Should You Consider Selling EVI Industries (EVI)?

Conestoga Capital Advisors, an asset management company, released its “Small Cap Growth Fund” third-quarter investor letter. A copy of the same can be downloaded here. The fund declined 4.56% net of fees in the third quarter, compared to a 0.24% return for Russell 2000 Growth Index. Stock selection and negative sector allocation impacted the fund’s performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Conestoga Capital Advisors highlighted stocks like EVI Industries, Inc. (NYSE:EVI) in its Q3 2022 investor letter. Headquartered in Miami, Florida, EVI Industries, Inc. (NYSE:EVI) engages in the business of commercial and industrial laundry and dry-cleaning equipment. On December 15, 2022, EVI Industries, Inc. (NYSE:EVI) stock closed at $22.67 per share. One-month return of EVI Industries, Inc. (NYSE:EVI) was 20.65%, and its shares lost 28.15% of their value over the last 52 weeks. EVI Industries, Inc. (NYSE:EVI) has a market capitalization of $312.789 million.

Conestoga Capital Advisors made the following comment about EVI Industries, Inc. (NYSE:EVI) in its Q3 2022 investor letter:

“EVI Industries, Inc. (NYSE:EVI): EVI is a leading distributor of commercial laundry and dry-cleaning equipment, industrial boilers and related parts, supplies and technical services. Originally purchased in small cap in December 2017, EVI was a relatively small weight during its entire holding period. While we like the fundamentals of the business, we believed the company’s acquisition strategy would be at a faster and greater scale than has materialized. We believed that this acquisition activity would require additional equity offerings which would enable us to increase our ownership stake in the business.”

Copyright: serezniy / 123RF Stock Photo

EVI Industries, Inc. (NYSE:EVI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 3 hedge fund portfolios held EVI Industries, Inc. (NYSE:EVI) at the end of the third quarter, which was 4 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 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.