In October’s Issue of Cabot Early Opportunities we zero in on four software and internet companies that are benefiting from a variety of tailwinds, including two that are finding success after years of less-than-stellar performance. We also revisit an old MedTech friend that helps deliver drugs and vaccines around the world.
Enjoy!
Cabot Early Opportunities 114
| Stock Name | Market Cap | Price | Investment Type |
| Clarivate PLC (CCC) | $12 billion | 30.92 | Growth – Information Services |
| Cryoport (CYRX) | $1.8 billion | 45.62 | Rapid Growth – MedTech |
| Nuance Comm (NUAN) | $9.7 billion | 34.45 | Growth - Software |
| Pinterest (PINS) | $27 billion | 45.13 | Rapid Growth – Social M./Ad. Platform |
| Upwork (UPWK) | $2.5 billion | 20.93 | Growth – Staffing Platform |
Five Stocks That Caught My Attention This Week
Normally, I write about some topic of interest in our Issue introduction. But it’s been a while since I’ve provided notes on portfolio stocks and with so many names, both old and new, I’m dedicating this space to updates on five stocks that have either been making headlines lately or have jumped out at me.
As always, I have shorter notes on any portfolio changes being made in the Previously Recommended Stocks segment of this Issue. Let’s get right into it.
10X Genomics (TXG) is a stock we’ve held for almost a year, and it’s paid off. Shares are up almost 140% from our entry point. It’s a MedTech company that makes gene sequencing technology for scientific research. The product portfolio is led by Chromium, with more recent contribution from the newer offering, Visium. Overall, sequencing is a strong market and the push to develop Covid-19 vaccines, therapeutics, and diagnostics, as well as rebounding research budgets, are all driving growth. 10X Genomics has also made a recent push into a third area of technology, in situ RNA analysis, through a couple of acquisitions. Analysts see revenue up just 6% this year as the pandemic curbed current-year activity, but soaring to grow by 85% in 2021. Third-quarter results come out on November 10. You can still buy, just keep new positions small until we get the report. BUY
Altair (ALTR) was recommended in August and we’re up modestly with our position in the simulation software specialist. This is a recovery play as Altair has exposure to the automotive, aerospace, heavy equipment, engineering and construction markets. That’s part of why the stock hasn’t been surging like other software stocks. While Altair has been out of the limelight entirely the company has been on my mind because of all the innovation going on behind the scenes, especially in the automotive and aerospace markets. Most pressing right now is that ALTR has just broken out above prior resistance at 44 and looks very compelling right now. BUY
Cloudflare (NET) was recommended in July and we’re up around 60%. The company, which offers security software that helps protect networks, websites and certain types of applications, has been a hot name over the last week or so since it announced the launch of Cloudflare One. The solution is aimed specifically at helping companies protect their networks as remote work soars. I love the move and the stock. However, given the recent jump let’s move to hold until we get more details on how the business is tracking. That should be in early November. Moving to hold. HOLD
DraftKings (DKNG) has experienced a significant correction of around 30%, which has brought the stock back to the level of its previous peak near 45. The most popular explanations for the dip are the risks of NFL disruptions from Covid-19 outbreaks; IPO lockup expiration, which releases insiders to sell shares; and secondary offerings which DraftKings will likely use to drive growth. While all that makes sense, the reality is this has been a hot stock and it’s in a new market – sports betting isn’t yet legal across the entire country. Mix strong performance after the IPO, a new market and some uncertainty and you get the current volatility. I expect we’re going to see a lot of investment from DraftKings to grow its market while defending its turf from competitors. Is it guaranteed to win? No. But I think we’ve hitched up with what can be a leader in this evolving market. I’m going to stick by DKNG, but we will reduce our position if shares can’t find firm footing near 41 (roughly). In the meantime, until we see some stabilization and/or improvement, moving to hold. HOLD
Nikola (NKLA) has been a disaster since early September. The good news of the General Motors (GM) deal (not yet closed) was overshadowed by a short attack, the founders’ departure, speculation that the GM deal won’t close and myriad questions about the company’s legitimacy and growth plan. For our part we knew it was going to be a roller coaster going so we started with a half-sized position. It’s not a forgone conclusion that this is a failed experiment at this stage. There have been credible reports by analysts that know far more than us about the inner workings of Nikola that see a path forward with or without GM and/or the Badger pickup truck. In particular, JPMorgan’s Paul Coster suggests that Nikola’s CEO Mark Russell sees the Badger as somewhat of a distraction from the bigger goal of getting the Class 8 truck to market. That’s the real reason for the GM partnership as Nikola needs a partner for supply chain, engineering, battery and fuel cells. GM is a great fit for all of it. As anybody who has taken on too much knows, sometimes stretching yourself too thin means failure on all fronts. It just might be better to put the Badger on the backburner and retool the deal with GM to get everyone focused on the Class 8. In any event, we’re down on our position and with things in flux I’m moving Nikola to hold. We’ll continue to follow with keen interest as this drama unfolds. HOLD
What to Do Now
Expect turbulence in the market in the coming weeks.
