Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Value Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. During the first quarter, the strategy outperformed the benchmark Russell Microcap Index which rose 4.68%. Most of the portfolio holdings of the strategy met or exceeded earnings and revenue expectations in the quarter. Investor sentiments gradually improved as the quarter went on. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Wasatch Micro Cap Value Strategy highlighted stocks like Comtech Telecommunications Corp. (NASDAQ:CMTL), in the first quarter 2024 investor letter. Comtech Telecommunications Corp. (NASDAQ:CMTL) engages in the provision of next-gen telecommunication solutions. The one-month return of Comtech Telecommunications Corp. (NASDAQ:CMTL) was 29.19%, and its shares lost 75.79% of their value over the last 52 weeks. On June 7, 2024, Comtech Telecommunications Corp. (NASDAQ:CMTL) stock closed at $2.19 per share with a market capitalization of $63.497 million.
Wasatch Micro Cap Value Strategy stated the following regarding Comtech Telecommunications Corp. (NASDAQ:CMTL) in its first quarter 2024 investor letter:
“Among our recent buys, we added a small position in Comtech Telecommunications Corp. (NASDAQ:CMTL). Comtech Telecommunications designs, develops and manufactures electronic products and systems for voice, data, facsimile and video transmissions. The transmissions are done at microwave frequencies in satellite, over-the-horizon microwave, terrestrial line-of-sight and wireless telecommunications. Given the low valuation of Comtech, we’d normally buy more shares. But we’re keeping our position small because the company may raise equity or do a debt refinancing.”
A commercial satellite in the sky, its antennae glimmering in the light.
Comtech Telecommunications Corp. (NASDAQ:CMTL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Comtech Telecommunications Corp. (NASDAQ:CMTL) at the end of the first quarter which was 21 in the previous quarter. In the current quarter, Comtech Telecommunications Corp.’s (NASDAQ:CMTL) consolidated net sales were $134.2 million, compared to $151.9 million in the previous quarter and $133.7 million in the same quarter last year. While we acknowledge the potential of Comtech Telecommunications Corp. (NASDAQ:CMTL) 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 Comtech Telecommunications Corp. (NASDAQ:CMTL) and shared the list of best technology penny stocks to invest in. 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.
