In the March Issue of Cabot Early Opportunities we offer up a diverse mix of growth stocks with exposure to vastly different markets, all of which should be healthy for the duration of 2021.
While it’s been a rough month since the February Issue and investors are still on edge, stimulus checks should be hitting the economy soon and the broader economic picture is a heck of a lot better than even a couple months ago.
Still, on balance it’s best to keep new buying on the small side and average into these positions as the market seeks the firm footing that is needed to launch a sustained advance higher.
Enjoy!
Cabot Early Opportunities 119
| Stock Name | Market Cap | Price | Investment Type |
| ContextLogic (WISH) | $10.9 billion | 18.34 | Rapid Growth – Internet Retail |
| DraftKings (DKNG) | $53.1 billion | 67.14 | Rapid Growth – Betting & Gambling |
| Eargo (EAR) | $1.90 billion | 52.53 | Rapid Growth – MedTech |
| Semler Scientific (SMLR) | $688 million | 102.53 | Rapid Growth – MedTech |
| Sonos (SONO) | $5.06 billion | 42.25 | Growth – Consumer Electronics |
What A Difference A Year Makes
One year and one day ago, on March 16, 2020 the S&P 500 had one of the worst days in history, falling nearly 12%.
Of course, that was just one in a horrible stretch of trading days that slashed the index by 35% over the course of six weeks. This advisory service was relatively new at the time and we were just starting to get into a groove when things went crazy. I lost a lot of hair!
We certainly took some losses, but that market retreat opened up some of the best buying opportunities in years, helping us make relatively quick double-digit gains in stocks like Descartes Systems (DSGX), GFL Environmental (GFL), DraftKings (DKNG) and Bandwidth (BAND).
It also helped us get into many stocks that we’re still holding all or a portion of today and which are up 80% or more, including Datadog (DDOG), up 125%, Cloudflare (NET), up 106%, Bill.com (BILL), up 96% and Virgin Galactic (SPCE), up 88%.
But by far my favorite story is about the stocks that we bought before the pandemic hit, which we held on to, and which are up triple digits today.
These stocks include Sprout Social (SPT), up 208%, Chewy (CHWY), up 162%, SolarEdge (SEDG), up 177%, Freshpet (FRPT), up 188%, and Five9 (FIVN), up 161%.
Those stocks are special because we went through the ringer together and came out the other side. That was the case even though, in hindsight, we bought at some of the worst times one could have bought stocks (November 2019 through mid-March 2020), just ahead of a pandemic! We have still done amazingly well with these positions.
The funny thing is that this same scenario has played out again and again throughout history. Generally speaking, patient investors have done better than those that succumbed to knee-jerk reactions in the face of market volatility.
Of course, there are a lot of caveats to this lesson. Some stocks don’t bounce back so well, the 2020 market correction and subsequent recovery was one of the fastest in history, the pandemic played into the growth stories for some companies, sometimes knee-jerk reactions are impossible to avoid, and so on.
But still, the big-picture lesson – patience pays – is as important now as ever.
This isn’t to say that we should never sell anything. With five new additions a month that would be 60 new stocks per year. Absent any selling, we would soon hold such a large basket of names that our performance would resemble that of the broad market.
In reality, we do sell a lot of stocks in order to keep things manageable and avoid getting too diversified. But as we do, we continually evaluate what’s working and try to gravitate toward stocks that hold the best promise of future returns. This process of continuous evaluation has gotten our portfolio to where it is today, with an average gain of nearly 100% across 22 current positions, and a lot of gains on the books.
As we lap the worst of the pandemic’s impact on the market, let’s continue to look toward a brighter future and try to keep getting pulled into some of the strongest performing early-stage stocks out there.
What to Do Now
Our big-picture thinking continues to be that we are in an extended economic recovery that should gain momentum with the accelerating pace of vaccine distribution and significant curbing of the Covid-19 pandemic.
History suggests that during recoveries from severe economic shocks markets run longer than expected.
