O’Keefe Stevens is Incredibly Excited about Five Point Holdings (FPH). Here’s Why
O’keefe Stevens Advisory, an investment advisory firm, released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the Q3 letter, O'Keefe Stevens discussed its investment in Graftech (EAF). The firm admits that its investment thesis for the company was wrong and that the near-term viability of the business is in question. Even though this kind of loss is difficult, the firm hopes that the lessons learned will help avoid similar ventures in the future. For more information on the fund’s top picks in 2024, please check its top five holdings.
O’keefe Stevens Advisory highlighted stocks like Five Point Holdings, LLC (NYSE:FPH), in the third quarter 2024 investor letter. Five Point Holdings, LLC (NYSE:FPH) owns and develops mixed-use and planned communities. The one-month return of Five Point Holdings, LLC (NYSE:FPH) was 19.76%, and its shares gained 56.25% of their value over the last 52 weeks. On October 14, 2024, Five Point Holdings, LLC (NYSE:FPH) stock closed at $4.00 per share with a market capitalization of $594.464 million.
O’keefe Stevens Advisory stated the following regarding Five Point Holdings, LLC (NYSE:FPH) in its Q3 2024 investor letter:
"Five Point Holdings, LLC (NYSE:FPH) – To end the quarter, we received positive news regarding one of the last overhangs plaguing Five Point. Luxor Capital, which owns approximately 10 million shares, has consistently sold its position. Recently, Luxor filed a Form 4 indicating that they sold nearly 90% of their remaining position, with well-regarded value investor Robert Robotti acquiring 6.7 million shares. Five Point continues to perform incredibly well, with a significant overhang behind us, we are incredibly excited for the weighing machine of the market to value the stock appropriately."
A birdseye view of a vibrant neighborhood, showcasing the diversity of residents living in a mixed-use community.
Five Point Holdings, LLC (NYSE:FPH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Five Point Holdings, LLC (NYSE:FPH) at the end of the second quarter which was 12 in the previous quarter. While we acknowledge the potential of Five Point Holdings, LLC (NYSE:FPH) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article we discussed Five Point Holdings, LLC (NYSE:FPH) and shared the list of cheap penny stocks to buy according to analysts. O’keefe Stevens Advisory picked Five Point Holdings, LLC (NYSE:FPH) as its top pick for 2024, citing its strong potential for growth in the coming years. In addition, please check out our hedge fund investor letters Q3 2024 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.