Here’s Why Exponent (EXPO) Declined in Q2
Conestoga Capital Advisors, an asset management company, released its “SMid Cap Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Conestoga SMid Cap Growth Composite rose 8.52% net of fees in the second quarter, compared to the Russell 2500 Growth Index’s 6.41% return. A mix of both sector allocation and stock selection contributed positively to the relative return of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Smid Cap Strategy highlighted stocks like Exponent, Inc. (NASDAQ:EXPO) in the second quarter 2023 investor letter. Headquartered in Menlo Park, California, Exponent, Inc. (NASDAQ:EXPO) is a science and engineering consulting company. On August 10, 2023, Exponent, Inc. (NASDAQ:EXPO) stock closed at $87.05 per share. One-month return of Exponent, Inc. (NASDAQ:EXPO) was -8.85%, and its shares lost 14.92% of their value over the last 52 weeks. Exponent, Inc. (NASDAQ:EXPO) has a market capitalization of $4.425 billion.
Conestoga Smid Cap Strategy made the following comment about Exponent, Inc. (NASDAQ:EXPO) in its second quarter 2023 investor letter:
"Exponent, Inc. (NASDAQ:EXPO): EXPO is a science and engineering consulting firm that employs over 640 PhD’s among its 950 consultants. Shares traded modestly lower during the second quarter as EXPO reported some clients pushing out work in their proactive segment. Reactive work, which typically cannot be delayed, was robust as litigation, product safety and recall work saw broad based demand, notably in life sciences, energy, and transportation. EXPO had a better-than-expected recruiting season year-to-date, which should enable accelerating growth as new consultants become billable."
Exponent, Inc. (NASDAQ:EXPO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Exponent, Inc. (NASDAQ:EXPO) at the end of first quarter which was 18 in the previous quarter.
We discussed Exponent, Inc. (NASDAQ:EXPO) in another article and shared the list of oversold dividend stocks to invest in. 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.
