180 Degree Capital Corp., an investment management firm, recently released its second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter letter, the firm focused on how it employs constructive activism to drive value creation in what the firm holds and the investing universe. The identification of catalysts that the firm believes can lead to a material increase in value is a prerequisite for all constructive activism efforts. For more information on the fund’s top picks in 2024, please check its top five holdings.
180 Degree Capital Corp highlighted stocks like ComScore, Inc. (NASDAQ:SCOR), in the second quarter 2024 investor letter. ComScore, Inc. (NASDAQ:SCOR) is an information and analytics company. The one-month return of ComScore, Inc. (NASDAQ:SCOR) was -4.54%, and its shares lost 42.62% of their value over the last 52 weeks. On September 5, 2024, ComScore, Inc. (NASDAQ:SCOR) stock closed at $7.15 per share with a market capitalization of $34.961 million.
180 Degree Capital Corp stated the following regarding ComScore, Inc. (NASDAQ:SCOR) in its Q2 2024 investor letter:
“We join boards when we believe our skillsets can add value and are complementary to those of current board members. There are times where our skillsets are not the ones that we believe are required to drive value creation. In those situations, we work with management teams and boards to find strong individuals with such skillsets. We recently worked with ComScore, Inc. (NASDAQ:SCOR), to add Matt McLaughlin to its board. Matt was Chief Operating Officer at DoubleVerify Holdings, Inc. He has forgotten more about the adtech industry than we will ever know. He also brings an intensity for driving to and achieving catalysts that we believe has been completely lacking on SCOR’s board. We believe we saw the first nuggets of his contribution through SCOR reaching agreement with its preferred stockholders to forgo payment in cash of the accrued dividends, which brings the dividend rate back down to 7.5%, removes the short-term liability from SCOR’s balance sheet, helps clarify any investor concern around the payment of such dividends in the near term, and allows SCOR to instead use the cash to fund development and growth. We look forward to Matt’s further contributions, that we believe can be a catalyst for significant value appreciation for all stakeholders of SCOR.”
A video engineer working with advanced technological tools to analyze data from various platforms.
ComScore, Inc. (NASDAQ:SCOR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 5 hedge fund portfolios held ComScore, Inc. (NASDAQ:SCOR) at the end of the second quarter which was 6 in the previous quarter. The second quarter revenue of ComScore, Inc. (NASDAQ:SCOR) was $85.8 million, down 8.4% from Q2 2023. While we acknowledge the potential of ComScore, Inc. (NASDAQ:SCOR) 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 ComScore, Inc. (NASDAQ:SCOR) and shared 180 Degree Capital Corp.’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.
