In the May Issue of Cabot Early Opportunities we acknowledge the increasingly choppy action in the market and the unprecedented nature of the current recovery.
Similar to last month, we focus on diversifying new buys across different end markets, offering up names with exposure to everything from mobile gaming to oil services to off-road suspension, and more. In short, there’s something for everyone and, we think, enough variety to capture the upside in a wide range of spring and summer market conditions.
Enjoy!
Cabot Early Opportunities 121
| Stock Name | Market Cap | Price | Investment Type |
| AppLovin (APP) | $20.9 billion | 64.29 | Rapid Growth – Software |
| Cactus (WHD) | $2.6 billion | 34.71 | Cyclical Growth – Oil Services |
| e.l.f. Beauty (ELF) | $1.50 billion | 29.22 | Growth – Cosmetics/Personal Care |
| Fox Factory Holdings (FOXF) | $6.56 billion | 156.4 | Rapid Growth – Suspension Products |
| Montrose Environmental (MEG) | $1.31 billion | 50.38 | Rapid Growth – Environmental Services |
The Great Inflation Debate: Transitory, Or Here To Stay?
If you want to strike up conversation at your next social gathering just utter one of two sentences.
“Hey, have you guys heard about lumber prices? Holy cow!”
Or, “Man, I think inflation is here to stay. Prices on everything are going up and there’s no end in sight.”
My guess is that if even a few people hear you that you can just sit back and enjoy the show.
I’m not getting into the price of lumber today. But I do want to talk briefly about inflation because it (or rather the fear of it) is responsible for a lot of the market’s action lately, especially when it comes to higher growth companies.
Stepping back far enough so we can gain some perspective on the current state of affairs in their proper historical context, it’s helpful to look back to Reagan, who was arguably the last president, prior to Trump, who consistently railed against big government.
In the decades since Reagan the federal government has gotten bigger and more involved in people’s lives. Regardless of your political views, that’s just the reality. Trump’s tenure in the White House represented a temporary break from the trend, but under President Joe Biden big government is poised to come roaring back and be bigger than ever.
While certain plans, such as the one to raise taxes on the wealthy, may offset some spending, there doesn’t seem to be any avoiding a higher deficit to cover the cumulative impact of expansive social spending programs.
Against that political backdrop, we have a global economy that shut down a year ago and is struggling to get back up and running quickly enough, and at a sufficient pace, to provide the goods and services consumers and businesses want and need. Shortages of critical supplies and parts, workers, energy and more are the result.
Add in the Biden administration’s hopes and dreams to drive higher wages, higher corporate tax rates, more climate change regulations and more power for labor unions and you get to where we are now – a growing sense that the only logical result of all this is inflation.
That all sounds pretty scary if you’re into rapid growth stocks, mainly because as the risk of inflation rises, particularly above the 4% rate, so too does the threat of Fed intervention to cool off an economy that’s begun to run too hot.
While there are plenty of scenarios in which some inflation and some increase in rates are fine, if not good, for higher growth stocks, it’s all a matter of degree. Too much inflation and/or too much Fed intervention is not so good.
To call out one data point from a recent Wall Street Journal article, since the S&P 500 was created in 1957 inflation has gone above 4% nine times. In eight of those cases stocks were lower three months later.
But when it comes to the market there are, and will continue to be, exceptions.
In 2005, inflation was transitory. It soon fell below 4% and stocks were fine.
That’s the hope this time around as well. There are more than a few excellent economists who believe inflation will prove to be transitory in 2021.
Stepping back to consider what we’ve been through over the last 12 months and to reflect on what’s happening now to get the world moving again, a relatively simple scenario seems fitting. And that is transitory inflation in the 3% to 4% range for a spell, then easing some, and eventually reverting to something under 3% (at least in the foreseeable future), potentially with modest Fed intervention.
Maybe that will prove to be too rosy of a scenario. But I don’t think so.
Of course, we won’t know what happens until it’s already occurred. The market’s current gyrations reflect that uncertainty. Add in the reality that stocks still trade at relatively high valuations, that there is excess out there (crypto, meme stocks, etc.), that the pandemic is still a major issue in many areas of the world and you wind up with a pretty messy situation.
