Conestoga Capital Advisors Exits Badger Meter Investment Position

Conestoga Capital Advisors exited its investment position in Badger Meter during the second quarter of 2026. The asset management firm cited a decline in first-quarter revenue and low visibility for a meaningful recovery as the primary drivers for the sale.

While Badger Meter management maintained that there was no pull forward of demand following the pandemic, the investment firm disputed this claim. Conestoga Capital Advisors asserted that increased activity in recent years likely created an air pocket of demand, contributing to the current downturn.

As of August 5, 2026, Badger Meter shares closed at $139.44. This price reflects a 25.65% loss over the preceding 52 weeks.