Is Starry Group Holdings (STRY) a Good Stock to Invest on Dips?

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Enhanced Equity Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined -12.74% net compared to a -16.10% return for the S&P 500 Index. The portfolio strategy to mitigate capital losses helped the fund to outperform in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Meridian Funds highlighted stocks like Starry Group Holdings, Inc. (NYSE:STRY) in the Q3 2022 investor letter. Headquartered in Boston, Massachusetts, Starry Group Holdings, Inc. (NYSE:STRY) operates as an internet service and wireless technology provider. On December 8, 2022, Starry Group Holdings, Inc. (NYSE:STRY) stock closed at $0.1100 per share. One-month return of Starry Group Holdings, Inc. (NYSE:STRY) was -63.03%, and its shares lost 98.88% of their value over the last 52 weeks. Starry Group Holdings, Inc. (NYSE:STRY) has a market capitalization of $18.382 million.

Meridian Funds made the following comment about Starry Group Holdings, Inc. (NYSE:STRY) in its Q3 2022 investor letter:

“A rare entrant to the public markets during the challenging first quarter of the year, Starry Group Holdings, Inc. (NYSE:STRY) lagged due in part, we believe, to technical issues. The firm offers low-cost high-speed broadband via fixed wireless technology in six U.S. cities. Relative to traditional cable and wireless providers, the company holds a material cost advantage as well as a quality of service advantage, and thus appears capable of capturing a considerable share of a very large addressable market. While new to the Fund, our research team has years of familiarity with the firm and its leadership as a private company and since we initiated our position, the company has issued two operational updates highlighting better-than-expected performance.”

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Starry Group Holdings, Inc. (NYSE:STRY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Starry Group Holdings, Inc. (NYSE:STRY) at the end of the third quarter, which was 17 in the previous quarter.

We discussed Starry Group Holdings, Inc. (NYSE:STRY) in another article and shared the list of most volatile stocks to buy. 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.