Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Growth—U.S. Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. During the first quarter, the micro-cap equities performed well. The strategy had a double-digit gain in the quarter, outperforming the Russell Microcap Growth Index benchmark, which rose 6.60%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Wasatch Micro Cap Growth—U.S. Strategy highlighted stocks like Cantaloupe, Inc. (NASDAQ:CTLP), in the first quarter 2024 investor letter. Cantaloupe, Inc. (NASDAQ:CTLP) is a digital payments and software services company. The one-month return of Cantaloupe, Inc. (NASDAQ:CTLP) was 3.51%, and its shares lost 11.13% of their value over the last 52 weeks. On June 18, 2024, Cantaloupe, Inc. (NASDAQ:CTLP) stock closed at $5.74 per share with a market capitalization of $494.378 million.
Wasatch Micro Cap Growth—U.S. Strategy stated the following regarding Cantaloupe, Inc. (NASDAQ:CTLP) in its first quarter 2024 investor letter:
“Another detractor was Cantaloupe, Inc. (NASDAQ:CTLP), a software and payments company that provides cashless digital solutions for unattended retail operations such as vending machines and kiosks. Cantaloupe offers integrated solutions for payment processing, logistics and back-office management. The company’s subscription and transaction revenues haven’t been growing as fast as expected, which has impacted the stock price. We’ve spoken with company executives, and they believe the lackluster growth is the result of implementation problems that can be fixed—rather than the result of fundamentally weak demand. In the meantime, we hold the stock at an average weight in the strategy as we monitor the company for signs of accelerating revenue growth.”
A woman at a self-service kiosk using a software service to manage logistics.
Cantaloupe, Inc. (NASDAQ:CTLP) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Cantaloupe, Inc. (NASDAQ:CTLP) at the end of the first quarter which was 15 in the previous quarter. In the first quarter, Cantaloupe, Inc. (NASDAQ:CTLP) reported $67.9 million in revenues, an increase of 13% year over year. While we acknowledge the potential of Cantaloupe, Inc. (NASDAQ:CTLP) 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 Cantaloupe, Inc. (NASDAQ:CTLP) and shared the list of fastest growing fintech companies in 2024. In addition, please check out our hedge fund investor letters Q1 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.
