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10 Stocks to Invest In Now According to Viraj Mehta’s Arctis Global

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·8 min read
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In this article, we discuss 10 stocks to invest in now according to Viraj Mehta's Arctis Global. If you want to skip our detailed analysis of Mehta's history, investment philosophy, and hedge fund performance, go directly to 5 Stocks to Invest In Now According to Viraj Mehta's Arctis Global.

Viraj Mehta founded Arctis Global in 2020. It oversees a portfolio valued at $267.01 million as per the 13F filings from the fourth quarter of 2021. Viraj Mehta's Arctis Global portfolio focuses on information technology and finance. With a top ten holdings concentration of 91.08%, the largest security in Mehta's Q4 portfolio is Alliance Data Systems Corporation (NYSE:ADS), representing 19.03% of Arctis Global's total investments.

Viraj Mehta completed his Bachelor’s degree in computer science from the University of Mumbai in 2008. Viraj Mehta owns and controls the Puerto Rico-based hedge fund, Arctis Global. The hedge fund is an equity long/short advisor that uses a bottom-up, research-intensive securities analysis approach to reach its investing goal.

10 Stocks to Invest In Now According to Viraj Mehta's Arctis Global
10 Stocks to Invest In Now According to Viraj Mehta's Arctis Global

Source:Pixabay

Our Methodology

With this background in mind, let’s start our list of 10 stocks to invest in now according to Viraj Mehta's Arctis Global. We picked these stocks from the Q4 portfolio of Mehta's hedge fund.

10. First BanCorp. (NYSE:FBP)

Arctis Global’s Stake Value: $11,445,000

Percentage of Arctis Global’s 13F Portfolio: 4.28%

Number of Hedge Fund Holders: 25

First BanCorp. (NYSE:FBP) is a banking holding company that offers personal, commercial, and corporate banking services. First BanCorp. (NYSE:FBP)'s segments include Commercial and Corporate Banking, Consumer (Retail) Banking, Mortgage Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations. On April 12, Keefe Bruyette analyst Kelly Motta assigned an Outperform rating to First BanCorp. (NYSE:FBP) along with a price objective of $17.50.

On April 28, First BanCorp. (NYSE:FBP) published earnings for the first quarter of 2022, announcing earnings per share of $0.41, beating estimates by $0.08. The $225.69 million revenue for the period was up 6.6% year-over-year, exceeding estimates by $12.14 million.

Insider Monkey’s fourth quarter database suggests that 25 hedge funds were bullish on First BanCorp. (NYSE:FBP), down from 26 funds in the prior quarter. The total stakes owned in Q4 2021 amounted to more than $152.39 million. Peter Rathjens, Bruce Clarke And John Campbell’s Arrowstreet Capital is a notable stakeholder of First BanCorp. (NYSE:FBP), with 4.14 million shares worth $56.99 million.

First BanCorp. (NYSE:FBP) is a noteworthy stock getting the attention of investors, like Apple Inc. (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), and Visa Inc. (NYSE:V).

9. HyreCar Inc. (NASDAQ:HYRE)

Arctis Global’s Stake Value: $12,576,000

Percentage of Arctis Global’s 13F Portfolio: 4.7%

Number of Hedge Fund Holders: 12

HyreCar Inc. (NASDAQ:HYRE) operates a peer-to-peer car-sharing marketplace. Viraj Mehta is also bullish on HyreCar Inc. (NASDAQ:HYRE), as of the end of the fourth quarter of 2021. The fund increased its holding in HyreCar Inc. (NASDAQ:HYRE) by 29% in the fourth quarter, ending the period with over 2.67 million shares of the company.

After HyreCar Inc. (NASDAQ:HYRE) reported Q4 revenue and volume that were affected by macro-related economic challenges, supply chain disruptions, lower car inventories, and persisting COVID impacts, Northland analyst Mike Grondahl trimmed his price target on HyreCar Inc. (NASDAQ:HYRE) to $7 from $18 and maintained an Outperform rating on the shares on March 16. HyreCar Inc. (NASDAQ:HYRE) posted earnings for the fourth quarter of 2021 on March 15, reporting a revenue of $35.72 million, up over 41% year-on-year and missing estimates by $0.54 million.

HyreCar Inc. (NASDAQ:HYRE) was in 12 hedge funds portfolios at the end of the fourth quarter of 2021. There were 15 hedge funds in our database with HyreCar Inc. (NASDAQ:HYRE) at the end of the previous quarter.

8. StoneCo Ltd. (NASDAQ:STNE)

Arctis Global’s Stake Value: $16,418,000

Percentage of Arctis Global’s 13F Portfolio: 6.14%

Number of Hedge Fund Holders: 35

StoneCo Ltd. (NASDAQ:STNE) is a company that specializes in financial technology. StoneCo Ltd. (NASDAQ:STNE) provides a cloud-based technology platform, electronic payments, and point-of-sale process automation. StoneCo Ltd. (NASDAQ:STNE) was assigned an Overweight rating by Cantor Fitzgerald analyst Josh Siegler and a price target of $15 on April 8.

