Should You Hold SoundThinking (SSTI)?
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 SoundThinking, Inc. (NASDAQ:SSTI) in the second quarter 2023 investor letter. Headquartered in Fremont, California, SoundThinking, Inc. (NASDAQ:SSTI) is a public safety technology company. On August 9, 2023, SoundThinking, Inc. (NASDAQ:SSTI) stock closed at $17.89 per share. One-month return of SoundThinking, Inc. (NASDAQ:SSTI) was -26.07%, and its shares lost 52.57% of their value over the last 52 weeks. SoundThinking, Inc. (NASDAQ:SSTI) has a market capitalization of $219.068 million.
Conestoga Micro Cap Strategy made the following comment about SoundThinking, Inc. (NASDAQ:SSTI) in its second quarter 2023 investor letter:
"SoundThinking, Inc. (NASDAQ:SSTI): SSTI provides gunshot detection technology as well as analytics/case management services. In early April, the stock corrected 30% with the surprise election of Brandon Johnson to be the Mayor of Chicago. Mr. Johnson has said he would eliminate the city’s contract with SSTI. We are confident in the significant benefits of SSTI’s technology to high crime cities and are maintaining our position in the stock."
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SoundThinking, Inc. (NASDAQ:SSTI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held SoundThinking, Inc. (NASDAQ:SSTI) at the end of first quarter which was 10 in the previous quarter.
We discussed SoundThinking, Inc. (NASDAQ:SSTI) in another article and shared Conestoga Micro Cap Strategy's views on the company in the previous quarter. 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.
