Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Micro Cap Composite declined -1.53% net of fees in the second quarter, compared to the Russell Microcap Growth Index’s 6.35% return. Despite eight of the eleven sectors adding value to relative performance, negative stock selection effects in the Industrials, Health Care, and Technology sectors proved too much to overcome. The portfolio was also hindered by stylistic headwinds. Positive sector allocation effects contributed modestly to performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Micro Cap Strategy highlighted stocks like Planet Labs PBC (NYSE:PL) in the second quarter 2023 investor letter. Headquartered in San Francisco, California, Planet Labs PBC (NYSE:PL) designs, constructs, and launches constellations of satellites. On August 9, 2023, Planet Labs PBC (NYSE:PL) stock closed at $3.4100 per share. One-month return of Planet Labs PBC (NYSE:PL) was -2.01%, and its shares lost 42.88% of their value over the last 52 weeks. Planet Labs PBC (NYSE:PL) has a market capitalization of $941.269 billion.
Conestoga Micro Cap Strategy made the following comment about Planet Labs PBC (NYSE:PL) in its second quarter 2023 investor letter:
“Planet Labs PBC (NYSE:PL): PL provides daily satellite data that helps businesses, governments, researchers and journalists understand and monitor the physical world. PL has deployed over 452 satellites since its founding – over 10x that of any competitor – and currently has 150 satellites in orbit that collect over 350 million square kilometers of imagery daily. PL sells their data on a subscription basis, with over 90% of the $191 million in revenue last year recurring in nature. Over 95% of revenue is under annual or multi-year contracts. Revenue growth in their fiscal 2023 was 43% and gross margins expanded 1,600 basis points to 58% as they leverage their data set, which is largely fixed cost in nature.”
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Planet Labs PBC (NYSE:PL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Planet Labs PBC (NYSE:PL) at the end of first quarter which was 17 in the previous quarter.
We discussed Planet Labs PBC (NYSE:PL) in another article and shared the list of best space stocks to invest in according to hedge funds. In addition, please check out our hedge fund investor letters Q2 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.
