Yahoo Finance Expedia Group (EXPE) Declined 9.3% Giving Back its Gains
Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. During the quarter the strategy returned 11.8% net of fees compared to the S&P 500’s 10.6% return. The outperformance of the portfolio can be attributed to selection and allocation effects, which are partially counteracted by interaction effects, according to a three-factor performance attribution model. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Patient Capital Opportunity Equity Strategy featured stocks like Expedia Group, Inc. (NASDAQ:EXPE) in the first quarter 2024 investor letter. Headquartered in Seattle, Washington, Expedia Group, Inc. (NASDAQ:EXPE) is an online travel company. On April 22, 2024, Expedia Group, Inc. (NASDAQ:EXPE) stock closed at $131.59 per share. One-month return of Expedia Group, Inc. (NASDAQ:EXPE) was -4.17%, and its shares gained 39.71% of their value over the last 52 weeks. Expedia Group, Inc. (NASDAQ:EXPE) has a market capitalization of $17.934 billion.
Patient Capital Opportunity Equity Strategy stated the following regarding Expedia Group, Inc. (NASDAQ:EXPE) in its first quarter 2024 investor letter:
"Expedia Group, Inc. (NASDAQ:EXPE) experienced a digestion period in the first quarter, declining 9.3% and giving back some of its gains from its very strong fourth quarter. The company entered 2024 with a clean slate having successfully completed their tech transition, rolled out their unified loyalty program, and began to reinvest advertising dollars. With the initiation of a $5B buyback program in November (26% of shares outstanding), the company continues to focus on returning cash to shareholders, buying back 11% of shares over the last year. As the company continues to execute, we believe the market will eventually give them credit for their improved fundamentals."
Mike Fuchslocher / Shutterstock.com
Expedia Group, Inc. (NASDAQ:EXPE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Expedia Group, Inc. (NASDAQ:EXPE) was held by 65 hedge fund portfolios, compared to 52 in the previous quarter, according to our database.
We previously discussed Expedia Group, Inc. (NASDAQ:EXPE) in another article, where we shared the list of top biggest internet companies in the US. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
