Here’s Why Angi (ANGI) is Progressing Tremendously Now
Investment management company Cove Street Capital recently released its “Small Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. On a relative and absolute basis, the fund continued its solid upward movement in the second quarter and returned 14.8% compared to 5.21% for the Russell 2000 Index and 3.18% for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Cove Street Capital highlighted stocks like Angi Inc. (NASDAQ:ANGI) in the second quarter 2023 investor letter. Headquartered in Denver, Colorado, Angi Inc. (NASDAQ:ANGI), a subsidiary of IAC/InterActiveCorp, connects home service professionals with customers. On July 12, 2023, Angi Inc. (NASDAQ:ANGI) stock closed at $3.50 per share. One-month return of Angi Inc. (NASDAQ:ANGI) was 5.11%, and its shares lost 10.71% of their value over the last 52 weeks. Angi Inc. (NASDAQ:ANGI) has a market capitalization of $1.773 billion.
Cove Street Capital made the following comment about Angi Inc. (NASDAQ:ANGI) in its second quarter 2023 investor letter:
"As CEO Joey Levin pointed out in his Q1 quarterly letter, IAC traded at an enterprise value below its 18% stake in MGM Resorts International (Ticker: MGM) and 85% position in Angi Inc. (NASDAQ:ANGI)…meaning you effectively “get” 31% of Turo, the equity of publishing giant DotDash Meredith, Care.com, Vivian Health, and other IAC companies for “free”. Levin became CEO of Angi in late 2022 and has already shown tremendous progress in improving product, rationalizing services, and restoring profitability. DotDash Meredith has shown some recovery from January ad-recession lows as it continues to migrate Meredith’s print publications to its digital platform."
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Angi Inc. (NASDAQ:ANGI) is not on our 30 Most Popular Stocks Among Hedge Funds list. As per our database, 18 hedge fund portfolios held Angi Inc. (NASDAQ:ANGI) at the end of first quarter 2023 which was 23 in the previous quarter.
We discussed Angi Inc. (NASDAQ:ANGI) in another article and shared the list of biggest gig economy companies in the world by market cap. 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.
