In this article, we discuss 5 new stock picks of Peter Avellone’s Cartenna Capital as of the third quarter of 2021 and evaluate their performance over the past year. To see more stocks, go to Was Peter Avellone’s Cartenna Capital Right About These 10 Stocks?
5. Coursera, Inc. (NYSE:COUR)
Cartenna Capital’s Stake Value: $11,457,000
Stock performance over the past 12 months as of November 24: -54%
Coursera, Inc. (NYSE:COUR) is an American provider of online courses, certifications, and degrees from over 150 universities. Avellone, via Cartenna Capital, purchased an $11.45 million stake in Coursera, Inc. (NYSE:COUR) during the third quarter of 2021, which represents 4.23% of the fund’s 13F securities.
Needham analyst Ryan MacDonald lowered the price target on Coursera, Inc. (NYSE:COUR) to $45 from $56 but kept a Buy rating on the shares on November 3.
Of the 25 hedge funds that were bullish on Coursera, Inc. (NYSE:COUR) during Q3 2021, Shannon River Fund Management is the largest company stakeholder, with a $38 million position.
Here is what ClearBridge SMID Cap Growth Strategy has to say about Coursera, Inc. (NYSE:COUR) in its Q3 2021 investor letter:
“We also added two positions in the IPO aftermarket, (one is) online education portal Coursera. Coursera, which makes academic courses from some of the world’s leading universities available through its platform and offers online degree programs, saw its shares trade lower following its March IPO but has seen significant uptake for its services since the onset of COVID.”
4. Lithia Motors, Inc. (NYSE:LAD)
Cartenna Capital’s Stake Value: $11,905,000
Stock performance over the past 12 months as of November 24: -21%
Lithia Motors, Inc. (NYSE:LAD), one of the leading American automobile retailers, is one of the newest additions to Cartenna Capital’s Q3 portfolio, with the hedge fund buying 37,550 Lithia Motors, Inc. (NYSE:LAD) shares, worth $11.9 million, representing 4.40% of the total 13F securities.
Morgan Stanley analyst Adam Jonas on November 17 lowered the price target on Lithia Motors, Inc. (NYSE:LAD) to $303 from $335 and kept an Underweight rating on the shares as he made significant changes to his dealer forecasts and ratings following Q3 results from the group. The analyst does not rate any U.S. franchise dealers as Overweight at this time.
3. Coca-Cola Europacific Partners PLC (NASDAQ:CCEP)
Cartenna Capital’s Stake Value: $14,099,000
Stock performance over the past 12 months as of November 24: +0.38%
Cartenna Capital purchased 255,000 Coca-Cola Europacific Partners PLC (NASDAQ:CCEP) shares in the third quarter, worth over $14 million, representing 5.21% of the firm’s total Q3 investments.
Credit Suisse analyst Sanjeet Aujla on January 6 raised the price target on Coca-Cola Europacific Partners PLC (NASDAQ:CCEP) to €61 from €59 and kept an Outperform rating on the shares.
2. Autodesk, Inc. (NASDAQ:ADSK)
Cartenna Capital’s Stake Value: $15,684,000
Stock performance over the past 12 months as of November 24: -23%
Autodesk, Inc. (NASDAQ:ADSK) is a California-based multinational software company, offering software solutions for multiple industries including architecture, engineering, construction, manufacturing, media, education, and entertainment. Cartenna Capital, as of Q3 2021, purchased 55,000 Autodesk, Inc. (NASDAQ:ADSK) shares, worth $15.6 million, representing 5.80% of the fund’s total investments.
Deutsche Bank analyst Johannes Schaller lowered the price target on Autodesk, Inc. (NASDAQ:ADSK) to $330 from $370 and kept a Buy rating on the shares on November 29, citing solid Q3 results.
1. Canadian National Railway Company (NYSE:CNI)
Cartenna Capital’s Stake Value: $21,395,000
Stock performance over the past 12 months as of November 24: -3.5%
Canadian National Railway Company (NYSE:CNI) is the largest holding in Peter Avellone’s Q3 portfolio, with his hedge fund buying 185,000 shares of the company, worth $21.3 million, representing 7.91% of the total 13F securities.
Stephens analyst Justin Long raised the firm’s price target on Canadian National Railway Company (NYSE:CNI) to $132 from $126 and kept an Equal Weight rating on the shares on January 4. Moving into 2022, the analyst thinks the focus for rail group investors could shift more towards the industry’s ability to improve service metrics and drive better volume growth.
You can also take a look at 10 Dividend Stocks to Buy According to Billionaire Jim Simons’ Hedge Fund and Top 10 Stock Picks of Barry Rosenstein’s JANA Partners.
