Arquitos Capital Management, an investment management firm, released its third quarter 2024 investor letter. A copy of the letter can be downloaded here. The strategy returned -15.5% in the third quarter of 2024, bringing the year-to-date return to 4.5%. This year has witnessed quite a bit of volatility as usual. Prior to the decline this summer, the strategy was up over 40% at one time. Since the conclusion of the third quarter, the firm is operating well once more and expecting a successful year-end. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Arquitos Capital Management highlighted stocks like Lifecore Biomedical, Inc. (NASDAQ:LFCR) in the third quarter 2024 investor letter. Lifecore Biomedical, Inc. (NASDAQ:LFCR) is an integrated contract development and manufacturing organization. The one-month return of Lifecore Biomedical, Inc. (NASDAQ:LFCR) was 16.17%, and its shares gained 30.20% of their value over the last 52 weeks. On December 11, 2024, Lifecore Biomedical, Inc. (NASDAQ:LFCR) stock closed at $7.76 per share with a market capitalization of $285.778 million.
Arquitos Capital Management stated the following regarding Lifecore Biomedical, Inc. (NASDAQ:LFCR) in its Q3 2024 investor letter:
“Lifecore Biomedical, Inc. (NASDAQ:LFCR) had a transformational year last year. It divested its non-core businesses and put itself up for sale. Unfortunately, that sales process coincided with an extended restatement delay and, eventually, a change in auditors. The restatement was related to their divested businesses, but rightfully caused concern among potential buyers.
Earlier this year, the company withdrew its attempts to sell itself. While unconfirmed, I understand that there were offers, but they were too low for the company to accept. At the time, shares were measurably higher than where they are now and conceivably higher than the potential offers. Investors were obviously disappointed and shares sold off to where they trade today.…” (Click here to read the full text)
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Lifecore Biomedical, Inc. (NASDAQ:LFCR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Lifecore Biomedical, Inc. (NASDAQ:LFCR) at the end of the third quarter which was 12 in the previous quarter. In the fiscal first quarter of 2025, Lifecore Biomedical, Inc. (NASDAQ:LFCR) generated $24.7 million in revenues compared to $24.5 million for the comparable 2024 period. While we acknowledge the potential of Lifecore Biomedical, Inc. (NASDAQ:LFCR) 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 Lifecore Biomedical, Inc. (NASDAQ:LFCR) and shared Greenhaven Road Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.