Conestoga Capital Advisors, an asset management company, released its “Micro-Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. Investors are optimistic about the US economy which is heading for a softer landing, and moderating inflation. In the first quarter, the strategy rose 4.93% net-of-fees but trailed the Russell Micro Cap Growth Index’s return of 6.60%. Stock selection negatively impacted the performance but was partially offset by sector allocation. Stock selection in the Industrials and healthcare sectors detracted while Financials and Telecommunications sectors contributed. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conestoga Capital Advisors Micro-Cap Strategy highlighted stocks like NV5 Global, Inc. (NASDAQ:NVEE), in the first quarter 2024 investor letter. NV5 Global, Inc. (NASDAQ:NVEE), with a market capitalization of $1.533 billion, offers technology, conformity assessment, consulting solutions, and software applications to public and private sector clients in the infrastructure, utility services, construction, real estate, environmental, and geospatial markets. One-month return of NV5 Global, Inc. (NASDAQ:NVEE) was 2.67%, and its shares gained 1.82% of their value over the last 52 weeks. On May 22, 2024, NV5 Global, Inc. (NASDAQ:NVEE) stock closed at $94.93 per share.
Conestoga Capital Advisors Micro-Cap Strategy stated the following regarding NV5 Global, Inc. (NASDAQ:NVEE) in its first quarter 2024 investor letter:
“NV5 Global, Inc. (NASDAQ:NVEE): NVEE is a leading provider of professional engineering and consulting services. Quarterly results were slightly below expectations due to softness in certain interest rate sensitive areas of the business. In addition, the Geospatial segment experienced some headwinds from federal spending delays. NVEE’s 2024 guidance for revenue and earnings were below consensus estimates. We believe this reflects a more conservative stance on guidance with lower-than-normal organic growth and a later recovery in federal spending in the geospatial business.”
A geologist collecting data in a remote location to monitor the effects of climate change.
NV5 Global, Inc.’s (NASDAQ:NVEE) trailing 12 months revenue is $890.72 million. As per the recent earnings call, compared to first quarter 2023, NV5 Global, Inc.’s (NASDAQ:NVEE) gross revenues in the first quarter increased 16% to $213.3 million.
NV5 Global, Inc. (NASDAQ:NVEE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held NV5 Global, Inc. (NASDAQ:NVEE) at the end of the first quarter which was 9 in the previous quarter.
Conestoga Capital Advisors commented about NV5 Global, Inc. (NASDAQ:NVEE) in its Q1 2023 investor letter. 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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Disclosure: None. This article is originally published at Insider Monkey.