Invesco Distributors, Inc., an investment management firm, released its “Invesco Small Cap Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund underperformed the benchmark due to stock selection and an overweight in industrials. A lack of exposure to real estate also detracted from relative performance. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Invesco Small Cap Value Fund highlighted stocks like QuidelOrtho Corporation NASDAQ:QDEL), in the first quarter 2024 investor letter. QuidelOrtho Corporation (NASDAQ:QDEL) is a diagnostic testing solutions provider. The one-month return of QuidelOrtho Corporation (NASDAQ:QDEL) was 12.06%, and its shares lost 42.45% of their value over the last 52 weeks. On December 18, 2024, QuidelOrtho Corporation (NASDAQ:QDEL) stock closed at $42.46 per share with a market capitalization of $2.86 billion.
Invesco Small Cap Value Fund stated the following regarding QuidelOrtho Corporation (NASDAQ:QDEL) in its Q3 2024 investor letter:
“QuidelOrtho Corporation (NASDAQ:QDEL): The stock price of this leading manufacturer of diagnostic health care products declined during the quarter after the company announced disappointing 2024 earnings guidance and ousted its CEO. The stock price reaction provided an opportunity to purchase shares in a company we believe has healthy long-term growth prospects at a price below our assessment of intrinsic value. The company has hired a new CEO who we expect to drive operational efficiencies and higher profitability.”
A scientist observing the results of a molecular diagnostic test.
QuidelOrtho Corporation (NASDAQ:QDEL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held QuidelOrtho Corporation (NASDAQ:QDEL) at the end of the third quarter which was 33 in the previous quarter. QuidelOrtho Corporation (NASDAQ:QDEL) reported third quarter revenue of $727 million, adjusted EBITDA of $171 million and adjusted diluted EPS of $0.85. While we acknowledge the potential of QuidelOrtho Corporation (NASDAQ:QDEL) 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 QuidelOrtho Corporation (NASDAQ:QDEL) and shared oversold NASDAQ stocks to invest in. 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.