Wasatch Global Investors, an asset management company, released its “Wasatch Micro-Cap Growth-U.S. Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. Micro-cap stocks saw a decline in the second quarter of this year following a robust start to the year due to a difficult macro environment and a narrowly focused market. Against this backdrop, the strategy fell but outperformed the Russell Microcap Growth Index benchmark, which fell -5.57%. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Wasatch Micro-Cap Growth-U.S. Strategy highlighted stocks like Silk Road Medical, Inc (NASDAQ:SILK) in its Q2 2024 investor letter. Silk Road Medical, Inc (NASDAQ:SILK) is a medical device company that offers products for the treatment of carotid artery disease. The one-month return of Silk Road Medical, Inc (NASDAQ:SILK) was 0.48%, and its shares gained 58.74% of their value over the last 52 weeks. On September 11, 2024, Silk Road Medical, Inc (NASDAQ:SILK) stock closed at $27.24 per share with a market capitalization of $1.107 billion.
Wasatch Micro-Cap Growth-U.S. Strategy stated the following regarding Silk Road Medical, Inc (NASDAQ:SILK) in its Q2 2024 investor letter:
“Silk Road Medical, Inc (NASDAQ:SILK) was also a top contributor. The company provides medical devices used in its minimally invasive procedure (called Transcarotid Artery Revascularization, or TCAR) for the treatment of blockages in the carotid artery. Silk Road’s stock price jumped in June after the company agreed to be acquired by a large competitor in an all-cash deal expected to close in the second half of 2024. The acquisition price of $27.50 per share represents a premium of around 38% to the volume-weighted average share price of Silk Road’s stock over the 60 days prior to the announcement.”
Silk Road Medical, Inc (NASDAQ:SILK) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Silk Road Medical, Inc (NASDAQ:SILK) at the end of the second quarter which was 27 in the previous quarter. While we acknowledge the potential of Silk Road Medical, Inc (NASDAQ:SILK) 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 Silk Road Medical, Inc (NASDAQ:SILK) and shared Baron Discovery Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.