The S&P 600 SmallCap Index is flat over the last week.
The upside move from the extreme oversold conditions that began two weeks ago has faded as the market grapples with tariff uncertainty.
Uncertainty will continue to linger even though Trump clarified part of his tariff plan last night through an executive order imposing permanent tariffs on autos not produced in the U.S.
They will go into effect on April 2 at 2.5% and ramp to 25% (I haven’t heard a timeline), with no exceptions.
Wedbush analysts say tariffs could push new car prices up by around $5 - $10K, and JP Morgan (JPM) says it translates to near-term car inflation of 9% to 12%. There may be a tax deduction on interest for car payments.
In my view, that’s of little consolation to U.S. consumers. The argument that you “save” a little money by taking out a bigger loan stinks. You save money by not spending it in the first place and putting it to work for you!
Anyway, if you’ve been kicking the tires on a new car, probably best to get to the dealership soon.
After Trump’s announcement, two Fed members, Musalem (voter) and Kashkari (non-voter), indicated upside inflation risks have grown (thanks tariffs), though it’s important to look past short-term impacts and take in the full picture (my summary of their words).
Problem is, we don’t know that the full picture is when things change every day.
I find it interesting that the small-cap index (and S&P 500 and NASDAQ) is trading flat to slightly higher this morning.
Granted, not a lot of auto or auto parts exposure in those indices. And Trump’s commentary on the reciprocal tariff subject yesterday indicated they will be “very lenient” and in many cases “will be lower than what the U.S. is charged.” So maybe a bright spot there.
But still, the only thing we can really count on right now is that uncertainty will remain in the market for the foreseeable future. So it’s somewhat encouraging to see these indices acting reasonably well.
On to our portfolio. There’s not a lot of major news over the last week, but a few nuggets here and there.
Recent Changes
None
Updates
Alkami Technology (ALKT) provides digital banking software solutions to banks. Yesterday the company announced a collaboration with Greenlight Financial Technology to bring Greenlight’s smart money management app for kids and teens to the Alkami platform. The idea is to give Alkami clients access to the platform to help them better serve existing banking clients and attract new accounts. I think this is a good move and mirrors what many larger banks (like Chase) have been doing. After two good weeks, ALKT stock is back to its 25-day moving average line. BUY
Artivion (AORT) has had a quiet week. The company is a pure-play aortic disease MedTech company, selling medical devices, implantable human tissue and preservation services to cardiac and vascular surgeons treating patients with heart valve disease, aortic aneurysms and dissections. The next big product development milestone is to get the NEXUS aortic arch stent graft system approved in the U.S. It should happen later next year. BUY
AvePoint (AVPT) continues to hold above its 200-day line, though shares are essentially unchanged over the last week. The software company offers a data management and governance platform that helps customers control and secure information within their digital systems. It’s increasingly recognized as a play on AI given that organizations can’t implement AI technologies if their data and security controls are a mess. AvePoint does the vast majority of its work within the Microsoft (MSFT) environment currently, but its solutions also work within Google (GOOG), Amazon (AMZN) and other cloud platform providers. HOLD
Axogen (AXGN) was recently initiated by Lake Street with a “Buy” recommendation and price target of 30, roughly 60% higher than yesterday’s closing price. The stock has been resilient during the recent market weakness, likely, in part, due to bullish commentary from management at the Analyst Day earlier in the month. Axogen is a MedTech company specializing in surgical solutions for peripheral nerve injuries. Its current focus is trauma and upper extremity-related nerve repair, and it is making progress growing into oral maxillofacial (OMF), pain and breast reconstruction (fastest-growing market). BUY HALF
