Here’s What Makes Silk Road Medical (SILK) a Strong Stock

Wasatch Global Investors, an asset management company, released its “Wasatch Small Cap Ultra Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark index, the Russell 2000 Growth Index, in the third quarter. News of continuous interest rate hikes from the federal reserve negatively impacted growth companies’ stocks, and those in which the firm invested dragged the strategy’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Wasatch Global Investors highlighted stocks like Silk Road Medical, Inc (NASDAQ:SILK). Headquartered in Sunnyvale, California, Silk Road Medical, Inc (NASDAQ:SILK) is a medical device company. On December 9, 2022, Silk Road Medical, Inc (NASDAQ:SILK) stock closed at $53.03 per share. One-month return of Silk Road Medical, Inc (NASDAQ:SILK) was 8.78%, and its shares gained 28.18% of their value over the last 52 weeks. Silk Road Medical, Inc (NASDAQ:SILK) has a market capitalization of $2.022 billion.

Wasatch Global Investors made the following comment about Silk Road Medical, Inc (NASDAQ:SILK) in its Q3 2022 investor letter:

“Another strong stock in the strategy was Silk Road Medical, Inc (NASDAQ:SILK). The company provides implantable devices to treat blockages in the carotid artery at risk of causing a stroke. Silk Road’s most recent earnings report exceeded Wall Street estimates on both the top and bottom lines. The company gained meaningful market share through strong physician utilization and continued to establish its surgical approach as the minimally invasive standard of care in stroke prevention. We were pleased to see Silk Road’s growth profile rewarded via a higher price for the stock.”

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Silk Road Medical, Inc (NASDAQ:SILK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Silk Road Medical, Inc (NASDAQ:SILK) at the end of the third quarter, which was 8 in the previous quarter.

We discussed Silk Road Medical, Inc (NASDAQ:SILK) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.