Still, there will be hiccups along the way. The market and the economy don’t always walk hand in hand. And rising rates have put the brakes on growth stock advances, at least for now.
As we advance through spring, we will keep a close eye on our positions and will consider stepping aside from those that weaken further. This should help us focus new buying on stocks that are working well, or at least looking stable. Build positions gradually.
If you feel underinvested, you can ramp up purchases more aggressively. If you’re feeling overexposed, or need to cover expenses with money you have tied up in stocks, lighten up.
In summary, we are leaning cautiously bullish and trying to focus on stocks that can continue to lead the market higher, while acknowledging that the market is still susceptible to pullbacks. During these events continuous evaluation of each position can help determine if any dips should be bought or sold.
STOCKS
ContextLogic (WISH)
ContextLogic (WISH) was founded in 2010 and operates Wish.com, one of the biggest global e-commerce platforms. The site spans 100 countries and connects over half a million merchants with more than 100,000 monthly average users.
Wish is differentiated from other online e-commerce sites because it serves value-conscious buyers with affordable and unbranded products. Most users have annual household incomes below $75,000.
The company is a global player. Roughly half of sales are generated in Europe, while nearly 40% come from North America.
ContextLogic is heavily reliant on data science to drive all facets of the Wish platform, including user acquisition, logistics and pricing. Analysts think this approach can help Wish break further into the $2 trillion mobile commerce market, where current market share is roughly just 1%.
Revenue growth is high, but not crazy. Sales were up 34% in 2020 to $2.54 billion and are seen up around 31% in 2021 and 21% in 2022. Profitability is likely a 2022 event. The 2020 IPO and pandemic drove an EPS loss of -1.26 in 2020, while analysts see adjusted EPS of -$0.43 in 2021 and -$0.07 in 2022.
There are three key strategies management is pursuing to keep growth solidly above 20% in the coming years. First are efforts to better monetize the user base and inch upmarket to slightly more affluent users. This monetization initiative is to be driven by dynamic pricing, branded products, higher value products and advertising.
Second are logistics improvements to speed up delivery times (which are still much slower than Amazon and are close to three weeks), improve user retention and drive profitability. Through the company’s proprietary logistic platform Wish partners with national postal carriers, 3P carriers and warehouse operators to facilitate shipping. This network is being expanded to non-Wish merchants as well.
And third is Wish Local, a program launched in 2019 that allows local brick-and-mortar stores to digitize their storefronts and sell on the platform, while turning their stores into micro-warehouses and local pickup locations. This program accounted for 6% of all sales in Q4 2020.
ContextLogic reported Q4 results (its first as a public company) on March 8 and surpassed revenue expectations by 8%, reporting revenue of $794 million. Core marketplace revenue per active buyer was up 66%. As we move through 2021 Wish.com has the potential to gather momentum and may benefit from stimulus checks in the U.S.
The Stock
WISH came public on December 16 at 24 and was wobbly at first, then traded higher through January to peak near 33 at the end of the month. Shares then sold off and got caught up in the growth stock mess in late February and early-March, eventually landing near 15 on March 5. That looks to be a low. Earnings, which were released on March 8, have helped WISH trade up near 20 recently. We’ll take a swing here and keep a tight stop near 15 – if WISH goes below that level we’ll likely step aside.
DraftKings (DKNG)
We made money on DraftKings (DKNG) a while back and are going to take another swing today. With the stock’s upward trajectory barely affected by the growth stock selloff a couple weeks ago, but the advance taking a breather while a convertible note offering hits the market, it looks like a decent time to step in again.
The backstory is that DraftKings is a pure play on online sports betting (OSB) and online gambling (iGaming). This industry is still in the early stages of growth as states are just beginning to open their economies to legal sports betting and iGaming.
Analysts estimate the market size was less than $1.5 billion in 2019 but will swell tenfold to $15 billion by 2025 (DraftKings management thinks it could be several times that size). Shortfalls in state revenue owing to the coronavirus pandemic are likely driving some growth as states see an opportunity to capture tax revenue.
