Should You Invest in Synchronoss Technologies (SNCR)?
180 Degree Capital Corp., an investment management firm, recently released its second quarter 2023 investor letter. A copy of the same can be downloaded here. The quarter was rough for the portfolio, which lost 5.8% compared to a 5.3% increase for the Russell Microcap Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
180 Degree Capital highlighted stocks like Synchronoss Technologies, Inc. (NASDAQ:SNCR) in the second quarter 2023 investor letter. Headquartered in Bridgewater, New Jersey, Synchronoss Technologies, Inc. (NASDAQ:SNCR) offers cloud, messaging, digital, and network management solutions. On August 17, 2023, Synchronoss Technologies, Inc. (NASDAQ:SNCR) stock closed at $1.0300 per share. One-month return of Synchronoss Technologies, Inc. (NASDAQ:SNCR) was 3.03%, and its shares lost 39.05% of their value over the last 52 weeks. Synchronoss Technologies, Inc. (NASDAQ:SNCR) has a market capitalization of $96.295 million.
180 Degree Capital made the following comment about Synchronoss Technologies, Inc. (NASDAQ:SNCR) in its second quarter 2023 investor letter:
“We believe we have a group of highly valuable, and yet low valued businesses that are struggling to generate performance on a day-in-day-out basis. I am convinced better days are ahead for our companies and that the activism we have done (some external and some internal) will reap rewards over time. I talked above about how in this market, many of our stocks have not moved in lockstep with their improving fundamentals.
Take Synchronoss Technologies, Inc. (NASDAQ:SNCR) for example. We helped the company fix its balance sheet two years ago at a much higher price by replacing a very expensive perpetual preferred stock that limited the company’s flexibility to streamline its business with materially lower cost for financing and equity. Since then: 1. Management has run a much better business, achieving EBITDA estimates consistently higher than consensus analyst projections. Result: SNCR’s stock goes down…” (Click here to read the full text)
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Synchronoss Technologies, Inc. (NASDAQ:SNCR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 5 hedge fund portfolios held Synchronoss Technologies, Inc. (NASDAQ:SNCR) at the end of second quarter which was 5 in the previous quarter.
We discussed Synchronoss Technologies, Inc. (NASDAQ:SNCR) in another article and shared 180 Degree Capital Corp.'s views on the company 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.
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Disclosure: None. This article is originally published at Insider Monkey.
