EVI Industries (EVI) Shares Sold Off Despite a Strong Quarter

Conestoga Capital Advisors, an asset management company, released its “SMid Cap Growth Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Conestoga SMid Cap Growth Composite rose 10.01% net of fees in the first quarter, compared to the Russell 2500 Growth Index’s 6.54% return. Both sector allocation and stock selection contributed positively to the performance of the fund in the quarter. The strategy also benefited from the market rotation. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga SMid Cap Growth Strategy highlighted stocks like EVI Industries, Inc. (NYSE:EVI) in the first quarter 2023 investor letter. Headquartered in Miami, Florida, EVI Industries, Inc. (NYSE:EVI) is a value-added distributor of commercial and industrial laundry and dry-cleaning equipment and steam and hot water boilers. On May 26, 2023, EVI Industries, Inc. (NYSE:EVI) stock closed at $18.88 per share. One-month return of EVI Industries, Inc. (NYSE:EVI) was -0.89%, and its shares gained 79.64% of their value over the last 52 weeks. EVI Industries, Inc. (NYSE:EVI) has a market capitalization of $237.41 million.

Conestoga SMid Cap Growth Strategy made the following comment about EVI Industries, Inc. (NYSE:EVI) in its Q1 2023 investor letter:

“EVI Industries, Inc. (NYSE:EVI): EVI is a distributor of commercial laundry and dry-cleaning equipment, industrial boilers, and related parts, supplies and technical services. Despite reporting a strong quarter, the stock sold off late in the quarter along with the market, perhaps exacerbated by its small market cap.”

worker, pipe, pipework, adjuster, steel, installer, heeting, valve, engineering, pump, burner, isolation, repairman, heater, steam, plumber, engineer, tube, technology,

Dmitry Kalinovsky/Shutterstock.com

EVI Industries, Inc. (NYSE:EVI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 2 hedge fund portfolios held EVI Industries, Inc. (NYSE:EVI) at the end of first quarter 2023 which was 3 in the previous quarter.

We discussed EVI Industries, Inc. (NYSE:EVI) in another article and shared Conestoga Capital Advisors’ views on the company. In addition, please check out our hedge fund investor letters Q1 2023 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.