Still, it’s far better than it was a year ago, six months ago, and even three months ago. My guess is that when we look back at this time in a year or two the history books will say that since 1957 there have been two out of 10 times when a temporary uptick in inflation, to above 4%, has freaked investors out, but that months later the market was just fine, as were cool and collected investors who maintained patience and perspective as the world emerged from an earth-shattering pandemic.
What to Do Now
While I think the market will work through the current uncertainties just fine, in the short-term there’s no denying that it has become harder to make money than it was in 2020.
In these environments there’s no sense trying to be a hero. It’s time to ratchet down expectations, take smaller positions, trim losers more quickly, take incremental gains when they are there, and overall take fewer risks.
Also, it’s important to keep spreading our investments into more corners of the market.
While we all want to make money, it’s equally important to keep the money we already have. These choppy markets come and go and the trick is to play with the hand you’re dealt. When things get roaring again, we can be more aggressive. For now, we’ll look to make steady gains where we can. And we’ll give positions less rope than we did last year.
STOCKS
AppLovin (APP)
AppLovin (APP) is a recent software IPO (came public in April) that offers exposure to huge growth in the massive mobile app market and which, we think, can now be purchased during a pullback in valuations and sentiment toward rapid growth software names (shares are trading below their IPO price).
The deal is that AppLovin is a vertically integrated technology platform for mobile app marketing, monetization and measurement. Mobile apps generate nearly $200 billion in revenue a year globally. With developer times falling and more games and apps out there, there is rising demand for tools that help get games/apps in front of users and monetize users. This is where AppLovin comes in.
The company’s platform is supported by the AppLovin App Graph, which stores anonymized data sourced from hundreds of millions of devices. There is also a machine learning engine, called AXON, that matches users with ad content based on the data.
Around half of revenue is generated from consumers through in-app purchases, while the other half is generated from enterprise-scale businesses (over 170, paying more than $125K a year), which pay for software and applications. Total revenue in 2020 was $1.45 billion, up 46%.
Software includes solutions (AppDiscovery, MAX, SparkLabs and Adjust) that help clients manage, market, and monetize mobile apps. With these four solutions there are ample cross-selling opportunities and legitimate benefits to clients that sign on to multiple services.
One such benefit is control of first-party data, much of which AppLovin owns as it is acquired through first-party games. This differentiates the company from other business-to-business app players, including Digital Turbine (APPS) and Vungle (but not other integrated players like Facebook (FB) and Alphabet (GOOG)) which are more reliant on collected data and therefore prone to “opt-in” requirements. This could work to AppLovin’s benefit as privacy changes roll out to Android and Apple devices.
In terms of apps, AppLovin owns its own content and also partners with studios for a variety of games across the casual, match-3 and hyper-casual genres. It operates over 200 games from 12 owned or partner studios. A few of the more popular games include Project Makeover, Final Fantasy XV, Clockmaker, Game of War, Matchington Mansion and Wordscapes.
AppLovin reported Q1 2021 results last week and they were terrific. Revenue was up 132% (89% organic). The vertically integrated business model benefit was on full display as marketing levers and spend was tweaked based on internal knowledge of what games are working and how user acquisition/monetization strategies were working. So far, management said it has seen no changes based on updates to Apple’s privacy policies (APP had previously fallen on speculation there would be adverse impacts).
In terms of guidance, management is calling for 2021 revenue of $2.7 billion, well ahead of consensus ($2.5 billion). This implies 85% revenue growth, which, with exceptional profit margins, should generate adjusted EPS of around $0.27, up nicely from a loss of -$0.35 in 2021.
The Stock
APP came public at 80 on April 15 and fell 19% the first day. It dropped again the next day, wobbled for a few weeks then sold off over the first 10 days of May. Shares bottomed near 49.5 on May 13 (last Thursday), the day after earnings were reported, and have since rallied back into the low 60s. As with any recent IPO investors should expect APP to be somewhat volatile. A key difference to buying a recent IPO now as opposed to months ago is that back then they were red hot whereas now they are … not. We’ll start with a half-sized position to balance out some of the risks.
Cactus (WHD)
While I’m not generally a huge fan of oil services companies due to the cyclical nature of these businesses I’m also not opposed to being in them while they’re working. In the current and near-to-mid-term environment (next year plus), given an ongoing recovery in U.S. drilling activity and uptick in oil prices, these types of stocks are poised to work quite well. As an easily digestible data point, the Vaneck Oil Services ETF (OIH) pulled back in March and April but is pushing up against its March highs right now.
