Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The micro capitalization segment of the market proved the most challenging in the quarter with the Russell Micro Cap Index declining -7.93%. The Russell Micro Cap Growth Index fell further with a loss of -11.95%. The Micro Cap Composite also declined 13.34% net of fees during the same period. Particularly difficult stock selection in the Health Care and Consumer Discretionary sectors more than offset stronger stock selection effects in the Technology sector. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Micro Cap Composite highlighted stocks like Phreesia, Inc. (NYSE:PHR) in the third quarter 2023 investor letter. Headquartered in Wilmington, Delaware, Phreesia, Inc. (NYSE:PHR) is an integrated SaaS-based software and payment platform provider for the healthcare sector. On November 15, 2023, Phreesia, Inc. (NYSE:PHR) stock closed at $15.98 per share. One-month return of Phreesia, Inc. (NYSE:PHR) was 1.40%, and its shares lost 33.14% of their value over the last 52 weeks. Phreesia, Inc. (NYSE:PHR) has a market capitalization of $882.235 million.
Conestoga Micro Cap Composite made the following comment about Phreesia, Inc. (NYSE:PHR) in its Q3 2023 investor letter:
“Phreesia, Inc. (NYSE:PHR): PHR reported in-line revenue for the second quarter along with a smaller loss versus consensus estimates. The stock was weak as investors question the company reaching its goal of $500 million in annual run-rate revenue by the end of fiscal 2025, which is just six quarters away (FY ended January 2025). Management remains confident and sees multiple avenues to reach the goal, but it will be a “show-me” story until that date gets closer. The company provides payment software services to the healthcare industry.”
A healthcare professional using an iPad to help a patient intake process.
Phreesia, Inc. (NYSE:PHR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Phreesia, Inc. (NYSE:PHR) at the end of second quarter which was 24 in the previous quarter.
We discussed Phreesia, Inc. (NYSE:PHR) in another article and shared the list of aggressive stocks picked by hedge funds. In addition, please check out our hedge fund investor letters Q3 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.
