HealthEquity (HQY) Surged in Q3 on Guidance

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the quarter the fund returned -3.67% (net), compared to -7.32% return for the Russell 2000 Growth Index. Year-to-date the fund returned 11.56% (net) compared to 9.59% return for the index. The third quarter saw a decline in global equities markets, but they remained positive YTD. Value has generally outperformed Growth, as demonstrated by the style factors and market indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Small Cap Growth Strategy highlighted stocks like HealthEquity, Inc. (NASDAQ:HQY) in the Q3 2023 investor letter. Headquartered in Draper, Utah, HealthEquity, Inc. (NASDAQ:HQY) provides financial technology solutions for healthcare spending decisions. On December 6, 2023, HealthEquity, Inc. (NASDAQ:HQY) stock closed at $69.33 per share. One-month return of HealthEquity, Inc. (NASDAQ:HQY) was 2.33%, and its shares gained 7.24% of their value over the last 52 weeks. HealthEquity, Inc. (NASDAQ:HQY) has a market capitalization of $5.949 billion.

TimesSquare Capital U.S. Small Cap Growth Strategy made the following comment about HealthEquity, Inc. (NASDAQ:HQY) in its Q3 2023 investor letter:

“Gaining 16% was HealthEquity, Inc. (NASDAQ:HQY), an administrator of consumer-driven health benefit programs. Recent revenues and earnings were higher than anticipated with much better gains from custodial yield revenue from the funds it administers. That led HealthEquity’s management to increase its guidance for the balance of its fiscal year.”

Source: Unsplash

HealthEquity, Inc. (NASDAQ:HQY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held HealthEquity, Inc. (NASDAQ:HQY) at the end of third quarter which was 19 in the previous quarter.

We discussed HealthEquity, Inc. (NASDAQ:HQY) in another article and shared Meridian Growth Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.