Here’s Why HireQuest (HQI) Fell in Q3
Liberty Park Capital Management, LLC, a financial management company, released its third quarter 2023 investor letter. A copy of the same can be downloaded here. Liberty Park Fund returned -2.29% net of fees, in the third quarter compared to a 5.10% decline in the Russell 2000 Index. On a weight-adjusted basis, the 6.70% decline in the fund’s long holdings deducted 6.22%, while the 7.27% decline in its short positions added 3.67% to its returns. Liberty ParkSelect Opportunities decreased by 11.57%, net of fees, in the third quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Liberty Park Capital highlighted stocks like HireQuest, Inc. (NASDAQ:HQI) in the Q3 2023 investor letter. Based in Goose Creek, South Carolina, HireQuest, Inc. (NASDAQ:HQI) is a staffing solutions provider in the United States. On December 15, 2023, HireQuest, Inc. (NASDAQ:HQI) stock closed at $15.90 per share. One-month return of HireQuest, Inc. (NASDAQ:HQI) was 8.31%, and its shares lost 14.42% of their value over the last 52 weeks. HireQuest, Inc. (NASDAQ:HQI) has a market capitalization of $221.01 million.
Liberty Park Capital made the following comment about HireQuest, Inc. (NASDAQ:HQI) in its Q3 2023 investor letter:
"HireQuest, Inc. (NASDAQ:HQI) reported weaker-than-expected results caused by a slowdown in the short-term staffing market. Our losses in HQI were offset by several short positions in staffing Short Performance companies that we expect to lose share to HQI over time."
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HireQuest, Inc. (NASDAQ:HQI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 1 hedge fund portfolios held HireQuest, Inc. (NASDAQ:HQI) at the end of third quarter which was 2 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
