Here’s Why Addus HomeCare Corporation (ADUS) Sold-Off in Q2
TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 2000 Growth Index and returned 2.50% (net), and the index return was 7.05%. Consumer Staples, Health Care, Industrials, and Information Technology showed relative weakness. However, Communication Services and Materials showed strength, partially offsetting the weakness. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare U.S. Small Cap Growth Strategy highlighted stocks like Addus HomeCare Corporation (NASDAQ:ADUS) in the second quarter 2023 investor letter. Headquartered in Frisco, Texas, Addus HomeCare Corporation (NASDAQ:ADUS) offers personal care services. On September 22, 2023, Addus HomeCare Corporation (NASDAQ:ADUS) stock closed at $85.72 per share. One-month return of Addus HomeCare Corporation (NASDAQ:ADUS) was -4.55%, and its shares lost 6.78% of their value over the last 52 weeks. Addus HomeCare Corporation (NASDAQ:ADUS) has a market capitalization of $1.39 billion.
TimesSquare U.S. Small Cap Growth Strategy made the following comment about Addus HomeCare Corporation (NASDAQ:ADUS) in its Q2 2023 investor letter:
"Addus HomeCare Corporation (NASDAQ:ADUS) provides personal care services to the elderly, chronically ill, and disabled. The Centers for Medicare & Medicaid Services put forth a proposed rule that would significantly change the cost structure of personal care, which represents 80% of Addus’ business. Notably, the rule is preliminary and is subject to a 60-day comment period. In addition, states would have at least four years to enact the necessary changes to implement the proposal. This caused a -13% selloff in their shares."
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Addus HomeCare Corporation (NASDAQ:ADUS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Addus HomeCare Corporation (NASDAQ:ADUS) at the end of second quarter which was 14 in the previous quarter.
We discussed Addus HomeCare Corporation (NASDAQ:ADUS) in another article and shared the list of small-cap stocks with the highest upside potential. In addition, please check out our hedge fund investor letters Q2 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.
