Kent Lake Capital LLC has made changes to its investment portfolio by reducing its stake in both Bowlero Corp. and Upwork Inc. In the 4th quarter, Kent Lake Capital LLC disclosed that it has reduced its stake in Bowlero Corp. by 16.7%, owning 500,000 shares of the company's stock, down from 600,000 shares. The value of Kent Lake Capital LLC's stake in Bowlero Corp. is now $7,080,000. Bowlero Corp. makes up approximately 2.7% of Kent Lake Capital LLC's investment portfolio, ranking as the 16th biggest holding for the firm [413b070f].
Additionally, Kent Lake Capital LLC decreased its stake in Upwork Inc. by 29.4% in the 4th quarter. The institutional investor now owns 600,000 shares of Upwork Inc., after selling 250,000 shares during the period. Upwork Inc. accounts for 3.4% of Kent Lake Capital LLC's investment portfolio, making it the 9th largest holding for the firm. The value of Kent Lake Capital LLC's stake in Upwork Inc. is $8,922,000 [42631382].
Other institutional investors and hedge funds have also made changes to their positions in both Bowlero Corp. and Upwork Inc. Tower Research Capital LLC TRC increased its stake in Bowlero Corp. by 233.0% during the second quarter, while Parkside Financial Bank & Trust raised its holdings by 159.2% during the same period. PNC Financial Services Group Inc. purchased a new position in Bowlero Corp. during the third quarter, and Advisor Group Holdings Inc. and Citigroup Inc. raised their holdings during the fourth quarter. Currently, 68.11% of the stock is owned by institutional investors and hedge funds [413b070f].
Kent Lake Capital LLC's reduction in stake in both Bowlero Corp. and Upwork Inc. reflects changes in their investment strategy and portfolio allocation. These adjustments may have been influenced by various factors such as market conditions, performance expectations, and risk management considerations. It is important to note that these changes are specific to Kent Lake Capital LLC and may not necessarily reflect the overall sentiment towards Bowlero Corp. and Upwork Inc. in the broader market [413b070f] [42631382].