DraftKings is one of the market leaders and holds a roughly 25% to 30% market share in OSB and 15% to 20% share in iGaming. It is in 12 states now (more than any other operator) covering 25% of the U.S. population. Management is investing in products, technology and marketing to add to its lead.
DraftKings went public in 2020, has a market cap of $53 billion. Impressively, management says that 82% of customers are retained in year one and 87% in year 2, when revenue retention climbs to 108%. That suggests users like what they find and are sticking with the platform – a good sign as the company looks to expand into more states.
The company is the leading daily fantasy sports platform, operates in more than two dozen countries, and is the official fantasy partner of the NFL. Much of the special sauce is contained in the vertically integrated technology and regulatory platform that connects players, marketing, and data science with the current product lineup of Daily Fantasy Sports, Sportsbook and iGaming. When the company’s platform migration to an in-house bet engine is done (expected soon) DraftKings will fully control its OSB products and new product development will be easier.
Growth is solid. Revenue rose 90% to $615 million in 2020 and is seen up 64% to $1 billion in 2020. Investments have made profitability elusive (estimated 2021 EPS loss is -$1.61), a trend that will likely continue for a few years.
The Stock
DKNG came public via a SPAC last April and closed at 19.35 on the merger date. The stock advanced to 45 by June 2020, then pulled back and consolidated in the 27 to 45 range through September. A run to 64 last October triggered a harsh selloff that pulled DKNG down to 35 in November. Since then, DKNG has been mostly making a series of higher highs and higher lows above the 50-day line, with a few dips below that trendline. The recent announcement of a convertible note offering has triggered some mild selling.
Eargo (EAR)
The pitch for a high-quality, small, well-fitting and easy-to-use hearing aid, at a reasonable cost, is not hard to grasp. It’s exactly what most consumers want. Still, many available solutions come up short in at least one important dimension, whether it be sound quality, comfort, or visibility.
Eargo’s solution ticks all the boxes. It is nearly invisible (fitting completely in the ear canal) and has a lot of technology (including 16 hours per charge) packed into a small form factor.
Better still, the company has a direct-to-consumer (DTC) business model that’s convenient for buyers, offers competitive prices and drives solid profit margins (Eargo avoids hearing clinic markups). Customers can complete the process in as little as three days and get their hearing aids for around $2,000, well below the roughly $4,500 cost of traditional devices.
Hearing aids don’t represent a new market, but it’s certainly a big one, topping $30 million just in the U.S. It’s also a growth market as there are many potential users that have avoided hearing aids because they don’t like the feel or the looks.
The incumbent manufacturers – Sonova, Demant, WS Audiology, Starkey and GN – hold the vast majority of market share, and Costco has come on strong too, selling around 15% of U.S. hearing aids in 2019.
But these traditional players require customers to go to hearing clinics and work with audiologists, which don’t recommend Eargo products because they challenge the traditional hearing aid business model. More and more consumers are willing to ditch that model, however, and embrace the DTC strategy.
Eargo is capitalizing on the opportunity. The company enjoyed a boost in growth as telehealth took over during Covid-19, driving revenue from $33 million in 2019 to $69 million in 2020, an increase of 111%. In Q4 2020 Eargo shipped 12,096 systems, well above expectations for around 11,000.
The rampant pace of growth in 2020 will likely moderate in 2021 as analysts see a more normalized growth rate of 30% to 35% over the next two years. But it seems the hook has been set and consumers are enjoying both Eargo’s products and its DTC distribution model.
Competition isn’t going anywhere. And in fact, other DTC players are popping up as consumer shopping habits shift. But Eargo’s product offers compelling features at an attractive price, while also permitting a level of reimbursement under Medicare.
Management’s 2021 guidance for 26% to 35% revenue growth (implies roughly 52,100 units) could well prove to be conservative. Look for the launch of the Eargo 5 by June (smaller, inductive charging, waterproof) to coincide with a marketing push that could drive outperformance in the back half of the year.