Given that we’re entering the busy part of earnings season, the election is just under two weeks away, stimulus is being debated and the pandemic is anything but contained there are a lot of big factors that could drive the market materially higher or lower in the coming month.
That doesn’t mean we can’t do any buying. As always, continue to average into the stocks that are most attractive to you and which you think you’ll have the best chance at holding through the inevitable ups and downs.
Overall, I’d say this is a good time to keep new positions smaller than in the past. Remember, the big money isn’t typically made over a couple days or weeks, but in the sustained uptrends that great stocks enjoy. Our goal is to hitch a ride on those and keep buying on the way up, preferably before they’ve run too far.
STOCKS
Clarivate (CCC)
Clarivate (CCC) is a little-known information services company that offers data, information, workflow solutions and domain expertise in the areas of intellectual property (trademark, patents, brand protection, etc.) and scientific research (pharma, biotech, etc.). It has a market cap of $12 billion.
The Science Group generates 53% of revenue while the IP Group generates the remaining 47%. Well-known brands include Web of Science, Derwent, CompuMark, Cortellis, MarkMonitor and Techstreet.
Analysts see these solutions, which are strategically critical to customers, as the main drivers of Clarivate’s strong revenue retention rate (93%) and resilient recurring revenue (83% of total revenue).
Customers are exactly who you’d expect based on the service offerings, including universities, researchers, government, law firms and private corporations. They use Clarivate’s solutions to search for and analyze patents, monitor trademarks, research drugs and markets, help with drug discovery, and maintain regulatory compliance.
Clarivate has roots dating back to 1864 when the world’s oldest continuing database of animal biology, the Zoological record, was founded. More recently, it was a division within Thomson Reuters. It was sold to private equity groups (which still own around 25% of the company) in 2016, at which point management was reshuffled (for the better) and Clarivate finally got the investment it deserved. The downside is that the company took on debt (as is typical in PE deals) and continues to have relatively high leverage today.
Clarivate now has a network of over 5,350 colleagues supporting a global client base with digital solutions and proprietary databases that are increasingly embedded in customer workflows.
It is a solid and steady grower that plays a crucial role powering innovation. Growth should come through new product offerings, cross-selling, improvements to existing products, pricing power and acquisitions (the CEO has a solid track record of M&A integrations in previous leadership positions).
M&A, while adding some risk, should drive growth into the double digits, well above the organic growth rate of roughly 6% that analysts see over the coming years.
Specifically, look for contributions from the recent acquisition of Decision Resources Group and the launches of Cortellis Drug Discovery Intelligence and Cortellis Generics Intelligence (from the Science Group), as well as the launch of Derwent Patents from the IP Group.
In 2019, revenue was up a modest 1% while adjusted EPS was $-0.17. In 2020, revenue should be up 24% to $1.2 billion while EPS jumps to $0.58. In 2021, analysts see revenue up 38% to $1.7 billion and a 40% improvement in EPS, to $0.81.
