Research
Highlighted Pitches
SHOP
October 2023
Shopify Inc. (Long)
Although SHOP suffered from an industry-wide drawdown, it took steps to reinvent its business and maintain an edge despite a harsh decline in e-commerce spending. Such examples include investments into POS systems, a partnership with Amazon, and improved growth of their enterprise-level Shopify+ plan that provided substantial recurring revenue. All these enhancements ultimately led to new avenues of GMV growth while increasing subscriptions.
SMRT
December 2023
SmartRent Technologies, Inc. (Short)
VC investment in SMRT has led to a heavy reliance on LPs, accounting for over 30% of sales in five out of the last nine quarters. Along with sacrificing future SaaS revenue for short-term hardware gains via accounting changes, management's decision to prioritize revenue growth despite declining orders has led to skepticism about their trustworthiness and realistic expectations, causing investors to question their decision-making abilities.
DOX
December 2023
Amdocs Ltd. (Long)
DOX's strategic international expansion, focused approach in the 5G landscape, and resilience through product diversification and strategic partnerships position it for continued success in the dynamic telecommunications and media landscape. The company's track record, financial strength, and commitment to innovation make it a formidable player poised for long-term growth in the next 12 months and beyond.
Past Pitches
DIS
October 2023
CHWY
May 2023
HIMS
March 2023