As I survey the landscape of players with leverage to this market Cactus (WHD) stands out from the pack. It is a small cap ($2.6 billion market cap) pure-play wellhead and pressure control equipment provider for the U.S. onshore oil drilling market. If the current cycle continues to gain momentum – the expected scenario – the stock should do very well. If the cycle falters, Cactus probably won’t perform.
In terms of what exactly it does, Cactus designs, makes and sells wellheads and pressure control equipment (59% of 2020 revenue). It also rents some equipment (19% of 2020 revenue) and provides mission-critical field services to clients (22% of revenue).
Its main products are Cactus SafeDrill wellhead systems, frac stacks, zipper manifolds and production trees.
Cactus is a major player in the wellhead market, owning roughly 43% market share. Management has recently been able to push through price increases, which should benefit both Q2 and Q3 numbers and possibly further out as well, especially if onshore drilling activity keeps building.
One area of particular strength has been Cactus’ market share with privately held exploration and production companies. A while back these companies operated under 20% of rigs, but now operate over a third of them. That’s good for Cactus, especially given that total active rig count is climbing (up low-to-mid double digits from Q4 2020 to Q1 2021).
Looking at the rental business, it’s not particularly strong right now as there is a lot of competition and systematic costs to get completion equipment back in the field. Rentals is a mixed bag – it’s not great business but not awful either. It’s just one of those things that comes with the territory as some clients prefer to rent over buy at certain times.
In terms of the growth profile, it helps to look back a few years to see the cycle. Revenue grew 120% to $340 million in 2017, by 59% in 2018 and by 15% in 2019 (to $628 million). Last year was a disaster as 2020 revenue fell 45%, back to roughly 2017 levels ($349 million). That should have marked the bottom of the cycle. Cactus has been profitable since 2017, with adjusted EPS rising from $0.81 in 2017 to $1.86 in 2019, then falling by 62% to $0.71 in 2020.
The first quarter of 2021, which was reported in early-May, should be the last quarter of negative growth for some time. Revenue fell by 45% to $84.4 million while EPS fell 73% to $0.11.
Looking forward, revenue growth is seen accelerating to 50% in Q2 then 85% in Q3. While the Q1 contraction will handicap full-year 2021 revenue growth to around 18% (roughly $410 million) and keep EPS flat, 2022 looks enticing with growth accelerating to above 30% (to $540 million) and EPS jumping 74% to $1.27.
As mentioned, this is a cyclical stock, and it is not one to tuck away and forget about for the next decade. But if the recovery plays out roughly as expected, Cactus could deliver the goods.
The Stock
WHD came public in February 2018 at 19 and enjoyed a strong start. By October of that year the stock had more than doubled, to 41. A 40% drawdown in 2019 was followed by another run to 41, then another 40% retreat and subsequent rally to 35 brought WHD to last March. We all know what happened then – the market crash obliterated oil stocks and WHD plummeted to under 10. The recovery was consistent at first and WHD traded up to 26 last August. Shares fell to 16 by October, then gapped up after earnings were reported in early-November and walked up to a 2021 high of 39 in early-March. Another retreat in March and April pulled WHD down to 27 (30% off the high) by April 21, but the stock has since regained its composure and closed at 34.7 yesterday.
e.l.f. Beauty (ELF)
We made a little money on e.l.f. Beauty (ELF) last time we owned the stock and with shares continuing to perform well in 2021, but having pulled back modestly from a recent high, we’re going back to the magic well today to try to catch the next updraft. Please note that e.l.f. will report Q4 fiscal 2021 results next Wednesday, May 26.
The back story is that e.l.f. makes and sells cosmetics and skin care products, which it mainly sells through major retailers, including Target (TGT), Walmart (WMT), Ulta Beauty (ULTA) and Shoppers Drug Mart (in Canada). The company also does a small portion of sales direct-to-consumer (DTC).
Products are priced at the value end of the spectrum, so it is going after a huge market, including Gen Z (born roughly 1995 to early 2012) and young millennials (born roughly 1980 to 1994). There has been a recent initiate to move up-market a little, but that’s an incremental move, not a huge one.
e.l.f.’s customer base has likely benefited from stimulus checks. That, along with recent price hikes and a massive desire on the part of consumers to get back out there and resume “normal” activities, has contributed to an uptick in selling momentum coming out of the pandemic (single-digit growth to low double-digit growth). I expect momentum can persist into summer and fall 2021.