The Stock
CCC came public in 2019 via a merger with Churchill Capital. It was an immediate success, jumping off the pre-merger price of around 9.5 to trade near 17 by the end of 2019. CCC was trading near 23 prior to the pandemic, fell 37% to 15, then recovered quickly and consolidated near its previous high through early summer. The breakout came following the release of Q2 earnings on July 30, which sent the stock from 24 to 29. CCC has since traded as high as 33.6. At roughly 8% off its high this looks like a good place to begin accumulating shares.
Cryoport (CYRX)
Cryoport (CYRX) was featured in our second Issue, published this very month one year ago. We exited the stock before the pandemic struck for a modest gain of 27% and I’ve been keeping an eye on it since. It now has a market cap of $1.8 billion.
What’s the story?
Cryoport specializes in end-to-end supply chain solutions for the life sciences industry and the more specialized cell and gene therapy market. Solutions span protection, monitoring, logistics, storage (including cold storage) and chain of compliance.
In short, Cryoport moves and stores everything from stem cells and embryos to vaccines, tissues, and biologics.
If you’re wondering if it will play a role in distributing Covid-10 vaccines the answer is “maybe.” It depends on how the distribution contracts fall. Management doesn’t yet know details. One thing is for sure, however: Covid-19 vaccine distribution is going to require many companies all over the globe, for an extended period of time. This isn’t a one or two company effort. It seems likely to me that Cyroport will be involved in some way.
Back to the company, Cryoport has primarily served the biopharmaceutical market, but also generated revenue from IVF and animal health markets. However, on October 1 management announced it had closed on two significant acquisitions - CRYOPDP and MVE Biological Solutions.
CRYOPDP is a France-based supplier of temperature-controlled supply chain solutions, serving clinical research, pharma and cell and gene therapy markets. It helps Cryoport delve deeper into both the EMEA and APAC regions, roughly doubles revenue and is accretive to earnings.
MVE was a part of Chart Industries (GTLS) and specializes in vacuum insulated products and cryogenic freezer systems for the life sciences industry, especially the cell and gene market. With 2019 revenue of $83 million this acquisition roughly doubles Cyroport’s revenue again. It is also accretive to earnings, and comes with a $275 million investment from Blackstone, which helped fund the acquisition.
The net effect of these two acquisitions is that Cryoport is now positioned as a major contender in providing global supply chain solutions for the cell and gene therapy market, which is seen growing by 40% a year through 2025.
While results in the first half of 2020 were impacted by the pandemic, which paused 56 trials that Cryoport supports, only three trials were paused as of the end of Q2. In addition to trials, Cryport continues to support commercial agreements with Gilead’s YESCARTA, Novartis’ KYMRIAH, Bluebird Bio’s ZYNTEGLO and Kite’s TECARTUS.
Current consensus estimates suggest 2020 revenue will rise 106% to $70 million while 2021 revenue goes up 170%, to $190 million. Adjusted EPS this year is seen near -$0.43, then turning positive to $0.20 in 2021. That said, with two major acquisitions and a fast-moving market there is considerable wiggle room in these figures.
The Stock
CYRX came public in 2005 when it was essentially a development stage penny stock. Shares gained momentum in 2017 when they advanced to 10. Despite several significant corrections in the range of 30% to 50%, the stock has worked its way meaningfully higher over the years. CYRX was trading at 25 just prior to the pandemic, which detonated a 50% correction. But shares broke out to fresh highs in June, then blasted higher, from 35 to 55, when the CRYOPDP and MVE acquisitions were announced in August. The stock has since pulled back to consolidate in a 30% range between 41 and 60. I like it on this pullback, around 45.
Nuance (NUAN)
Nuance (NUAN) is a story about a software company that has finally begun to find its groove after more than a decade of wallowing in the mud. The company was an early pioneer in voice recognition technologies. Today, Nuance develops conversational AI solutions that can understand, analyze and respond to human language.
