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Here’s Why Conestoga Micro Cap Strategy Sold Health Catalyst (HCAT)

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 Health Catalyst, Inc. (NASDAQ:HCAT) in the second quarter 2023 investor letter. Headquartered in South Jordan, Utah, Health Catalyst, Inc. (NASDAQ:HCAT) offers data and analytics technology and services to healthcare organizations. On August 9, 2023, Health Catalyst, Inc. (NASDAQ:HCAT) stock closed at $12.46 per share. One-month return of Health Catalyst, Inc. (NASDAQ:HCAT) was 0.40%, and its shares lost 2.88% of their value over the last 52 weeks. Health Catalyst, Inc. (NASDAQ:HCAT) has a market capitalization of $701.002 million.

Conestoga Micro Cap Strategy made the following comment about Health Catalyst, Inc. (NASDAQ:HCAT) in its second quarter 2023 investor letter:

"Health Catalyst, Inc. (NASDAQ:HCAT): HCAT is a leading provider of data and analytics technology and services to healthcare organizations. HCAT’s outcomes-based approach has resulted in over $1.6 billion in validated improvements at its health system customers. HCAT has recently some deal slippage due to the macroeconomic environment and an overall degradation in health system budgets as they lapped solid years during COVID-19. HCAT has responded by offering more tech-enabled services (i.e. outsourcing), which we ultimately felt was a less attractive business model and led to our sale."

16 Most Technologically Advanced Countries in the World in 2017
16 Most Technologically Advanced Countries in the World in 2017

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Health Catalyst, Inc. (NASDAQ:HCAT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Health Catalyst, Inc. (NASDAQ:HCAT) at the end of first quarter which was 23 in the previous quarter.

We discussed Health Catalyst, Inc. (NASDAQ:HCAT) in another article and shared the list of small-cap stocks with high potential. 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.

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