Part of the reason for the current strength is digital expertise. e.l.f. has invested heavily in digital marketing and ecommerce. This helped drive both new customer acquisitions and repeat customer purchases during the pandemic. Some of this success has come at the expense of other manufacturers that are less savvy in the digital realm.
While there is potential for e.l.f.’s market share gains to slow as the pandemic abates, it appears likely that the company’s digital acumen and increasing relevance to the more affluent cosmetics buyer will keep market share gains trending higher over the coming quarters.
Growth isn’t off the charts, but it’s steady. In fiscal 2020 (ended last March), revenue rose by 6% to $283 million. Adjusted EPS was $0.63. In the current fiscal year (fiscal 2021 ended March 31), which includes nearly all of the pandemic quarters, analysts expect revenue to have grown by 10% to $310 million and for adjusted EPS to be up slightly, to $0.64. The Q4 and full-year report comes out next Wednesday.
In terms of guidance for fiscal 2022, we want management to guide for at least 6% revenue growth (to $330 million) and EPS of $0.71 (up 11%). That would be in-line with management’s three-year growth model, which calls for mid-to-high single-digit growth and expanding profit margins.
Stepping back, I like e.l.f.’s steady growth profile and potential to move up-market even while gaining more shelf space at large retailers, including Walmart and Ulta Beauty. We’ll jump in ahead of earnings and then evaluate again after next week’s earnings report.
The Stock
ELF came public in September 2016 at 17. The IPO was a big success and ELF hit an all-time high of 32.5 that December. Things then went steadily downhill until March 2019 when ELF bottomed out near 6.7. Shares then raced higher and were trading near 20 before the pandemic-induced market crash, which sent ELF back to 7.6. Shares recovered nicely and ELF was back to 20 in early-July. Since September the stock has been mostly ticking higher with occasional pullbacks to the 50-day line drawing out new buyers. The current dip (from the March 23 high of 31 to 27.5 last Thursday) seems consistent with that pattern.
Fox Factory Holdings (FOXF)
Fox Factory Holdings (FOXF) has always intrigued me because I was an avid mountain biker when I lived in Vermont and Fox suspension was on a lot of bikes. I thought it was pretty cool that investors could buy into a pure play bike suspension designer and manufacturer.
My interest in the company has only grown recently, even though I now live by the ocean and only ride a few times a year. Mountain biking has gone next-level insane over the last five to ten years, and the equipment on bikes is now just out of this world amazing. Fox has been a big part of the innovation cycle.
There has also been a huge growth surge of other off-road products for which Fox makes suspension and other parts, including side-by-side vehicles, all-terrain vehicles, snowmobiles, motorcycles, and other specialty vehicles.
The growth drivers there are about the same as in mountain biking – people want to get out there more, go further, do crazier things, have more fun and have their equipment handle all the abuse without leaving them stranded!
Today, roughly 60% of Fox’s sales come from suspension in the Powered Vehicles Group, while the Specialty Sports Group (mainly mountain bikes) generates the other 40%.
Growth in both segments has been strong. In Q1 2021 Powered Vehicles grew by 35% while Specialty Sports/Mountain Biking grew by 85%. Total Q1 revenue growth was 52%, to $281 million. Adjusted EPS doubled, to $1.05. Both results were well ahead of expectations.
The Powered Vehicles Group has been benefiting from growth in the power sports market, upfitting (especially premium vehicles), dealer inventory restocking (demand has vastly outstripped supply) and the February 2020 acquisition of SCA Performance Holdings, which builds custom vehicles under the SCA, Rocky Ridge Trucks and Rocky Mountain Truckworks aftermarket brands A recent capacity expansion, including a new facility in Georgia, should position Fox to capture more of the demand over the next five years.
A short list of some OEM and aftermarket customers of the Powered Vehicles Group includes Honda, Ford, Polaris, John Deere, Yamaha, Jeep, BRP, Arctic Cat, Keystone, Cognito, Roush, Premier and 4WheelParts.
Turning to the Specialty Sports Group (biking), OEM and aftermarket customers include Scott, Specialized, Trek, Yeti, Giant, Cannondale, Pivot, Backcountry, ProBike, Bike Bling and Fanatik, among others.
