Yahoo Finance Here’s Why Alluvial Capital Sold GEE Group (JOB)
Alluvial Capital Management, an investment advisory firm, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund started the year with a positive outlook, increasing by 3.6% compared to a 2.7% gain for the Russell 2000 Index and a 2.8% fall for the Russell Micro-Cap Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alluvial Capital Management highlighted stocks like GEE Group Inc. (NYSE:JOB) in the first quarter 2023 investor letter. Based in Jacksonville, Florida, GEE Group Inc. (NYSE:JOB) is a staffing and placement services providing company. On May 1, 2023, GEE Group Inc. (NYSE:JOB) stock closed at $0.5005 per share. One-month return of GEE Group Inc. (NYSE:JOB) was 26.55%, and its shares lost 18.64% of their value over the last 52 weeks. GEE Group Inc. (NYSE:JOB) has a market capitalization of $57.282 million.
Alluvial Capital Management made the following comment about GEE Group Inc. (NYSE:JOB) in its Q1 2023 investor letter:
"I sold all our shares of GEE Group Inc. (NYSE:JOB) this quarter. In my last letter, I mentioned how GEE Group’s place in our portfolio was dependent on management’s commitment to using the company’s balance sheet cash for the benefit of shareholders. Well, another quarter came and went with zero evidence that management’s promises and assurances were anything but empty words. Despite earlier proclamations of “good things” to come, the company formally dismissed the idea of returning cash to shareholders and again failed to deliver on long-promised profitable acquisitions. I am happy to put our capital to better use elsewhere, and to use our experience with GEE Group as a reminder that a lack of urgency and integrity on the part of company management can negate almost any degree of good economics or valuation."
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GEE Group Inc. (NYSE:JOB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 4 hedge fund portfolios held GEE Group Inc. (NYSE:JOB) at the end of the fourth quarter which was 5 in the previous quarter.
We discussed GEE Group Inc. (NYSE:JOB) in another article and shared SRK Capital's views on the company. In addition, please check out our hedge fund investor letters Q1 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.
