Is it Still Safe to Invest in CoreCard (CCRD)?

Weitz Investment Management, an investment management firm, published its “Partners III Opportunity Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. The Partners III Opportunity Fund’s Institutional Class returned -5.09% in the first quarter of 2022 compared with -4.60% for the S&P 500 and -5.28% for the Russell 3000. For the fiscal year ended March 31, 2022, the Fund returned -0.53% compared to +15.65% for the S&P 500 and +11.92% for the Russell 3000. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Weitz Investment Management Partners III Opportunity Fund mentioned CoreCard Corporation (NYSE:CCRD) and explained its insights for the company. Founded in 1973, CoreCard Corporation (NYSE:CCRD) is a Norcross, Georgia-based card management platform with a $187.4 million market capitalization. CoreCard Corporation (NYSE:CCRD) delivered a -43.94% return since the beginning of the year, while its 12-month returns are down by -29.84%. The stock closed at $21.75 per share on June 22, 2022.

Here is what Weitz Investment Management Partners III Opportunity Fund has to say about CoreCard Corporation (NYSE:CCRD) in its Q1 2022 investor letter:

“CoreCard (formerly Intelligent Systems) struggled early in the fiscal year to hire and train staff to handle growth from new and existing clients. Lately, Apple-related headlines also took a bite out of CoreCard shares, as reports suggest Apple is exploring a transition of its credit card and other financial services to internally built solutions. Such a move would create revenue headwinds for its partners, which CoreCard is widely believed to be. We are monitoring these developments and stress-testing our model accordingly.”

Our calculations show that CoreCard Corporation (NYSE:CCRD) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. CoreCard Corporation (NYSE:CCRD) was in 9 hedge fund portfolios at the end of the first quarter of 2022, compared to 8 funds in the previous quarter. CoreCard Corporation (NYSE:CCRD) delivered a -32.50% return in the past 3 months.

In May 2022, we also shared another hedge fund’s views on CoreCard Corporation (NYSE:CCRD) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.