Beyond having the #1 rated front and rear mountain bike suspension products (Fox also owns Marzocchi) on the market, Fox makes other bike parts as well, including stems (it owns Race Face) and wheelsets (it owns Easton).
Looking forward, Fox appears well-positioned to keep pushing the innovation envelope forward in both mountain biking and off-road markets, not just for suspension products but with other bundled components and integrated solutions. It is also likely to continue acquiring other component manufacturers.
Look for revenue to grow by nearly 30% this year (to $1.15 billion), including acquisitions, and for EPS to jump 34% to $4.00. In 2022 revenue should be up by about 10% to $1.26 billion, while EPS should expand by 14%, to $4.57.
The Stock
FOXF came public in 2013 and ticked along until around 2017 when the stock began to gain momentum. It traded up near 87 in mid-2019, then suffered a 30% drawdown before recovering to 80 just prior to the pandemic, which cut FOXF in half. Shares rallied back quickly, trading up to 113 last August before a drawdown of almost 40% reset expectations. FOXF then broke out to fresh highs above 113 in January, consolidated in the 117 to 144 range through mid-April, then broke out and rallied to 167 in late-April. The stock has been consolidating in the 150 to 167 range for the last four weeks.
Montrose Environmental (MEG)
Montrose Environmental (MEG) is a $1.3 billion market cap company specializing in environmental services for government and commercial organizations across North America, Australia and Europe.
The type of services it provides are recurring in nature and span three main categories: measurement and analysis (46% of 2020 revenue), assessment, permitting and response (30% of revenue) and remediation and reuse (24% of revenue).
More specific examples of services include consulting on air and water quality, environmental incident response, air testing, lab services, leak detection and repair, water treatment and renewable energy solutions and soil and groundwater remediation.
Whereas some providers offer these services in a patchwork sort of way, Montrose strives to build long-term relationships and provide holistic environmental services to its clients. It has over 4,500 customers, the largest of which generated 7% of 2020 revenue. A full 90% of last year’s revenue came from repeat customers.
There are several major drivers of demand for Montrose’s solutions. It’s not just a “green” economy play, or a business reliant on Democratic environmental policies. There are lots of regulatory and compliance requirements for greenhouse gas emissions and chemicals, not to mention impact assessments, permitting, geotechnical analysis and other environmental assessment needs for large infrastructure projects. Finally, concerns over things like drinking water, toxicology in consumer goods, Superfund cleanup and, yes, a shift toward a lower carbon economy are all growth drivers here.
In a fragmented market Montrose is growing both organically and through acquisitions. The latest acquisition was MSE, a $17 million acquisition completed in January that strengthened Montrose’s environmental assessment and remediation business with the U.S. Federal Government.
Stepping back, the company has been growing revenue at an average clip of 34% a year since 2016. Revenue was up 40% in 2020 and is on pace to grow by at least 30% in 2021. In Q1 (reported last week) revenue jumped 119% to $134 million, while adjusted EPS loss improved by 66% to -$0.62. Adjusted EPS should improve by 82% to -$0.49 in 2021, then flip to positive $0.18 in 2022.
The Stock
MEG came public last July at 15 and jumped 47% the first day. The stock has had some ups and downs, with most pullbacks in the 20% to 30% range. Despite the implied volatility of the trading range, the big picture trend is undeniably up, and MEG has consistently bounced off its 50-day moving average line. The last surge, in late May - early April, took the stock from around 40 to almost 60 in a matter of days. Since then, MEG has been consolidating in the 50 to 60 range (there was one intra-day dip to 46 last week after earnings were reported), potentially setting the stock up for the next run to new highs.
Previously Recommended Stocks
In 2021 we have been doing more selling than buying. As I look at the 42 full and partial positions that we’ve sold this year, only eight are trading higher now than when we sold (i.e. we’ve been “right” to be sellers, at least so far).
Ironically, on these 42 sales our average gain has been 42%.
Of these, only one sale was a stock recommended last month, Sonos (SONO). Our other four April recommendations continue to be rated buys.
Since the April 21 Issue of Cabot Early Opportunities we have made five sales. We sold half, then the other half, of Pinterest (PINS) for gains of 22% and 19%, respectively; we sold our remaining stake in Chewy (CHWY) for a gain of 149%; we sold Sonos (SONO) for a loss of 20% and we sold Varonis (VRNS) for a gain of 28%.
There are no new sales to report today.