The stock’s current strong performance follows a 2019 reorganization that has made Nuance a leaner and meaner AI and machine learning company. The transition focused on five things: (1) spinning off of the auto business, (2) selling the imaging business, (3) winding down mobile consumer solutions, (4) cost saving initiatives and (5) debt paydown and/or share repurchases.
Now, Nuance is completely focused on its two strongest markets – Healthcare Solutions and Enterprise Solutions – as well as migrating to the cloud, new product development and international expansion.
The Healthcare segment includes clinical speech and language understanding solutions, which help clinicians, radiologists and care teams accurately capture clinical information. Intelligence solutions can improve decision-making across the continuum of care. Examples of everyday use cases include collecting patient records, processing reimbursements and sharing previous procedure notes.
Demand is driven by compliance risk, financial pressures, risk of clinician burnout and the pursuit of better experiences for patients. The best-known solution in this market is Dragon Medical Cloud, which is used by over 550,000 physicians daily and accounts for roughly 86% of segment revenue. Roughly 90% of hospitals and 80% of radiologists rely on Nuance Healthcare solutions daily.
The Enterprise segment offers intelligent engagement solutions that help companies communicate with customers. As in the Healthcare segment, these solutions are grounded in speech and language understanding, but they’re deployed across voice, mobile, web and messaging channels. A prime example is a targeted text message regarding a new product offering for an existing customer, followed by automated customer care guidance to help the individual purchase the new product.
Nuance’s Enterprise solutions are used by 85% of the Fortune 100, including 19 of the top 20 financial organizations and the top 10 telecommunications providers outside of China.
Recently, management has struck a positive tone as business in hospitals is improving, Dragon Medical is now over 60% migrated to the cloud, and management sees a successful rollout of new solutions, including Dragon Ambient Experience (DAX), an ambient clinical intelligence solution.
This all translates into a smaller and more focused company that can begin to drive growth in the coming years. Look for revenue to be down around 8% this year (remember the spin out and pandemic are big 2020 headwinds) then expand 4% in 2021 and accelerate toward 10% growth thereafter. Nuance is profitable now and should deliver adjusted EPS of around $0.82 this year, then grow profits slightly faster than revenue. The company has a market cap of $9.7 billion.
The Stock
NUAN has been public since 1995 but spent most of the last eight years trading in the 11 to 18 range. The trend began to improve when the reorganization was announced in 2019. NUAN broke above 20 in February when Q1 earnings came out. The market crash pulled the stock back to 13.5, but the turnaround story coupled with the recovering market pushed NUAN back to its pre-pandemic high of 23.5 in June. It’s been blazing higher since, showcasing a pattern of higher lows and higher highs.
Pinterest (PINS)
With a current market cap of $27 billion, Pinterest (PINS) is pushing the size bounds of companies that I typically recommend. But beyond that small detail the overall profile is undeniably attractive and with an IPO date in 2019 it’s still a fresh name as far as public companies go.
Most importantly, it looks like the stock is just about to get going. It recently broke out above its previous high of 36.8, which was struck last August, just four months after Pinterest went public. It has taken more than 12 months for PINS to finally break above that level.
Let’s get to the story behind the stock.
Analysts call Pinterest a visual discovery platform and productivity tool. More plainly speaking, it’s a social media platform that helps people share images and short videos, known as “pins”.
Users, which are typically younger but by no means devoid of middle-aged and older folk, are often looking for activities and items of interest. Think of things like inspiration for what to cook for dinner, what shoes to wear and what to dress up as for Halloween. It’s not all surface level stuff though. Pinterest can take users into deeper commitment areas too, providing inspiration for remodeling or building a home, training for a marathon, planning a wedding and taking a big trip (well, maybe not that last one so much these days).
That’s the user side of the equation. The business model isn’t all about providing inspiration for free. Pinterest is a very powerful advertising platform that’s extremely good at monetizing the userbase.
