excellent job rebranding the company. I’m confident they will continue to address challenges along the way and keep GoDaddy on the right path.”
2. Starz Acquisition LLC (NASDAQ:STRZA)
Crescent Park Management’s Stake Value: $51,715,000
Percentage of Crescent Park Management’s 13F Portfolio: 8.41%
Number of Hedge Fund Holders: 16
In November 2021, Lions Gate Entertainment Corp. (NYSE:LGF-A) purchased Starz Acquisition LLC (NASDAQ:STRZA), a media and entertainment firm, for $4.4 billion. This agreement will allow Lions Gate to expand its global distribution capabilities and boost its position in the high-end scripted television industry.
With 1.02 million shares valued at $51.72 million, Starz Acquisition LLC (NASDAQ:STRZA) is one of the top picks of Eli Cohen’s Crescent Park Management. The hedge fund has trimmed its stake in Starz Acquisition LLC (NASDAQ:STRZA) by 10% in the fourth quarter of 2021. At the end of Q1, Markel Gayner Asset Management was the leading shareholder of Starz Acquisition LLC (NASDAQ:STRZA), holding 522,000 shares, worth $23.87 million.
1. Liberty Broadband Corporation (NASDAQ:LBRDA)
Crescent Park Management’s Stake Value: $54,880,000
Percentage of Crescent Park Management’s 13F Portfolio: 8.93%
Number of Hedge Fund Holders: 22
Liberty Broadband Corporation (NASDAQ:LBRDA) is a holding company that is involved in the cable, broadband, and mobile location technology industries. Liberty Broadband Corporation (NASDAQ:LBRDA) reported quarterly results for Q1 2022 on May 6, with earnings per share of $1.77, beating consensus estimates by $0.28.
On March 10, Benchmark analyst Matthew Harrigan cut his price target on Liberty Broadband Corporation (NASDAQ:LBRDA) from $242 to $222 but maintained a Buy rating, citing stock market conditions affecting the GCI Alaska evaluation and assuming the current 18% NAV discount. Eli Cohen via Crescent Park Management, held 340,660 shares of Liberty Broadband Corporation (NASDAQ:LBRDA) at the end of December 2021, worth $54.88 million, representing 8.93% of the total 13F securities.
Hedge fund opinion has recently shifted against Liberty Broadband Corporation (NASDAQ:LBRDA). The number of long hedge fund positions declined to 22 at the end of the fourth quarter of 2021, compared to 24 positions in the previous quarter.
Alphyn Capital Management, an investment management firm, in its first-quarter 2022 investor letter, mentioned Liberty Broadband Corporation (NASDAQ:LBRDA). Here is what the fund said:
“We part-financed the additions to Amazon and Wayfair by trimming some Liberty Broadband. Liberty Broadband is a HoldCo and tracking stock whose primary holding is Charter Communications. Charter benefits from its extensive network of cable assets that can provide higher bandwidth internet at better prices than offerings from traditional telecom and satellite carriers. Moreover, with excellent management and capital stewardship, Charter has increased its high-margin broadband subscriber base despite losing some video subscribers to “cord-cutting… (Click here to read the full text).”
You can also take a peek at 10 Stocks to Invest In Now According to Viraj Mehta’s Arctis Global and 10 Stock Picks of Rishi Bajaj’s Altai Capital.
