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Insulet (PODD) Faces Increasing Competition

Soumya Eswaran
·2-min read

ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The positive momentum in 2023 continued in the first quarter of 2024, the stocks surged on the expectation of a soft landing of the economy and a slowdown in rate hikes by the Fed. Against this backdrop, the S&P Index surged 10.56% and the Russell 3000 Index gained 10.02%. The strategy underperformed its Russell 3000 Index benchmark in the quarter. IT and industrial sectors were the primary contributors while the real estate sector detracted. In addition, please check the fund’s top five holdings to know its best picks in 2024.

ClearBridge Select Strategy highlighted stocks like Insulet Corporation (NASDAQ:PODD), in the first quarter 2024 investor letter. Insulet Corporation (NASDAQ:PODD) develops and manufactures insulin delivery systems. The one-month return of Insulet Corporation (NASDAQ:PODD) was 10.68%, and its shares lost 30.76% of their value over the last 52 weeks. On June 20, 2024, Insulet Corporation (NASDAQ:PODD) stock closed at $199.31 per share with a market capitalization of $13.96 billion.

ClearBridge Select Strategy stated the following regarding Insulet Corporation (NASDAQ:PODD) in its first quarter 2024 investor letter:

"Within health care, Insulet Corporation (NASDAQ:PODD) reported solid fourth quarter results that topped estimates but was hurt by weaker full-year guidance and poor communication by management. The maker of insulin pumps for diabetes patients could face increasing competition in the second half of the year."

A pharmacy worker placing wireless handheld personal diabetes managers against the light.

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Insulet Corporation (NASDAQ:PODD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Insulet Corporation (NASDAQ:PODD) at the end of the first quarter which was 50 in the previous quarter. Insulet Corporation (NASDAQ:PODD) reported a 23% increase in revenue for the first quarter (See the details here). While we acknowledge the potential of Insulet Corporation (NASDAQ:PODD) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Insulet Corporation (NASDAQ:PODD) and shared ClearBridge Aggressive Growth Strategy's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.