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Here’s Why Euronet Worldwide (EEFT) Fell in Q3

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 Euronet Worldwide, Inc. (NASDAQ:EEFT) in the Q3 2023 investor letter. Headquartered in Leawood, Kansas, Euronet Worldwide, Inc. (NASDAQ:EEFT) payment and transaction processing and distribution solutions provider. On December 5, 2023, Euronet Worldwide, Inc. (NASDAQ:EEFT) stock closed at $89.02 per share. One-month return of Euronet Worldwide, Inc. (NASDAQ:EEFT) was 9.52%, and its shares lost 1.58% of their value over the last 52 weeks. Euronet Worldwide, Inc. (NASDAQ:EEFT) has a market capitalization of $4.123 billion.

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

"Euronet Worldwide, Inc. (NASDAQ:EEFT) is an industry leader in providing secure electronic financial solutions on a global basis. The company operates one of the largest independent ATM networks in Europe, has the largest payment network for prepaid mobile top-up and other digital content, and is the second largest global money transfer company. Despite posting solid double-digit earnings growth, the company lowered its full-year outlook to the lower end of its previous guidance range which included a softer than anticipated third quarter outlook. The weakness was driven by slower growth in its most profitable EFT business, which relies heavily on cash-based spending activities related to travel and leisure. The company cited the economic impact from the war in Ukraine, rising inflation, and lower overall consumer spending. While current softness pressured the stock, we believe Euronet’s overall business results remain solid, and valuations are attractive at current levels. We added to our position during the quarter on share price weakness."

An ATM machine in a shopping mall with a customer sliding their card and making a transaction.

Euronet Worldwide, Inc. (NASDAQ:EEFT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Euronet Worldwide, Inc. (NASDAQ:EEFT) at the end of third quarter which was 29 in the previous quarter.

We discussed Euronet Worldwide, Inc. (NASDAQ:EEFT) in another article and shared Polen Capital's views on the company. 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.

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