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Here’s Why Greenlight Capital Benefitted From Green Brick Partners (GRBK) Stock

Greenlight Capital, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, Greenlight Capital funds returned 4.0% net of fees and expenses compared to a 4.9% decline for the S&P 500 index. For the nine months ended September 2022, the fund delivered a 17.7% return net of fees and expenses compared to a 23.9% decline for the S&P 500 index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Greenlight Capital discussed stocks like Green Brick Partners, Inc. (NYSE:GRBK) in its Q3 2022 investor letter. Headquartered in Plano, Texas, Green Brick Partners, Inc. (NYSE:GRBK) is a homebuilding and land development operator. On October 20, 2022, Green Brick Partners, Inc. (NYSE:GRBK) stock closed at $19.85 per share. One-month return of Green Brick Partners, Inc. (NYSE:GRBK) was -8.86% and its shares lost 21.82% of their value over the last 52 weeks. Green Brick Partners, Inc. (NYSE:GRBK) has a market capitalization of $913.866 million.

Greenlight Capital made the following comment about Green Brick Partners, Inc. (NYSE:GRBK) in its Q3 2022 investor letter:

"Green Brick Partners, Inc. (NYSE:GRBK) shares advanced from $19.57 to $21.38. The company announced second quarter earnings of $2.08 per share, which blew away consensus estimates of $1.24 per share. Also, GRBK was added to the S&P SmallCap 600 index during the quarter. We believe that the share price gain was dampened by a substantial slowdown in housing demand, which is now widely evident. Mortgage rates have exploded higher and have created affordability issues. To mitigate our exposure, we hedged almost half of our position with a basket of housing-sensitive equities. The hedge was also a material positive contributor to our performance in the quarter. GRBK shares have outperformed peers, as we believe the market is correctly assessing its superior competitive position."

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Photo by Scott Blake on Unsplash

Green Brick Partners, Inc. (NYSE:GRBK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Green Brick Partners, Inc. (NYSE:GRBK) at the end of the second quarter, which was 13 in the previous quarter.

We discussed Green Brick Partners, Inc. (NYSE:GRBK) in another article and shared Black Bear Value Partners’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.