As you’d expect, the pandemic was initially very hard on the company. Second-quarter revenue growth was just 4%, versus 62% in the same quarter in 2019 and 35% in Q1 2020.
However, management said April was the trough of advertising and that July revenue was up 50%, surpassing levels from before Covid-19.
Management also said that targeted investments helped drive much greater revenue mix from small businesses, which accounted for nearly 50% of revenue. That was helped by Shopify integration, which increased catalog ingestion by 350% over the previous quarter (catalogs allow businesses to sell their products through Pinterest by creating dynamic product pins). That’s more than all catalogs ingested since they were introduced early in 2019. This seems like a major growth catalyst.
Going into the fall/winter it seems that engagement with Pinterest could be extremely strong. Even when the pandemic fades it’s likely Pinterest will be somewhat ingrained in many users’ daily routine.
Looking at consensus estimates we see a rosy picture for growth investors. Revenue in 2020 is seen up 28% to $1.46 billion, then accelerating to 36% growth in 2021. Pinterest should just eke out a profit of $0.02 this year, then grow EPS more meaningfully in 2021, to $0.22.
The Stock
PINS came public in April 2019 at 19 and jumped 28% its first day. Shares meandered around after that, then hit a high of 37 in August 2019. PINS was weak after that, falling to a low of 17.4 near the end of the year. A modest recovery to around 25 was cut short by the market’s crash, which sent PINS to an all-time low of 10. As with many tech stocks the recovery was swift and steady. PINS was back near 25 by the end of July 2020 then gapped up to trade near its all-time high of 37 right after Q2 earnings were released. After a brief consolidation the stock has walked up to 45.
Upwork (UPWK)
It’s no secret that the pandemic has changed the way people work. Some changes will be transitory and dissolve when the pandemic recedes. But some will stick.
Upwork (UPWK) is a direct beneficiary of the pandemic-induced rise of freelance work. I think many people have realized that hiring freelancers can be a lot easier, and more productive than was thought pre-pandemic, and that a lot of this activity will persist even when the pandemic subsides.
Upwork, which has a market cap of $2.5 billion, operates an online platform that connects over 5 million businesses with freelancers around the world. The platform is used by all variety of businesses, large and small, including some of the biggest names out there. Microsoft (MSFT), Airbnb, and General Electric (GE) are all users.
Users simply post a job and include details about the project. Upwork’s platform taps into talent and agencies around the world as defined by the users’ geographic scope. Bids come in within 24 hours. The platform then facilitates communication, file sharing, milestone achievement and payments.
The range of job categories is huge, spanning content marketing, graphic design, consulting, mobile development, accounting, data science and analytics, writing, engineering and more.
Pricing is relatively straightforward as well. There is a Basic solution that’s free, Plus costs $49 a month, Business costs $849 and Enterprise varies depending on the client needs. There are additional fees for payment processing and administration.
In 2018 and 2019 Upwork grew revenue by 25% and 19%, respectively. Adjusted earnings went from -$0.01 in 2018 to $0.06 in 2019. Those numbers were fine, but the stock was in a consistent downtrend.
The issues were myriad. In early 2019, soon after Upwork’s October 2018 IPO, questions were being asked about how self-directed workers should be classified, as employees or contractors. Ride hailing companies Uber (UBER) and Lyft (LYFT) faced the same issue and their stocks struggled (LYFT still is). Fiverr (FVRR), which is a direct competitor to Upwork, went public and mid-2019 and also faced pressure in its first six months. Essentially, the backdrop for these types of companies wasn’t that great.
It also appears Upwork’s CEO wasn’t a great fit. In December 2019 he was replaced by Hayden Brown. She was previously the Chief Marketing & Product Officer at Upwork and had also worked at LivePerson (LPSN) and Microsoft (MSFT). One of her first tasks was to help navigate Upwork through a global pandemic!
