Next Century Growth Investors, LLC, an investment Management Company, released its “Small Cap Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. The equities market in 2024 saw mixed results in the second quarter. Small-cap indices generally posted negative results, whereas large-cap indices posted favorable results. The strategy returned (3.32)% net of fees in the quarter, compared to a (2.91)% return for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
NCG Small Cap Strategy highlighted stocks like PROCEPT BioRobotics Corporation (NASDAQ:PRCT), in the second quarter 2024 investor letter. PROCEPT BioRobotics Corporation (NASDAQ:PRCT) is a surgical robotics company. The one-month return of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) was 26.92%, and its shares gained 130.69% of their value over the last 52 weeks. On August 29, 2024, PROCEPT BioRobotics Corporation (NASDAQ:PRCT) stock closed at $78.69 per share with a market capitalization of $4.087 billion.
NCG Small Cap Strategy stated the following regarding PROCEPT BioRobotics Corporation (NASDAQ:PRCT) in its Q2 2024 investor letter:
“PROCEPT BioRobotics Corporation (NASDAQ:PRCT) is a medical device company that has developed and is on the market with a robotic therapy for the treatment of BPH (benign prostatic hyperplasia). We believe PRCT has significant growth opportunity by not only taking share in the existing BPH market but by expanding the number of BPH patients treated each year and expanding into new indications, such as prostate cancer treatment, over time.”
A medical technician using surgical robotics to perform minimally-invasive urologic surgery in an operating room.
PROCEPT BioRobotics Corporation (NASDAQ:PRCT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held PROCEPT BioRobotics Corporation (NASDAQ:PRCT) at the end of the second quarter which was 12 in the previous quarter. In the second quarter, PROCEPT BioRobotics Corporation (NASDAQ:PRCT) reported $53.4 million in revenues, representing growth of 61% from Q2 2023. While we acknowledge the potential of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) 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 addition, please check out our hedge fund investor letters Q2 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.
