Alpha Teknova (TKNO) Posted Better Than Expected Results in Q3
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 Alpha Teknova, Inc. (NASDAQ:TKNO) in the third quarter 2023 investor letter. Headquartered in Hollister, California, Alpha Teknova, Inc. (NASDAQ:TKNO) is a reagents provider for the life sciences market. On November 15, 2023, Alpha Teknova, Inc. (NASDAQ:TKNO) stock closed at $2.14 per share. One-month return of Alpha Teknova, Inc. (NASDAQ:TKNO) was -1.38%, and its shares lost 59.77% of their value over the last 52 weeks. Alpha Teknova, Inc. (NASDAQ:TKNO) has a market capitalization of $87.157 million.
Conestoga Micro Cap Composite made the following comment about Alpha Teknova, Inc. (NASDAQ:TKNO) in its Q3 2023 investor letter:
"Alpha Teknova, Inc. (NASDAQ:TKNO): TKNO is a leading provider of critical reagents that enable the discovery, development, and production of biopharmaceutical products such as drug therapies, novel vaccines, and molecular diagnostics. During the quarter, TKNO reported better-than-expected earnings results. Moreover, shares moved higher as insiders purchased shares representing a high-teens percentage of market capitalization, signaling conviction in the longer-term outlook for the business."
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Alpha Teknova, Inc. (NASDAQ:TKNO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held Alpha Teknova, Inc. (NASDAQ:TKNO) at the end of second quarter which was 8 in the previous quarter.
We discussed Alpha Teknova, Inc. (NASDAQ:TKNO) in another article and shared Conestoga Capital Advisors' views on the company in the previous quarter. 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.
