Next Century Growth Investors, LLC, an investment Management Company, released its “Small Cap Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. The equities market in 2024 saw mixed results in the second quarter. Small-cap indices generally posted negative results, whereas large-cap indices posted favorable results. The strategy returned (3.32)% net of fees in the quarter, compared to a (2.91)% return for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
NCG Small Cap Strategy highlighted stocks like PAR Technology Corporation (NYSE:PAR) in the second 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 9.99%, and its shares gained 24.03% of their value over the last 52 weeks. On August 29, 2024, PAR Technology Corporation (NYSE:PAR) stock closed at $53.93 per share with a market capitalization of $1.957 billion.
NCG Small Cap Strategy stated the following regarding PAR Technology Corporation (NYSE:PAR) in its Q2 2024 investor letter:
“PAR Technology Corporation (NYSE:PAR) is a software company with a modern platform for enterprise restaurant chains, with offerings for point-of-sale, online ordering, loyalty, and back-office operations, among others. A potential software upgrade cycle is underway in the industry as restaurants feel pressured to upgrade their systems to evolve with consumer preferences and increase operating efficiencies, and PAR is well-positioned to benefit with their modern platform competing against legacy on-premise solutions.”
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 June quarter, PAR Technology Corporation (NYSE:PAR) reported $78.2 million in revenues, representing 12% 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 Fund’s views on the company. 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.