The Stock
EAR came public on October 16, 2020 at 18 and jumped 87% the first day. The stock then consolidated in the 32 to 40 range. An earnings report on November 19 sent the stock above 50, then EAR traded in a wide range (41 to 62) through January. Shares bolted up to 77 in February, then retreated to 50 by March 8. Since then, EAR has mostly traded between 50 and 60.
Semler Scientific (SMLR)
Semler Scientific (SMLR) is a $680 million MedTech company that has developed a solution to bring testing for Peripheral Arterial Disease (PAD) to the front lines of medicine, including primary care and home assessment settings.
PAD is a condition where arteries serving extremities narrow and reduce blood flow. It can lead to heart failure, diabetes and renal failure. There are roughly 80 million U.S. patients who could be tested, based on American Heart Association (AHA) criteria.
Semler’s big picture goal is to provide insurance plans, physicians and risk assessment groups with time and cost-efficient tools that identify patients at risk of heart attacks and strokes, many of which are unaware they have elevated risk profiles. Semler’s early warning tools can help these patients start preventive care.
Its solution is the QuantaFlo PAD test, a point-of-care vascular disease test that can be given by medical aids and takes less than five minutes to complete. A simple finger clip goes on and sends data to Semler’s software, which can be installed on Windows, Android and iOS operating systems on PCs, laptops or tablets.
QuantaFlo was first commercialized in 2011, updated in 2015, and has evolved since. Semler’s clinical trials suggest it is far superior to the traditional Ankle-Brachial Index (ABI) testing method that has been used for decades and which requires a trained vascular tech in a specialized vascular lab.
The ABI technique isn’t suitable for certain types of patients, requires a referral, and isn’t practical in primary care offices or home testing environments. That limits its use, which means the roughly one to two million people diagnosed each year with PAD could represent only a fraction of the 20 million that may suffer from the condition.
Semler is going after the sizeable opportunity with a 60-person sales and marketing team that works with insurance plan customers to place QuantaFlo in physician offices. It is a capex light company, relying on contract manufacturing to make the devices and customer IT teams to implement software installations.
The business generates recurring revenue through either a monthly fixed fee, or a variable usage fee (based on fee-per-test plus cost of sensor). This model has the advantage of allowing Semler to add solutions to the platform, an initiative management is considering either through internal development or M&A.
The business was impacted by Covid. In 2019 revenue grew by 52% to $32.8 million, then growth decelerated to 18% in 2020 (to $38.6 million). The low point was the quarter ending in June (revenue down 20%) but quarterly growth reaccelerated and topped 30% in Q4. Semler is profitable and even with Covid, generated adjusted EPS of $1.74 in 2020 and $0.67 in Q4.
Looking into 2021, Semler is expected to grow revenue by 55% to $60 million and grow EPS by 42% to $2.47. The company has no debt and finished 2020 with $22.1 million. This company has a ton of potential as it develops its recurring revenue-based business, however investors should recognize microcap stocks like this can be very volatile.
The Stock
SMLR came public in 2014 but didn’t do much until 2018, when the stock began a run that started at 7.55 and ended near 55 in July 2019. The stock sold off 20% but was back near its prior highs when Covid struck. The market crash pulled SMLR down to 30. The initial recovery was swift but SMLR didn’t break above its previous high until Q3 results were released in November 2020. Following that release SMLR shot above 60. The stock has since walked up to as high as 118. That level was struck on March 3. SMLR pulled back with other growth stocks but appears to be firming up in the 100 to 110 range. Note that SMLR trades OTC and expects to uplist to the Nasdaq at some point in the future.
Sonos (SONO)
Sonos (SONO) was the first company to introduce multi-room wireless audio solutions. Its smart speakers, amplifiers, ports, and other audio accessories are easy to set up and offer a premium sound experience, without all the expense and hassle of running wires throughout a home.
This relative simplicity makes Sonos’s solutions a perfect fit for the millions of homes, apartments and commercial building that were not hard-wired for audio systems when they were built, as well as for owners that don’t want to invest tens of thousands of dollars during construction for a whole house audio system.