At the end of Q4 2021, 35 hedge funds owned a stake in StoneCo Ltd. (NASDAQ:STNE), down from 37 in the preceding quarter. Tybourne Capital Management, with approximately 3.86 million shares worth $45.13 million, is the largest shareholder of StoneCo Ltd. (NASDAQ:STNE) as of Q1 of 2022.

StoneCo Ltd. (NASDAQ:STNE) was Arctis Global’s new acquisition in Q4 2021. The fund bought 973,785 shares of StoneCo Ltd. (NASDAQ:STNE), valued at $16.42 million, representing 6.14% of its portfolio.

Here is what ClearBridge Investments has to say about StoneCo Ltd. (NASDAQ:STNE) in its fourth quarter 2021 investor letter:

“We also sold and trimmed several names in the emerging market and emerging growth areas, to manage risk and pursue growth companies with a better long-term risk/reward. These included Brazilian payments provider StoneCo. Having expected a rebound in their performance post a profit warning earlier in the year, rising interest rates in Brazil and investments in newly acquired companies increased operating costs and depressed earnings.”

7. OFG Bancorp (NYSE:OFG)

Arctis Global’s Stake Value: $17,006,000

Percentage of Arctis Global’s 13F Portfolio: 6.36%

Number of Hedge Fund Holders: 15

OFG Bancorp (NYSE:OFG) is a holding corporation interested in banking and financial services. The three segments through which it operates are banking, wealth management, and treasury. By the end of the fourth quarter of 2021, Insider Monkey identified 15 hedge funds with stakes in OFG Bancorp (NYSE:OFG). The total value of these stakes was over $54.93 million.

On April 27, OFG Bancorp (NYSE:OFG) declared a quarterly dividend of $0.15 per share, in line with the previous. The forward yield was 2.27%. OFG Bancorp (NYSE:OFG) posted earnings for the first fiscal quarter on April 21 as well, reporting a revenue of $136.4 million, up 6.8% year-on-year.

On April 12, Keefe Bruyette analyst Kelly Motta maintained an Outperform rating on OFG Bancorp (NYSE:OFG), and a price objective of $35. Viraj Mehta's Arctis Global held 640,269 shares of OFG Bancorp (NYSE:OFG) in Q4 2021, worth over $17 million, representing 6.36% of the total 13F securities. The hedge fund trimmed its stake in OFG Bancorp (NYSE:OFG) by 28% in the fourth quarter of 2021.

Arctis Global is the leading stakeholder of the company. Next on the list is Israel Englander’s Millennium Management which owns 625,302 shares of OFG Bancorp (NYSE:OFG), worth over $16.61 million.

6. Rekor Systems, Inc. (NASDAQ:REKR)

Arctis Global’s Stake Value: $20,274,000

Percentage of Arctis Global’s 13F Portfolio: 7.59%

Number of Hedge Fund Holders: 5

On April 1, Lake Street analyst Jaeson Schmidt lowered his price target on Rekor Systems (NASDAQ:REKR) to $6 from $11 and reiterated a Buy rating on the shares. Schmidt expected that Rekor Systems (NASDAQ:REKR) would remain in the display zone for several years until a better picture of the new model gained momentum and that the at-the-market offering scheduled for February would likely establish a share limit.

Rekor Systems, Inc. (NASDAQ:REKR) is a holding company that, via its subsidiaries, provides real-time highway, customer, and public safety information solutions. Arctis Global also strengthened its position in Rekor Systems, Inc. (NASDAQ:REKR) by buying 772,423 additional shares.

Rekor Systems, Inc. (NASDAQ:REKR) has featured on Viraj Mehta's portfolio since the first quarter of 2021. As of the end of the fourth quarter, 5 hedge funds in Insider Monkey's database held stakes in Rekor Systems, Inc. (NASDAQ:REKR), a decrease compared to 8 funds in the preceding quarter.

Besides Apple Inc. (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), and Visa Inc. (NYSE:V), Rekor Systems, Inc. (NASDAQ:REKR) is a notable stock currently gaining investors' attention.

Evermore Global Advisors, an investment management firm, in its second-quarter 2021 investor letter, mentioned Rekor Systems, Inc. (NASDAQ:REKR). Here is what the fund said:

“Rekor Systems Inc. (REKR US). In February 2021, the Fund participated in a primary offering of shares in Rekor, a US-based technology company focused on vehicle identification systems sold to government entities. Shares proceeded to nearly double in short order, and we sold the position in mid-April for a sizable gain. When markets hand you a gift, sometimes it’s best to ring the cash register.”

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Disclosure: None. 10 Stocks to Invest In Now According to Viraj Mehta's Arctis Global is originally published on Insider Monkey.