Middle Coast Investing, an investment advisor firm, released its third-quarter investor letter. A copy of the letter can be downloaded here. It was a frustrating quarter for the firm. The portfolio appreciated in the quarter but lagged the main indices and closer benchmarks. The portfolio’s price to earnings for the trailing 12 months (TTM) was 19.7. Cash and equivalents accounted for 17.1% of the portfolio at the end of the quarter, with an estimated average yield of 3%. This compares to 13.4% of the portfolio and a 3.9% yield at the end of Q2. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Middle Coast Investing highlighted stocks like Eventbrite, Inc. (NYSE:EB) in the third quarter 2024 investor letter. Eventbrite, Inc. (NYSE:EB) is a two-sided marketplace operator that provides self-service ticketing and marketing tools for event creators. The one-month return of Eventbrite, Inc. (NYSE:EB) was -11.40%, and its shares lost 70.88% of their value over the last 52 weeks. On October 7, 2024, Eventbrite, Inc. (NYSE:EB) stock closed at $2.70 per share with a market capitalization of $268.186 million.
Middle Coast Investing stated the following regarding Eventbrite, Inc. (NYSE:EB) in its Q3 2024 investor letter:
“A last transitioning company that I gave up on and sold out of is Eventbrite, Inc. (NYSE:EB). The company has been switching to a ‘marketplace’ model, where it charges event hosts more in return for, in theory, generating more business for them. EventBrite lowered guidance pretty drastically in Q2, and underlying that is that EventBrite’s product/ecosystem isn’t strong enough to keep customers at higher costs. I missed this, thinking because it was the biggest in its space it would be the best. Eventbrite has proven replaceable.”
A software engineer working on web development for an e-commerce enablement project.
Eventbrite, Inc. (NYSE:EB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Eventbrite, Inc. (NYSE:EB) at the end of the second quarter which was 24 in the previous quarter. While we acknowledge the potential of Eventbrite, Inc. (NYSE:EB) 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 Eventbrite, Inc. (NYSE:EB) and shared the list of best-emerging tech stocks to buy. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.