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Monday, December 4, 2023

Is it Still Safe to Invest in Green Brick Partners (GRBK)?

Greenlight Capital, an investment management firm, released its third quarter 2023 investor letter, a copy of which can be downloaded here. In the third quarter of 2023, the Greenlight Capital funds achieved a net return of 12.9%, factoring in fees and expenses. Over the initial nine months of 2023, the net return stood at 27.7%, as opposed to a -3.3% return and a 13.1% return for the S&P 500 index during the same periods, respectively. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.

In its Q3 2023 investor letter, Greenlight Capital mentioned Green Brick Partners, Inc. (NYSE:GRBK) and explained its insights for the company. Green Brick Partners, Inc. (NYSE:GRBK) is a Plano, Texas-based homebuilding and land development company with a $2.1 billion market capitalization. Green Brick Partners, Inc. (NYSE:GRBK) delivered a 95.58% return since the beginning of the year, while its 12-month returns are up by 104.71%. The stock closed at $47.39 per share on November 17, 2023.

Here is what Greenlight Capital has to say about Green Brick Partners, Inc. (NYSE:GRBK) in its Q3 2023 investor letter:

Green Brick Partners, Inc. (NYSE:GRBK) fell from $56.80 to $41.51 during the quarter. The company announced second quarter earnings of $1.63 per share, which far exceeded consensus estimates of $1.18 per share. Full-year estimates for 2023 and 2024 rose from $5.16 and $5.54 to $6.13 and $6.49, respectively. However, the market has become concerned about the impact of higher mortgage rates, and most homebuilding stocks reversed a portion of the gains achieved earlier this year.”

A close-up of a construction worker installing an electrochromic glass panel, showing the company’s focus on modern building products.

Our calculations show that Green Brick Partners, Inc. (NYSE:GRBK) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. We also mentioned Green Brick Partners, Inc. (NYSE:GRBK) in another article. Green Brick Partners, Inc. (NYSE:GRBK) was in 18 hedge fund portfolios at the end of the second quarter of 2023, compared to 14 funds in the previous quarter. Green Brick Partners, Inc. (NYSE:GRBK) delivered a -0.34% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.

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Disclosure: None. This article is originally published at Insider Monkey.

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