A Deep Dive into Tieton Capital Management's Q3 2022 vs. Q4 2022 13F Holdings

Tieton Capital Management is a Seattle-based investment firm that runs a concentrated portfolio of small-cap stocks. In this blog post, we will analyze the changes in their holdings between Q3 2022 and Q4 2022 based on the 13F filings.

One notable decrease in their holdings is in CIVI or Civitas Resources. Their number of shares decreased from 187,042 to 184,272, which is a 0.5% change. The value of their shares also experienced a slight decline from $10.734 million to $10.675 million.

CECO Environmental, another one of Tieton Capital Management's holdings, decreased significantly from 972,833 shares in Q3 2022 to 736,539 in Q4 2022. The value of their shares remained almost unchanged from $8.610 million to $8.603 million.

On the other hand, Tieton Capital Management increased its holdings in Enova International, with the number of shares rising from 227,523 in Q3 to 223,937 in Q4. The value of their shares also increased from $6.660 million to $8.592 million, which is equivalent to a 29% change.

Similarly, their holdings in Vishay Precision Group, increased from 177,098 shares in Q3 to 174,436 shares in Q4. The value of their shares also increased from $5.240 million to $6.742 million, which translates to a 28.7% change.

Another company in which Tieton Capital Management notably increased its holdings is on Primoris Services Corp, with the number of shares rising from 275,990 in Q3 to 272,325 in Q4. The value of their shares increased from $4.485 million to $5.975 million, representing a 33.2% change.

However, some holdings experienced losses, such as Fluent, Inc. Their number of shares dropped from 5,112,550 in Q3 2022 to 5,082,448 in Q4 2022, which is equivalent to a 19.7% change. The value of their shares also declined from $6.902 million to $5.540 million.

Another notable loss is in BM Technologies, which dropped from 572,355 shares in Q3 to 538,415 shares in Q4. The value of their shares also declined from $3.829 million to $2.805 million, translating to a 26.7% change.

It's worth noting that AdvanSix Inc, which in Q3 had 99,188 shares, didn't report any shares for Q4 2022. Newpark Resources, on the other hand, had a significant increase in the number of shares, rising from 662,868 in Q3 to 658,990 in Q4, which is equivalent to a 63.8% change. The value of their shares likewise rose from $1.670 million to $2.735 million.

In conclusion, Tieton Capital Management's holdings experienced a mix of gains and losses, with some companies like Enova International and Primoris Services Corp showing promising growth, while others like Fluent Inc and BM Technologies experiencing setbacks. It is not clear why some of their holdings decreased while others increased. Regardless, it will be interesting to keep an eye on Tieton Capital Management's future 13F filings to see how they adjust their holdings in the coming quarters.