雅虎香港財經 HealthEquity (HQY) Rose on a Better-Than-Expected Sales Guidance
TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter the fund returned 5.77% (net), compared to a 7.58% return for the Russell 2000 Growth Index. Despite a decline in many equity markets in January, they rebounded over the following two months, resulting in a robust 2024 first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital U.S. Small Cap Growth Strategy highlighted stocks like HealthEquity, Inc. (NASDAQ:HQY), in the first quarter 2024 investor letter. HealthEquity, Inc. (NASDAQ:HQY) provides financial technology solutions for healthcare and spending decisions. The one-month return of HealthEquity, Inc. (NASDAQ:HQY) was 3.77%, and its shares gained 37.35% of their value over the last 52 weeks. On June 20, 2024, HealthEquity, Inc. (NASDAQ:HQY) stock closed at $82.26 per share with a market capitalization of $7.157 billion.
TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding HealthEquity, Inc. (NASDAQ:HQY) in its first quarter 2024 investor letter:
"Our preferences among Health Care stocks are those companies providing novel therapies for unmet needs that deserve premium pricing, or specialized service providers. HealthEquity, Inc. (NASDAQ:HQY) is a provider of technology-enabled platforms for managing health benefits and wellness plans such as health savings and flexible spending accounts. Its shares rose 23% on a better-than-expected sales outlook. Additionally, management expects more than 30% of its health savings account assets to move into their enhanced yield product thereby benefiting custodial revenues."
An online investment platform, showing stocks, index funds, and a mutual fund investment platform.
HealthEquity, Inc. (NASDAQ:HQY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held HealthEquity, Inc. (NASDAQ:HQY) at the end of the first quarter which was 18 in the previous quarter. HealthEquity, Inc. (NASDAQ:HQY) reported strong growth in the recent quarter across all key metrics, with revenue increased by 18% and EBITDA by 36%. While we acknowledge the potential of HealthEquity, Inc. (NASDAQ:HQY) 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 HealthEquity, Inc. (NASDAQ:HQY) and shared the list of fastest growing fintech companies in 2024. In Q1 2024, Wasatch Small Cap Growth Strategy also benefitted from HealthEquity, Inc.'s (NASDAQ:HQY) recent rise. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.
