Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Growth—U.S. Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy declined and underperformed its benchmark, the Russell Microcap Index in the fourth quarter, which gained 4.72%. The disappointing returns in industrials, financials, and consumer discretionary were the primary source of the strategy’s weakness relative to the benchmark while consumer staples positively contributed to the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Wasatch Micro Cap Growth—U.S. Strategy highlighted stocks like Purple Innovation, Inc. (NASDAQ:PRPL) in its Q4 2022 investor letter. Headquartered in Lehi, Utah, Purple Innovation, Inc. (NASDAQ:PRPL) is a mattresses, pillows, and cushions manufacturing company. On March 21, 2023, Purple Innovation, Inc. (NASDAQ:PRPL) stock closed at $2.5500 per share. One-month return of Purple Innovation, Inc. (NASDAQ:PRPL) was -37.80%, and its shares lost 63.20% of their value over the last 52 weeks. Purple Innovation, Inc. (NASDAQ:PRPL) has a market capitalization of $267.189 billion.
Wasatch Micro Cap Growth—U.S. Strategy made the following comment about Purple Innovation, Inc. (NASDAQ:PRPL) in its Q4 2022 investor letter:
“Among consumer-products companies, we bought another name that we had held in the past—Purple Innovation, Inc. (NASDAQ:PRPL). The company produces and markets mattresses, pillows, sheets, other bedding products and cushions. Purple’s injection-molded GelFlex Grid is made from a proprietary polymer and provides cushioned comfort while maintaining support. After experiencing some business-development challenges a few years ago, we think Purple is now well-positioned to take market share in a growing industry. What adds to our confidence is that the company’s new CEO is experienced in building excellent management teams, reducing costs and partnering with top-notch retailers.”
Purple Innovation, Inc. (NASDAQ:PRPL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Purple Innovation, Inc. (NASDAQ:PRPL) at the end of the fourth quarter which was 14 in the previous quarter.
We discussed Purple Innovation, Inc. (NASDAQ:PRPL) in another article and shared the list of best furniture-related stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 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.
