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