Delcath (DCTH) is another MedTech company (added in February) and, like AXGN, it has been somewhat resilient lately, with the exception of yesterday (-6% on the day). The company’s targeted, whole-organ treatment system (focused on liver-dominant cancers) delivers a high dose of a chemotherapy agent directly to the liver, which is isolated from the rest of the patient’s vascular system. It gained FDA approval for the treatment of metastatic hepatic dominant uveal melanoma (mUM) in August 2023. Delcath is in the early stages of commercializing its technology, so it is in the supernormal stage of revenue growth and growing its commercial team. Leadership thinks HEPZATO has potential to treat other forms of cancer in the liver, and two Phase 2 trials should begin this year. BUY HALF
Enovix (ENVX) has traded higher over the last two weeks, with the market, but like a lot of the more speculative stocks, shares were hit again yesterday. There’s no big news to report. It’s still all about executing the ramp up to full-scale production, securing customer orders, and continuing to develop batteries that major electronics manufacturers will qualify for their devices, then order in mass quantities. We should see more action as we get closer to Q3. BUY
FTAI Infrastructure (FIP) has been working to firm up around the 5.0 level, but the jury is still out on whether shares can mount a legit recovery. The company just announced a new CFO, but other than that, no big news. HOLD
Peloton (PTON) made a nice move off the 5.5 level two weeks ago and got back to its 25-day line near 7.0 this week. That level matches up with two recent pullbacks (November and February), which suggests it could be a zone of overhead resistance. Would love to see PTON bust higher and make it a zone of support instead. BUY
Perpetua Resources (PPTA) was added to the Market Vectors Junior Gold Miners Index and the Van Eck Junior Gold Miners ETF (GDXJ) last Friday, March 21. The stock ran into the event as buyers added exposure ahead of the date. PPTA has dipped ever so slightly this week but still looks quite good. BUY HALF
Weave (WEAV) has acted about the same as most cloud software stocks over the last two weeks. That is to say, it’s up a bit, but not enough to really attract much attention. No big news to report. HOLD
That’s it for this week. Please email me at tyler@cabotwealth.com with any questions or comments about any of our stocks, or anything else on your mind.
Currently Open
| Ticker | Stock Name | Date Bought | Price Bought | 3/27/25 | Profit | Rating |
| ALKT | Alkami Technology | 1/8/25 & 2/28/25 | 32.3 | 27.2 | -16% | Buy |
| AORT | Artivion | 6/5/24 | 23.3 | 25 | 7% | Buy |
| AVPT | AvePoint | 9/5/24 | 11.6 | 14.9 | 28% | Hold |
| AXGN | Axogen | 3/5/25 | 17.8 | 18.8 | 6% | Buy Half |
| DCTH | Delcath Systems | 2/6/25 | 16.3 | 13.3 | -19% | Buy Half |
| ENVX | Enovix | 10/6/22 | 20.4 | 8.3 | -59% | Buy |
| FIP | FTAI Infrastructure | 8/1/24 | 10.2 | 4.9 | -52% | Hold |
| PTON | Peloton | 11/7/24 & 3/4/25 | 7.4 | 7.1 | -5% | Buy |
| PPTA | Perpetua Resources | 12/4/24 | 10.7 | 11.1 | 4% | Buy Half |
| WEAV | Weave Communications | 1/4/24 & 5/9/24 | 10.1 | 11.6 | 15% | Hold |
Copyright © 2025. All rights reserved. Copying or electronic transmission of this information without permission is a violation of copyright law. For the protection of our subscribers, copyright violations will result in immediate termination of all subscriptions without refund. Disclosures: Cabot Wealth Network exists to serve you, our readers. We derive 100% of our revenue, or close to it, from selling subscriptions to our publications. Neither Cabot Wealth Network nor our employees are compensated in any way by the companies whose stocks we recommend or providers of associated financial services. Employees of Cabot Wealth Network may own some of the stocks recommended by our advisory services. Disclaimer: Sources of information are believed to be reliable but they are not guaranteed to be complete or error-free. Recommendations, opinions or suggestions are given with the understanding that subscribers acting on information assume all risks involved. Buy/Sell Recommendations: are made in regular issues, updates, or alerts by email and on the private subscriber website. Subscribers agree to adhere to all terms and conditions which can be found on CabotWealth.com and are subject to change. Violations will result in termination of all subscriptions without refund in addition to any civil and criminal penalties available under the law.