Sonos offers a huge range of speaker options. Portable speakers range from $169 for the Roam up to $399 for the indoor/outdoor rated Move. Smart speakers range from $199 for the One up to $1856 for a surround sound speaker set with subwoofer. For those wanting hidden options Sonos resells Sonance architectural speakers that fit in ceilings and walls.
Of course, speakers are only as good as the system that powers them. Sonos has you covered there too. The Port ($449) is the company’s streaming component while Amp ($649) is the amplifier.
With over 100 providers (Pandora, Spotify, Apple Music, etc.) these components will stream podcasts, music, audiobooks and internet radio to any in-range areas of a property that contain Sonos’s speakers, giving owners flexibility to expand their system to suit their needs.
This flexibility is one of the key selling points for the company, and 41% of customers came back to purchase additional products in 2020. It also helps illustrate the large opportunity in front of Sonos, which has just expanded its addressable market by up to four times (from $25 billion to $100 billion) by introducing products and partnerships beyond the home audio market and into the global audio market, including businesses and autos.
The first step here was the introduction of the Roam speaker ($169), which opens the door to younger and less affluent potential customers that could upgrade with other Sonos products over time.
Management also recently disclosed that the company has teamed up with Audi to provide speakers in the 2022 Audi Q4 e-tron. This could signal that more automotive deals are in the works.
Finally, management is working on messaging and partnerships (Audi, Disney+, Ikea, the North Face, etc.) to reach more people. It is also expanding into the commercial space with The Sonos For Business initiative wherein the company aims to help restaurants, shops, salons, offices and more stream music via legally licensed content.
The punchline is that Sonos management is pitching the company as no longer owning roughly 5% of the home audio market but a much smaller slice of the much larger global audio market, where it is just now beginning to make inroads.
That’s a compelling proposition for investors, especially as they realize that the company is increasingly open to licensing certain IP, which could drive wider adoption of services, like Sonos radio HD.
In terms of growth, revenue was up 11% in 2019 then expanded by only 5% in 2020 (to $1.3 billion) owing to Covid impacts in the first half of the year. Analysts are currently looking for sales to grow 18% to $1.56 billion in 2021, then at least another 10% next year. Adjusted EPS was -$0.18 in 2020 but should flip positive to $0.81 this year and grow by roughly 25% 0n 2022.
The Stock
SONO came public in August 2018 at 15 and jumped 33% the first day. Performance was weak afterward but SONO was trading near 16 prior to the pandemic. The market’s crash pulled the stock below 10, but a rebound in sales pushed SONO to 18 in July 2020. Shares then pulled back and consolidated in the 12 to 17 range until November 18, when a huge earnings report sent SONO above 20. The stock has been making a series of higher highs and higher lows since and trades near all-time highs above 40 today. This is an aggressive purchase at this level, but the story and numbers are good, and analysts are largely positive on SONO. We’ll jump in here and see if the positive trends persist.
Previously Recommended Stocks
It’s been a busy four weeks as many growth stocks began to lose momentum in late February and weakened further in the beginning of March. To protect gains and limit losses we have made several changes lately. Since the last issue of Cabot Early Opportunities on February 17 we made 19 full or partial sales (13 with profits) and fully exited 11 positions. Our average gain on these sells was 45%.
On February 26 we sold Arcosa (ACA), Halozyme Therapeutics (HALO) and one quarter of our position in Adaptive Biotech (ADPT).
On March 2 we sold another quarter position in Adaptive Biotech, our half position in C3.ai (AI), half our position in Cryoport (CYRX) and half of our position in Farfetch Limited (FTCH).
On March 4 we sold Array Technologies (ARRY), a quarter of our position in Datadog (DDOG), our remaining half position in Adaptive Biotech and our remaining half position in Cryoport.
On March 5 we sold Nuance (NUAN), a quarter of our position in SolarEdge (SEDG), a quarter of our position in CrowdStrike (CRWD) and a quarter of our position in Cloudflare (NET).
