Asset management firm Conestoga Capital Advisors has released its Q1 2024 “Small Cap Strategy” Investor Letter. A copy of the letter can be downloaded here. The Conestoga Small Cap Index returned 3.69% in the first quarter, while the Russell 2000 Growth Index returned 7.58%. Markets continued to rise in the first quarter as many major asset classes delivered positive returns. Under-representation in benchmark giants Super Micro Computer Inc. (SMCI) and MicroStrategy Inc. (MSTR) was a key reason for the portfolio's underperformance relative to the index. Additionally, stock selection in the technology sector, especially the software industry, has proven difficult. For a deeper understanding of the best stocks for 2024, check out our top 5 stocks for funds.
Conestoga Capital Advisors' Small Cap Strategy highlighted stocks like Exponent, Inc. (NASDAQ:EXPO) in its Q1 2024 Investor Letter. Exponent, Inc. (NASDAQ:EXPO) is a science and engineering consulting company with a market capitalization of $4.903 billion. Exponent Inc. (NASDAQ:EXPO)'s 1-month return is 20.42%, and the company's stock has increased his 7.32% in value over the past 52 weeks. On May 20, 2024, Exponent, Inc. (NASDAQ:EXPO) stock closed at $96.77 per share.
In its Q1 2024 investor letter, Conestoga Capital Advisors Small Cap Strategy said the following about Exponent, Inc. (NASDAQ:EXPO):
“Exponent Co., Ltd.” (NASDAQ:EXPO): EXPO is a scientific and engineering consulting firm specializing in advanced technology analysis across more than 90 scientific disciplines. In the second half of 2023, EXPO saw a greater-than-expected slowdown in its consumer electronics business, which peaked at 22% of revenue in 2022 but now accounts for 14% of revenue. Excluding consumer electronics, EXPO expects growth to be in line with expectations in 2023, with the segment expected to normalize during 2024.”
Chemical engineer studying laboratory samples of food for safety regulations.
Exponent, Inc. (NASDAQ:EXPO) had revenue of $505.69 million over the past 12 months. Based on its most recent earnings report, Exponent, Inc. (NASDAQ:EXPO)'s total revenue for the first quarter increased 3.3% year-over-year.
Exponent Inc. (NASDAQ:EXPO) isn't included in this list of 30 most popular stocks among hedge funds. Our database shows that 19 hedge fund portfolios owned Exponent Inc. (NASDAQ:EXPO) at the end of the fourth quarter, compared to 19 in the prior quarter.
Conestoga Capital Advisors commented on Exponent, Inc. (NASDAQ:EXPO) in its Q2 2023 Investor Letter. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q1 2024 page.
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Disclosures: None. This article was originally published Insider Monkey.
