Greenhaven Road Capital, an investment management company, released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The Fund returned approximately +15% in the third quarter, bringing year-to-date returns to approximately +12% net. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Greenhaven Road Capital highlighted stocks like PAR Technology Corporation (NYSE:PAR) in the third quarter 2024 investor letter. PAR Technology Corporation (NYSE:PAR) offers omnichannel cloud-based hardware and software solutions to the restaurant and retail industries. The one-month return of PAR Technology Corporation (NYSE:PAR) was 21.72%, and its shares gained 107.00% of their value over the last 52 weeks. On November 13, 2024, PAR Technology Corporation (NYSE:PAR) stock closed at $74.29 per share with a market capitalization of $2.694 billion.
Greenhaven Road Capital stated the following regarding PAR Technology Corporation (NYSE:PAR) in its Q3 2024 investor letter:
“PAR Technology Corporation (NYSE:PAR) – We have owned restaurant technology provider PAR for approximately five years and began buying when the share price was in the $20s. Major accomplishments over the past five years include: 1) Improving the POS (point-of-sale) code base to improve stability, which laid the foundation for growth. 2) Executing five acquisitions that expanded the addressable market, product lines, and provided scale 3) Winning Burger King and Wendy’s as customers. These Tier 1 wins have led to the biggest RFP pipeline in the company’s history. 4) Divestiture of government business to become more of a “pure play” enterprise software company. 5) Growing the ARR/Share from $1.04 to $5.30 (as of June 30, 2024) with line of sight to >$8. 6) Inflecting to profitability (while not yet reported, I think it happened in Q3 of this year). This is a vertical market software company with accelerating growth and inflecting to profitability. The markets are bigger, the products are better, the customers are larger, and team is deeper. The future is far brighter than when we invested 5 years ago.”
An engineer working in a tech lab, surrounded by tools and components.
PAR Technology Corporation (NYSE:PAR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held PAR Technology Corporation (NYSE:PAR) at the end of the second quarter which was 28 in the previous quarter. In the September quarter, PAR Technology Corporation (NYSE:PAR) reported $96.8 million in revenues, representing 41% year-over-year growth. While we acknowledge the potential of PAR Technology Corporation (NYSE:PAR) 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 PAR Technology Corporation (NYSE:PAR) and shared Choice Equities Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.