Meridian Fund’s Leading Detractor: Starry Group Holdings (STRY)

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Enhanced Equity Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here.  In the second quarter, the fund returned -12.74% net, outperforming its benchmark, the S&P 500 Index, which fell by -16.10%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Meridian Funds discussed stocks like Starry Group Holdings, Inc. (NYSE:STRY) in the second quarter investor letter. Headquartered in Boston, Massachusetts, Starry Group Holdings, Inc. (NYSE:STRY) is an internet service provider. On September 15, 2022, Starry Group Holdings, Inc. (NYSE:STRY) stock closed at $2.1700 per share. One-month return of Starry Group Holdings, Inc. (NYSE:STRY) was -24.39% and its shares lost 77.88% of their value over the last 52 weeks. Starry Group Holdings, Inc. (NYSE:STRY) has a market capitalization of $361.965 million.

Here is what Meridian Funds specifically said about Starry Group Holdings, Inc. (NYSE:STRY) in its Q2 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.”

Photo by Mika Baumeister on Unsplash

Starry Group Holdings, Inc. (NYSE:STRY) is not on the 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 second quarter which was 19 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

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