On March 10 we exited the remaining half of our position in Farfetch Limited.
Finally, on March 16 we sold Castle Biosciences (CSTL), our half position in Poshmark (POSH) and Purple Innovation (PRPL).
We have no new sales today, but we do have one rating change.
Shift4 (FOUR) moves back to hold following a quick run from 80 to 95.
An updated table of all stocks rated BUY and HOLD, as well as recent stocks SOLD, is included below. Note that we have made formatting changes to make these tables easier to read and to better conform with other Cabot advisory service portfolios.
Please note that stocks rated BUY are suitable for purchasing now. In all cases, and especially recent IPOs, I suggest averaging into every stock to spread out your cost basis.
For stocks rated BUY A HALF, you should average into a position size that’s roughly half the dollar value of your typical position. We may do this when stocks have little trading history (for instance IPOs), when there is more uncertainty in the market or with a stock than normal, or if a stock has recently jumped higher.
Those rated HOLD are stocks that still look good and are recommended to be kept in a long-term oriented portfolio. Or they’ve pulled back a little and are under consideration for being dropped.
Stocks rated SOLD didn’t pan out, or the uptrend has run its course for the time being. They should be sold if you own them. SOLD stocks are listed in one monthly Issue, then they fall off the SOLD list.
Please use this list to keep up with my latest thinking, and don’t hesitate to call or email with any questions.
| Company Name | Ticker | Date Covered | Reference Price^ | Price 3/16/21 | Current Gain | Notes | Current Rating |
| 10x Genomics | TXG | 12/17/19 | 66.78 | 168.77 | 153% | BUY | |
| Altair Engineering | ALTR | 8/26/20 | 42.75 | 60.64 | 42% | BUY | |
| APi Group | APG | 2/17/21 | 19.00 | 20.40 | 7% | BUY | |
| Bill.com | BILL | 6/17/20 | 77.73 | 151.80 | 95% | HOLD | |
| Certara | CERT | 1/21/21 | 36.58 | 31.01 | -15% | HOLD | |
| Chewy | CHWY | 1/15/20 | 31.22 | 82.29 | 164% | Took Partial Gains | HOLD 1/2 |
| Cloudflare | NET | 7/15/20 | 35.85 | 74.04 | 107% | Took Partial Gains | HOLD 1/2 |
| ContextLogic | WISH | 3/17/21 | NEW | 18.34 | NEW | BUY | |
| CrowdStrike | CRWD | 12/17/19 | 49.45 | 196.31 | 297% | Took Partial Gains | HOLD 1/2 |
| Datadog | DDOG | 4/15/20 | 38.69 | 86.37 | 123% | Took Partial Gains | HOLD 1/4 |
| DraftKings | DKNG | 3/17/21 | NEW | 67.14 | NEW | BUY | |
| Eargo | EAR | 3/17/21 | NEW | 52.53 | NEW | Top Pick | BUY |
| Fisker | FSR | 2/17/21 | 18.70 | 21.18 | 13% | Bought 1/2 | HOLD 1/2 |
| Five9 | FIVN | 11/20/19 | 64.37 | 168.60 | 162% | Took Partial Gains | BUY |
| Freshpet | FRPT | 11/20/19 | 54.31 | 157.66 | 190% | BUY | |
| Jfrog | FROG | 2/17/21 | 66.15 | 49.76 | -25% | Top Pick | HOLD |
