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HealthEquity (HQY) Benefitted from Increased Demand

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -9.91% (net) compared to a -6.84% return for the Russell 2500 Growth Index. The firm’s investment process prioritizes the management of risk over the opportunity for a return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Meridian Growth Fund 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 accounts. On December 5, 2023, HealthEquity, Inc. (NASDAQ:HQY) stock closed at $69.02 per share. One-month return of HealthEquity, Inc. (NASDAQ:HQY) was 2.66%, and its shares gained 4.35% of their value over the last 52 weeks. HealthEquity, Inc. (NASDAQ:HQY) has a market capitalization of $5.91 billion.

Meridian Growth Fund made the following comment about HealthEquity, Inc. (NASDAQ:HQY) in its Q3 2023 investor letter:

"HealthEquity, Inc. (NASDAQ:HQY) is a leading provider of health savings accounts (HSAs). The increasing adoption of high-deductible health insurance plans by employers has led to higher demand for HSAs, which provide consumers with an effective means of saving and paying for health-related expenses. Our investment thesis for this company is based on our belief that, as the market-leading U.S. provider of HSAs, HealthEquity will continue to benefit from rising demand trends. During the quarter, expectations of rising interest rates further boosted earnings power for HealthEquity, which collects float income on its HSA account balances. The stock also climbed on news of the company’s planned acquisition of BenefitWallet. Income generated from BenefitWallet’s more than $3 billion in assets could be immediately accretive and create a path for strong earnings growth over the next couple of years. We maintained our position in the stock during the period as the share price appreciated."

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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 the list of stocks receiving a massive vote of approval from Wall Street analysts. 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.