Here’s Why NV5 Global (NVEE) Declined in Q1

Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Micro Cap Composite rose 2.93% net of fees in the first quarter, compared to the Russell Microcap Growth Index’s 0.76% return. The Strategy posted 10.45% annualized returns since its inception at the end of 2019. Both positive stock selection and sector allocation equally contributed to the relative outperformance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Micro Cap Strategy highlighted stocks like NV5 Global, Inc. (NASDAQ:NVEE) in the first quarter 2023 investor letter. Based in Hollywood, Florida, NV5 Global, Inc. (NASDAQ:NVEE) provides professional and technical engineering and consulting solutions. On May 26, 2023, NV5 Global, Inc. (NASDAQ:NVEE) stock closed at $94.36 per share. One-month return of NV5 Global, Inc. (NASDAQ:NVEE) was -0.39%, and its shares lost 23.41% of their value over the last 52 weeks. NV5 Global, Inc. (NASDAQ:NVEE) has a market capitalization of $1.482 billion.

Conestoga Micro Cap Strategy made the following comment about NV5 Global, Inc. (NASDAQ:NVEE) in its Q1 2023 investor letter:

“NV5 Global, Inc. (NASDAQ:NVEE): NVEE is a leading provider of professional engineering and consulting services. The stock has performed well over the last several years, however, Q4 results were below expectations and the stock pulled back. The company experienced headwinds in the interest-rate-sensitive real estate transactions business and roughly $5 million of geospatial projects shifted into 2023. However, the core infrastructure business remained strong, and the company reiterated its 5% organic growth outlook for 2023.”

Pixabay/Public Domain

NV5 Global, Inc. (NASDAQ:NVEE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held NV5 Global, Inc. (NASDAQ:NVEE) at the end of the first quarter 2023 which was 15 in the previous quarter. 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.