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Should You Be Optimistic about Wingstop (WING)’s Long-Term Opportunity?

Soumya Eswaran
·2-min read

Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund delivered 1.42% gross and 1.11% net of fees compared to a 7.58% return for the Russell 2000 Growth Index and a 4.77% return for the S&P SmallCap 600 Growth Index. It was a historic quarter for the Russell 2000 Growth Index as more than half of its performance was driven by Super Micro Computer and MicroStrategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Polen U.S. Small Company Growth Strategy featured stocks like Wingstop Inc. (NASDAQ:WING) in the first quarter 2024 investor letter. Founded in 1994, Wingstop Inc. (NASDAQ:WING) franchises and operates restaurants. On May 17, 2024, Wingstop Inc. (NASDAQ:WING) stock closed at $386.28 per share. One-month return of Wingstop Inc. (NASDAQ:WING) was 8.89%, and its shares lost 27.90% of their value over the last 52 weeks. Wingstop Inc. (NASDAQ:WING) has a market capitalization of $11.345 billion.

Polen U.S. Small Company Growth Strategy stated the following regarding Wingstop Inc. (NASDAQ:WING) in its first quarter 2024 investor letter:

"The top contributors to the Portfolio's quarterly performance, both relative and absolute, were Wingstop Inc. (NASDAQ:WING), Core & Main, and AppFolio. Wingstop is the world's largest fast casual chicken wing-focused restaurant chain with roughly 2,000 locations. Throughout 2023, the company exceeded high expectations, delivering double-digit same-store sales growth while expanding into new regions internationally. As noted below, while we remain enthusiastic about Wingstop's long-term opportunity, we have trimmed our position on valuation, with the stock up 130% over the past seven months."

Wingstop Inc. (NASDAQ:WING) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Wingstop Inc. (NASDAQ:WING) at the end of the fourth quarter which was 28 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.

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In another article, we discussed Wingstop Inc. (NASDAQ:WING) and shared TimesSquare Capital U.S. Small Cap Growth Strategy's views on the company in the previous quarter. Wingstop Inc. (NASDAQ:WING) rose in the last quarter, surpassing earnings and revenues expectations. Wingstop Inc. (NASDAQ:WING) was Polen U.S. Small Company Growth Strategy's top contributor in the previous quarter. In the Q4 2023 letter, the company expressed optimism regarding Wingstop Inc.'s (NASDAQ:WING) long runway for growth.

 

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