5 Worst Performing NASDAQ Stocks In 2023

In this article, we discuss 5 worst performing NASDAQ stocks in 2023. If you want to read our detailed discussion on the stock market performance this year, head over to 15 Worst Performing NASDAQ Stocks In 2023. 

5. Concentrix Corporation (NASDAQ:CNXC)

Number of Hedge Fund Holders: 24

YTD Share Price Decline as of July 30: 37.20%

Concentrix Corporation (NASDAQ:CNXC) is a worldwide provider of technology-led customer experience (CX) solutions. The company offers CX process optimization, technology innovation, front- and back-office automation, analytics, and business transformation services. As of July 30, Concentrix Corporation (NASDAQ:CNXC) stock has dropped 37.2% year-to-date, which merits its inclusion on our list of the worst performing NASDAQ stocks in 2023. 

On June 28, Concentrix Corporation (NASDAQ:CNXC) declared a quarterly dividend of $0.275 per share, in line with previous. The dividend is payable on August 8, to shareholders of record on July 28. 

According to Insider Monkey’s first quarter database, 24 hedge funds were bullish on Concentrix Corporation (NASDAQ:CNXC), compared to 25 funds in the prior quarter. Lauren Taylor Wolfe’s Impactive Capital is the leading stakeholder of the company, with 1.65 million shares worth $200.6 million. 

FPA made the following comment about Concentrix Corporation (NASDAQ:CNXC) in its Q3 2022 investor letter:

“Concentrix Corporation (NASDAQ:CNXC) is a customer experience solutions provider that has expanded from call centers to a wider suite of customer engagement products and solutions. We followed the company for years as part of Synnex (it was spun out in December 2020) and have always been impressed with its consistent growth, customer wins and product expansions. The share price nearly doubled in 2021 following the spin and we believe that this year’s reversal is a response to moderating growth and a valuation that got ahead of itself.”