While the stock was crushed after Brown took over (pandemic) it recovered quickly and is looking strong now. Upwork seems to be in the “better” phase of a bad-to-better-to-good transition. With time and a little luck, it could become a great story. All the pieces are there.
Analysts see revenue growing by 16% to $350 million this year and by another 17% in 2021. Adjusted EPS is seen at -$0.24 this year, then -$0.12 next. Given all the factors there could be some variance from expectations.
The Stock
UPWK came public at 15 in October 2018 and jumped 40% the first day. Shares peaked at 25 and held up through April 2019 they began to slide. Every earnings release was met with selling pressure. When the new CEO came in the stock was at 9.5 but slid to 5 at the depths of the pandemic. UPWK raced back to 10 by May 2020, then jumped into the mid-teens following the Q1 earnings release. It traded mostly between 13 and 16 from June through September 2020, then jumped above 18 early this month.
Previously Recommended Stocks
Today we are making the following changes to our portfolio.
Stocks Moved To SELL
Bloom Energy (BE) Moves to SELL. We’ve had a bumpy ride with BE. We got into the stock in mid-July when it was strong but since then we’ve held on through two big pullbacks. The recent rally in clean energy stocks took BE to a fresh high, and it’s retreated 22% since. Overall, I like the story and the potential but I’m not sure the upside potential adequately compensates us for the volatility along the way. There are other clean energy names on my list that seem compelling. Let’s take this opportunity to step aside from BE with a roughly 14% gain. It’ll go back on my watch list. SELL
GFL Environmental (GFL) Moves to SELL. We jumped in this Canada-based waste management company in May, looking for some upside potential and downside protection in the early stages of the market recovery. It worked. GFL is now up 25% from our entry point and trading within 5% of an all-time high. This is a steady company growing through acquisitions and over time I think it will do just fine. However, with a portfolio flush with positions and more to come I’m comfortable taking our gain and looking for a faster horse. SELL.
Schrodinger (SDGR) Moves to Sell Remaining Half. We stuck with Schrodinger too long and took a hit on the first half of our position roughly a month ago. After a modest recovery in the stock it’s time to let the second half go. There’s certainly potential for the stock to recover, and in fact over time I think it will. But at this stage it’s a matter of thinning our portfolio and, potentially, reallocating capital. Given all the factors, SDGR gets the boot. SELL REMAINING HALF
Stocks Moved To HOLD
Cloudflare (NET) Moves to HOLD. (see Introduction for discussion)
DraftKings (DKNG) Moves to HOLD. (see Introduction for discussion)
Nikola (NKLA) Moves to HOLD. (see Introduction for discussion)
Peloton (PTON) Moves to HOLD. I’m not one to shy away from a hot stock, but PTON has been on a one-way trip higher for what feels like forever. We entered the stock a month ago and are up almost 60%. Even though the story and the growth are great it’s wise to recognize that the stock may need a pause soon. I’m looking forward to hearing updates about how the new Bike+ and Tread are selling, plus what’s in the pipeline for new products. Any acquisitions? Moving to hold. HOLD
An updated table of all stocks rated BUY and HOLD, as well as recent stocks SOLD, is included below.
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.
