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 Bowman Consulting Group Ltd. (NASDAQ:BWMN), in the first quarter 2024 investor letter. Bowman Consulting Group Ltd. (NASDAQ:BWMN), with a market capitalization of $568.685 million, offers real estate, energy, infrastructure, and environmental management solutions. The one-month return of Bowman Consulting Group Ltd. (NASDAQ:BWMN) was 0.31%, and its shares gained 16.50% of their value over the last 52 weeks. On May 22, 2024, Bowman Consulting Group Ltd. (NASDAQ:BWMN) stock closed at $32.19 per share.
Conestoga Capital Advisors Micro-Cap Strategy stated the following regarding Bowman Consulting Group Ltd. (NASDAQ:BWMN) in its first quarter 2024 investor letter:
“Bowman Consulting Group Ltd. (NASDAQ:BWMN): BWMN is a multi-disciplinary consulting firm offering a broad range of real estate, energy, infrastructure, and environmental management solutions to both public and private clients. Bowman has benefited from numerous secular tailwinds in geospatial data collection, electric grid fortification, the renewable energy transition and infrastructure spending. Bowman has generated organic revenue growth of 15-20% that has been supplemented with acquisitions which have added technical capabilities and geographic expansion. Bowman is headquartered in Reston, Virginia and is still led by its founder, Gary Bowman, who owns over 17% of the company.”
An engineer in her office examining a blueprint, surrounded by engineering components.
Bowman Consulting Group Ltd.’s (NASDAQ:BWMN) trailing 12 months revenue is $365.06 million and its year over year quarterly revenue growth rate is 24.70%. Bowman Consulting Group Ltd. (NASDAQ:BWMN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Bowman Consulting Group Ltd. (NASDAQ:BWMN) at the end of the first quarter which was 5 in the previous quarter.
In another article, we discussed Bowman Consulting Group Ltd. (NASDAQ:BWMN) and shared Polen Capital’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.
If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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.
