Meridian Funds, managed by ArrowMark Partners, released its “Meridian Small Cap Growth Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The significant move of the Fed to cut interest rates helped stabilize the market. Small caps outperformed large caps in the quarter. The fund returned 6.15% (net) in the third quarter compared to the Russell 2000 Growth Index’s 8.41% return. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Meridian Small Cap Growth Fund highlighted stocks like Byrna Technologies Inc. (NASDAQ:BYRN), in the third quarter 2024 investor letter. Byrna Technologies Inc. (NASDAQ:BYRN) is a non-lethal self-defense technology company. The one-month return of Byrna Technologies Inc. (NASDAQ:BYRN) was 32.20%, and its shares gained 225.64% of their value over the last 52 weeks. On November 27, 2024, Byrna Technologies Inc. (NASDAQ:BYRN) stock closed at $19.05 per share with a market capitalization of $428.225 million.
Meridian Small Cap Growth Fund stated the following regarding Byrna Technologies Inc. (NASDAQ:BYRN) in its Q3 2024 investor letter:
“Byrna Technologies Inc. (NASDAQ:BYRN) is a leader in non-lethal self-defense solutions for consumers and law enforcement. Its products, primarily sold through its e-commerce platform and Amazon, do not require background checks or firearm licenses. The stock performed well following a positive pre-announcement of higher-than-expected revenues, bolstering market confidence in Byrna’s new advertising strategy. We took advantage of the pricing strength during the quarter to trim our position.”
A military personnel in gear next to a shoulder-fired launcher, representing the company’s less-lethal defense technology.
Byrna Technologies Inc. (NASDAQ:BYRN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Byrna Technologies Inc. (NASDAQ:BYRN) at the end of the third quarter which was 8 in the previous quarter. Third quarter net revenue of Byrna Technologies Inc. (NASDAQ:BYRN) was $20.9 million, a 194% jump from the $7.1 million in Q3 2023. While we acknowledge the potential of Byrna Technologies Inc. (NASDAQ:BYRN) 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 Byrna Technologies Inc. (NASDAQ:BYRN) and shared Meridian Small Cap Growth Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.