Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Growth—U.S. Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. During the first quarter, the micro-cap equities performed well. The strategy had a double-digit gain in the quarter, outperforming the Russell Microcap Growth Index benchmark, which rose 6.60%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Wasatch Micro Cap Growth—U.S. Strategy highlighted stocks like The Pennant Group, Inc. (NASDAQ:PNTG), in the first quarter 2024 investor letter. The Pennant Group, Inc. (NASDAQ:PNTG) is a healthcare services provider. The one-month return of The Pennant Group, Inc. (NASDAQ:PNTG) was -1.17%, and its shares gained 78.79% of their value over the last 52 weeks. On June 17, 2024, The Pennant Group, Inc. (NASDAQ:PNTG) stock closed at $22.85 per share with a market capitalization of $686.547 million.
Wasatch Micro Cap Growth—U.S. Strategy stated the following regarding The Pennant Group, Inc. (NASDAQ:PNTG) in its first quarter 2024 investor letter:
“Another contributor was The Pennant Group, Inc. (NASDAQ:PNTG), which operates a network of over 150 home-health and hospice agencies and senior-living communities located mostly in the Western U.S. The company’s services include medical care, nursing, help with basic needs and social work as well as speech, occupational and physical therapy. We have invested in the company for several years and have gotten to know the management team well, and we have had confidence in maintaining our position even at times when the stock has been weak. Admittedly, our investment thesis has taken longer to play out than we originally expected, but our patience was rewarded during the first quarter when the company reported improved top- and bottom-line results.”
A nurse in scrubs, smiling while caring for a patient in a home health setting.
The Pennant Group, Inc. (NASDAQ:PNTG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held The Pennant Group, Inc. (NASDAQ:PNTG) at the end of the first quarter which was 20 in the previous quarter. The Pennant Group, Inc. (NASDAQ:PNTG) generated $156.9 million in revenues, up 24.1% year over year. While we acknowledge the potential of The Pennant Group, Inc. (NASDAQ:PNTG) 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 The Pennant Group, Inc. (NASDAQ:PNTG) and shared the list of stocks receiving a massive vote of approval from Wall Street analysts. 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.