| Stock | Symbol | Date Covered | Notes | Original Price^ | Price 10/20/20 | Current Gain | ||
| BUY | ||||||||
| 10x Genomics | TXG | 12/17/19 | 66.78 | 152.78 | 129% | |||
| Altair Engineering | ALTR | 8/26/20 | 42.75 | 46.49 | 9% | |||
| Bandwidth | BAND | 7/15/20 | 126.98 | 171.47 | 35% | |||
| Chewy | CHWY | 1/15/20 | 31.22 | 68.11 | 118% | |||
| Clarivate | CCC | 10/21/20 | NEW | 30.56 | NEW | |||
| CrowdStrike | CRWD | 12/17/19 | Hold 3/4 Position | 49.45 | 142.64 | 188% | ||
| Cryoport | CYPX | 10/21/20 | NEW | N/A | NEW | |||
| Jamf Holding | JAMF | 8/26/20 | Buy a Half | 39.12 | 33.99 | -13% | ||
| Kinsale Capital | KNSL | 9/16/20 | Top Pick | 191.39 | 207.14 | 8% | ||
| Nevro | NVRO | 9/16/20 | 146.68 | 150.56 | 3% | |||
| Nuance | NUAN | 10/21/20 | NEW | 34.07 | NEW | |||
| PINS | 10/21/20 | NEW | 45.32 | NEW | ||||
| Sprout Social | SPT | 2/19/20 | 20.38 | 49.05 | 141% | |||
| The AZEK Company | AZEK | 8/26/20 | Top Pick | 38.84 | 38.04 | -2% | ||
| Upwork | UPWK | 10/21/20 | NEW | 20.61 | NEW | |||
| Varonis | VRNS | 9/16/20 | 112.59 | 124.06 | 10% | |||
| Virgin Galactic | SPCE | 4/15/20, 6/5/20 | 17.66 | 23.03 | 30% | |||
| Vital Farms | VITL | 9/16/20 | Buy a Half | 38.21 | 34.62 | -9% | ||
| TFF Pharmaceuticals | TFFP | 8/26/20 | 13.19 | 14.45 | 10% | |||
| HOLD | ||||||||
| Adaptive Biotech | ADPT | 4/15/20 | 27.91 | 48.23 | 73% | |||
| Bill.com | BILL | 6/17/20 | 77.73 | 112.86 | 45% | |||
| Cloudflare | NET | 7/15/20 | 35.85 | 57.06 | 59% | |||
| Datadog | DDOG | 4/15/20 | Hold 1/2 Position | 38.69 | 108.59 | 181% | ||
| DraftKings | DKNG | 5/20/20 | 30.28 | 42.53 | 40% | |||
| Dynatrace | DT | 9/18/19 | Hold 3/4 Position | 20.49 | 43.16 | 111% | ||
| Freshpet | FRPT | 11/20/19 | 54.31 | 119.54 | 120% | |||
| Five9 | FIVN | 11/20/19 | Hold 3/4 Position | 64.37 | 144.51 | 124% | ||
| Livongo | LVGO | 11/20/19 | Top Pick, Hold 1/2 | 28.23 | 142.75 | 406% | ||
| Nikola | NKLA | 8/26/20 | Hold 1/2 Position | 39.11 | 20.72 | -47% | ||
| Peloton | PTON | 9/16/20 | 84.28 | 131.93 | 57% | |||
| Solaredge Tech. | SEDG | 1/15/20 | 104.18 | 309.80 | 197% | |||
| RECENTLY SOLD POSITIONS | ||||||||
| Company Name | Ticker | Date Covered | Date Sold | Reference Price^ | Price Sold^ | Gain/Loss | ||
| Descartes Systems | DSGX | 4/15/20 | 9/16/2020 | 38.82 | 53.50 | 38% | ||
| Formula One Group | FWONK | 5/20/20 | 9/24/2020 | 33.51 | 34.92 | 4% | ||
| OneWater Marine | ONEW | 6/17/20 | 9/24/2020 | 22.75 | 20.09 | -12% | ||
| SelectQuote | SLQT | 6/17/20 | 9/24/2020 | 27.26 | 19.88 | -27% | ||
| Schrodinger (1/2) | SDGR | 7/15/20 | 9/24/2020 | 82.62 | 47.79 | -42% | ||
| Bloom Energy | BE | 7/15/20 | 10/21/2020 | 16.06 | 18.17 (Est.) | 13% (Est.) | ||
| GFL Environmental | GFL | 5/20/20 | 10/21/2020 | 17.72 | 21.97 (Est.) | 24% (Est.) | ||
| Schrodinger (1/2) | SDGR | 7/15/20 | 10/21/2020 | 82.62 | 55.67 (Est.) | -33% (Est.) | ||
^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 November 18, 2020
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