Wednesday, February 8

Should You Invest in PAR Technology Corporation (PAR)?

Greenhaven Road Capital, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund declined in the third quarter, bringing the year-to-date returns to approximately -59%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Greenhaven Road Capital highlighted stocks like PAR Technology Corporation (NYSE:PAR) in its third-quarter investor letter. Headquartered in New Hartford, New York, PAR Technology Corporation (NYSE:PAR) is a technology company that serves restaurants and retail industries. On November 25, 2022, PAR Technology Corporation (NYSE:PAR) stock closed at $23.86 per share. One-month return of PAR Technology Corporation (NYSE:PAR) was -15.24%, and its shares lost 55.14% of their value over the last 52 weeks. PAR Technology Corporation (NYSE:PAR) has a market capitalization of $651.135 million.

Greenhaven Road Capital made the following comment about PAR Technology Corporation (NYSE:PAR) in its Q3 2022 investor letter:

“PAR Technology Corporation (NYSE:PAR) provides technology to quick serve restaurants (QSRs) such as Dairy Queen. Unlike the “mom and pop” restaurant on the corner, QSR customer volumes are very stable, and this type of restaurant generally benefits as consumers “trade down” in a recession. PAR’s core point of sale system (Brink) has a 4% churn rate, meaning that 96% of customers renew every year. It also has a backlog of contracted revenue equal to more than 15% of current recurring revenue, which provides an additional cushion to an already very stable revenue base.

On the product front, PAR is introducing a payments product that has an 80% attach rate amongst new customers. The plan is to roll this out to a significant portion of their base as customers’ contracts with existing payment processing providers roll off. PAR has also indicated that they will be rolling out multiple new products next year and recently acquired an online ordering company, MENUU (sic), which is also rolling out to a pipeline of enterprise customers in 2023…”(Click here to read the full text)

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PAR Technology Corporation (NYSE:PAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held PAR Technology Corporation (NYSE:PAR) at the end of the third quarter, which was 19 in the previous quarter.

We discussed PAR Technology Corporation (NYSE:PAR) in another article and shared Greeenhaven Road Capital’s 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.



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