Deep Sail Capital Exited NeoGames S.A. (NGMS) Upon Acquisition Announcement
Deep Sail Capital, an investment management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 3% net of fees while averaging 78% net long exposure. As of June 2023, the fund’s net return was 21.3% while averaging 76% net long exposure. The fund underperformed its benchmarks, the Russell 2000 Index and the Russell Mid Cap Growth Index, in the second quarter by 2.2% and 3.2%, respectively. The fund continued to outperform its benchmarks so far this year, while the short portfolio underperformed during the second quarter. You can check the top 5 holdings of the fund to know its best picks in 2023.
Deep Sail Capital highlighted stocks like NeoGames S.A. (NASDAQ:NGMS) in the second quarter 2023 investor letter. Headquartered in Tel Aviv, Israel, NeoGames S.A. (NASDAQ:NGMS) offers iLottery solutions. On July 26, 2023, NeoGames S.A. (NASDAQ:NGMS) stock closed at $27.00 per share. One-month return of NeoGames S.A. (NASDAQ:NGMS) was 5.14%, and its shares gained 73.75% of their value over the last 52 weeks. NeoGames S.A. (NASDAQ:NGMS) has a market capitalization of $908.061 million.
Deep Sail Capital made the following comment about NeoGames S.A. (NASDAQ:NGMS) in its second quarter 2023 investor letter:
“In the second quarter, the long portfolio had mixed performance across the board, with two positions providing the majority of the returns: NeoGames S.A. (NASDAQ:NGMS) and RCM Technologies. Neogames S.A. entered into a definitive agreement to be acquired by Aristocrat on May 14th for $29.50, roughly a 130% premium to the share price prior to the announcement. We exited our position in Neogames immediately upon the announcement of the acquisition.”
Photo by Amit Lahav on Unsplash
NeoGames S.A. (NASDAQ:NGMS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held NeoGames S.A. (NASDAQ:NGMS) at the end of first quarter which was 8 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