| Kornit Digital | KRNT | 11/18/20 | 78.06 | 101.31 | 30% | BUY | |
| Lyft | LYFT | 1/21/21 | 48.58 | 64.69 | 33% | BUY | |
| PINS | 10/21/20 | 50.43 | 73.79 | 46% | BUY | ||
| Semler Scientific | SMLR | 3/17/21 | NEW | 102.53 | NEW | BUY | |
| Shift4 Payments | FOUR | 12/16/20 | 64.31 | 95.27 | 48% | HOLD | |
| SolarEdge Tech. | SEDG | 1/15/20 | 104.18 | 285.60 | 174% | Took Partial Gains | HOLD 3/4 |
| Sonos | SONO | 3/17/21 | NEW | 42.25 | NEW | BUY | |
| Sprout Social | SPT | 2/19/20 | 20.38 | 63.10 | 210% | HOLD | |
| Upwork | UPWK | 10/21/20 | 20.31 | 48.40 | 138% | Took Partial Gains | HOLD 3/4 |
| Varonis | VRNS | 9/16/20 | 37.53 | 56.72 | 51% | HOLD | |
| Virgin Galactic | SPCE | 4/15/20, 6/5/20 | 17.66 | 32.51 | 84% | Took Partial Gains | HOLD 3/4 |
| Upwork | UPWK | 10/21/20 | Hold 3/4 | 20.31 | 46.40 | 128% | HOLD |
| ^ Average of high and low price if published intraday, or closing price if published after 4 PM ET | |||||||
| RECENTLY SOLD POSITIONS | |||||||
| Company Name | Ticker | Date Covered | Date Sold | Reference Price^ | Price Sold^ | Gain/loss | Notes |
| Arcosa | ACA | 1/21/21 | 2/26/2021 | 61.94 | 56.55 | -9% | |
| Halozyme Therapeutics | HALO | 12/16/20 | 2/26/2021 | 41.70 | 46.87 | 12% | |
| Adaptive Biotech | ADPT | 4/15/20 | 2/26/2021 | 27.91 | 55.52 | 99% | Sold 1/4 |
| Adaptive Biotech | ADPT | 4/15/20 | 3/2/2021 | 27.91 | 53.42 | 91% | Sold 1/4 |
| C3.ai | AI | 2/17/21 | 3/2/2021 | 141.85 | 96.29 | -32% | Added/Sold 1/2 Position |
| Cryoport | CYRX | 10/21/20 | 3/2/2021 | 43.8 | 56.29 | 29% | Sold 1/2 |
| Farfetch Limited | FTCH | 11/18/20 | 3/2/2021 | 45.11 | 61.47 | 36% | Sold 1/2 |
| Array Technologies | ARRY | 12/16/20 | 3/4/2021 | 39.52 | 35.73 | -10% | |
| Datadog | DDOG | 4/15/20 | 3/4/2021 | 38.69 | 85.95 | 122% | Sold 1/4 |
| Adaptive Biotech | ADPT | 4/15/20 | 3/4/2021 | 27.91 | 46.99 | 68% | Sold Remaining 1/2 |
| Cryoport | CYRX | 10/21/20 | 3/4/2021 | 43.8 | 53.75 | 23% | Sold Remaining 1/2 |
| Nuance | NUAN | 10/21/20 | 3/5/2021 | 33.96 | 41.87 | 23% | |
| SolarEdge Tech. | SEDG | 1/15/20 | 3/5/2021 | 104.18 | 248.62 | 139% | Sold 1/4 |
| CrowdStrike | CRWD | 12/17/19 | 3/5/2021 | 49.45 | 182.04 | 268% | Sold 1/4 |
| Cloudflare | NET | 7/15/20 | 3/5/2021 | 43.8 | 64.18 | 47% | Sold 1/4 |
| Farfetch Limited | FTCH | 11/18/20 | 3/10/2021 | 45.11 | 55.90 | 24% | Sold Remaining 1/2 |
| Castle Biosciences | CSTL | 1/21/21 | 3/16/2021 | 81.21 | 63.32 | -22% | |
| Poshmark | POSH | 2/17/21 | 3/16/2021 | 71.48 | 46.98 | -34% | Added/Sold 1/2 Position |
| Purple Innovation | PRPL | 1/21/21 | 3/16/2021 | 35.66 | 31.53 | -12% | |
| ^Average of high and low price if published intraday, or closing price if published after 4 PM ET | |||||||
The next issue of Cabot Early Opportunities will be published on April 21, 2021.
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