Reasons to Sell Thoughtworks Holding (TWKS)

Argosy Investors, an investment management company, released its second-quarter investor letter. A copy of the same can be downloaded here. The S&P 500 returned 8.7% during the second quarter. The fund ended the quarter with 52% of the portfolio in cash and equivalents. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Argosy Investors highlighted stocks like Thoughtworks Holding, Inc. (NASDAQ:TWKS) in the second quarter 2023 investor letter. Headquartered in Chicago, Illinois, Thoughtworks Holding, Inc. (NASDAQ:TWKS) offers technology consultancy services. On August 15, 2023, Thoughtworks Holding, Inc. (NASDAQ:TWKS) stock closed at $4.83 per share. One-month return of Thoughtworks Holding, Inc. (NASDAQ:TWKS) was -32.16%, and its shares lost 64.85% of their value over the last 52 weeks. Thoughtworks Holding, Inc. (NASDAQ:TWKS) has a market capitalization of $1.532 billion.

Argosy Investors made the following comment about Thoughtworks Holding, Inc. (NASDAQ:TWKS) in its second quarter 2023 investor letter:

“In other news, I essentially swapped the positions in Thoughtworks Holding, Inc. (NASDAQ:TWKS) and Grid Dynamics for a position in Endava. Finally, Endava is one of the better-managed IT outsourcers among its peers, with perhaps only EPAM being better managed among at least the US-listed stocks. The very tangible (for some) chill that has befallen the tech sector’s once-rapid employment growth seems to be also impacting projects that Endava and other outsourcing companies were working on. As a result, the entire sector has fallen rather significantly. Given the indiscriminate selling of quality companies in the space, I decided to sell Thoughtworks, a slower-growing outsourcer with some suspicious foreign ties I wasn’t previously aware of, and Grid Dynamics (GDYN), a much smaller company that I bought during the COVID pandemic after it went public via SPAC.”

Software

Thoughtworks Holding, Inc. (NASDAQ:TWKS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Thoughtworks Holding, Inc. (NASDAQ:TWKS) at the end of first quarter which was 9 in the previous quarter.

We discussed Thoughtworks Holding, Inc. (NASDAQ:TWKS) in another article and shared the list of worst-performing NASDAQ stocks in 2023. In addition, please check out our hedge fund investor letters Q2 2023 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.