Yahoo Finance Would You Consider Investing in Propel Media (PROM)?
Cedar Creek Partners, an investment management firm, released its third quarter 2023 investor letter, a copy of which can be downloaded here. Cedar Creek has achieved an average annual return of 14.5% over its 17-year history, considering fees and expenses. Since its inception, Cedar Creek has delivered cumulative returns of 1,006.6%, net of fees and expenses. As of the end of September 2023, the fund's holdings were trading at 6.2 times its earnings estimate for the upcoming year and 5.1 times expected earnings, factoring in cash at the respective businesses. Take a moment to review the fund's top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Cedar Creek Partners mentioned Propel Media, Inc. (OTC:PROM) and explained its insights for the company. Propel Media, Inc. (OTC:PROM) is an Irvine, California-based digital media and technology company with a $230 million market capitalization. Propel Media, Inc. (OTC:PROM) delivered a whopping 919,900% return since the beginning of the year, while its 12-month returns are up by 919,900%. The stock closed at $0.92 per share on November 2, 2023.
Here is what Cedar Creek Partners has to say about Propel Media, Inc. (OTC:PROM) in its Q3 2023 investor letter:
"Propel Media (PROM) – as we noted above was profiled in our Q2 letter and trades on the expert market. It rose in price from $0.23 per share to $1.10 per share during the quarter. The acquisition of Propel by IQVIA (IQV) is being held up at the FTC. Hearings are scheduled for December. We were pleasantly surprised in the quarter that Propel declared a dividend of $0.01376 per share. The dividend was nearly 6% of our purchase price, which was nice. What was more important was that it provided confirmation of profitability for Propel and that it was likely earning cash in excess of any working capital targets that were set at the time of the agreement to sell to IQVIA. Current market cap is approximately $275 million. The potential acquisition of Propel by IQVIA is believed to be between $700 and $800 million."
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Our calculations show that Propel Media, Inc. (OTC:PROM) failed to make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Propel Media, Inc. (OTC:PROM) delivered a 21.05% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
