Should You Sell Global Payments (GPN)?
Greenlight Capital, an investment management company, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 14.5% net of fees and expenses, in the second quarter compared to an 8.7% return for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Greenlight Capital highlighted stocks like Global Payments Inc. (NYSE:GPN) in the second quarter 2023 investor letter. Headquartered in Atlanta, Georgia, Global Payments Inc. (NYSE:GPN) offers payment technology and software solutions. On August 16, 2023, Global Payments Inc. (NYSE:GPN) stock closed at $123.64 per share. One-month return of Global Payments Inc. (NYSE:GPN) was 10.31%, and its shares lost 7.90% of their value over the last 52 weeks. Global Payments Inc. (NYSE:GPN) has a market capitalization of $32.388 billion.
Greenlight Capital made the following comment about Global Payments Inc. (NYSE:GPN) in its second quarter 2023 investor letter:
"We closed long positions in Civitas Resources and Global Payments Inc. (NYSE:GPN). We exited Global Payments with a -6% IRR after we became uncomfortable with the company’s increasingly large adjustments to reported numbers and an abrupt CEO change."
Global Payments Inc. (NYSE:GPN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Global Payments Inc. (NYSE:GPN) at the end of second quarter which was 56 in the previous quarter.
We discussed Global Payments Inc. (NYSE:GPN) in another article and shared the list of stocks in Larry Robbins portfolio. 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.