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 t
hey 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 5/19/21 | Current Gain | Notes | Current Rating |
| 10x Genomics | TXG | 12/17/19 | 66.78 | 150.38 | 125% | HOLD | |
| Altair Engineering | ALTR | 8/26/20 | 42.75 | 63.35 | 48% | BUY | |
| AppLovin | APP | 5/19/21 | NEW | 64.29 | NEW | BUY A HALF | |
| AtriCure | ATRC | 4/21/21 | 68.49 | 72.71 | 6% | BUY | |
| Bentley Systems | BSY | 4/21/21 | 50.34 | 51.66 | 3% | BUY | |
| Bill.com | BILL | 6/17/20 | 77.73 | 142.28 | 83% | BUY | |
| Cactus | WHD | 5/19/21 | NEW | 34.71 | NEW | BUY | |
| Cloudflare | NET | 7/15/20 | 35.85 | 72.43 | 102% | Took Partial Gains | HOLD 1/2 |
| CrowdStrike | CRWD | 12/17/19 | 49.45 | 196.78 | 298% | Took Partial Gains | HOLD 1/2 |
| Eargo | EAR | 3/17/21 | 52.74 | 32.92 | -38% | Top Pick | BUY |
| e.l.f. Beauty | ELF | 5/19/21 | NEW | 29.22 | NEW | BUY | |
| Fox Factory Holding | FOXF | 5/19/21 | NEW | 156.43 | NEW | Top Pick | BUY |
| Endava | DAVA | 4/21/21 | 82.98 | 90.99 | 10% | BUY | |
| Fisker | FSR | 2/17/2021 & 4/20/21 | 16.16 | 12.20 | -24% | BUY | |
| Five9 | FIVN | 11/20/19 | 64.37 | 164.57 | 156% | Took Partial Gains | BUY |
| Freshpet | FRPT | 11/20/19 | 54.31 | 167.96 | 209% | BUY | |
| HubSpot | HUBS | 4/21/21 | 503.80 | 484.36 | -4% | BUY | |
| Kornit Digital | KRNT | 11/18/20 | 78.06 | 93.35 | 20% | BUY | |
| Lyft | LYFT | 1/21/21 | 48.58 | 51.51 | 6% | BUY | |
| Montrose Environmental | MEG | 5/19/21 | NEW | 50.38 | NEW | BUY | |
| Semler Scientific | SMLR | 3/17/21 | 104.4 | 105.00 | 1% | BUY | |
| Shift4 Payments | FOUR | 12/16/20 | 64.31 | 88.18 | 37% | HOLD | |
| Sprout Social | SPT | 2/19/20 | 20.38 | 64.00 | 214% | BUY | |
| Upwork | UPWK | 10/21/20 | 20.31 | 40.22 | 98% | Took Partial Gains | HOLD |
| Vail Resorts | MTN | 4/21/21 | 313.31 | 314.91 | 1% | BUY |
RECENTLY SOLD POSITIONS | |||||||
| Company Name | Ticker | Date Covered | Reference Price^ | Date Sold | Price Sold^ | Gain/loss | Notes |
| ContextLogic | WISH | 3/17/21 | 18.39 | 4/15/2021 | 13.25 | -28% | |
| Virgin Galactic | SPCE | 4/15/20, 6/5/20 | 17.66 | 4/15/2021 | 24.04 | 36% | Sold Second 1/4 |
| DraftKings | DKNG | 3/17/21 | 67.99 | 4/19/2021 | 57.21 | -16% | |
| SolarEdge Tech. | SEDG | 1/15/20 | 104.18 | 4/19/2021 | 251.58 | 141% | |
| Virgin Galactic | SPCE | 4/15/20, 6/5/20 | 17.66 | 4/19/2021 | 22.59 | 28% | Sold Remaining 1/2 |
| Chewy | CHWY | 1/15/20 | 31.22 | 5/4/2021 | 77.80 | 149% | Sold Remaining 1/2 |
| PINS | 10/21/20 | 50.43 | 5/4/2021 | 61.54 | 22% | Sold First 1/2 | |
| PINS | 10/21/20 | 50.43 | 5/7/2021 | 60.12 | 19% | Sold Remaining 1/2 | |
| Varonis | VRNS | 9/16/20 | 37.53 | 5/7/2021 | 47.97 | 28% | |
| Sonos | SONO | 3/17/21 | 42.41 | 5/14/2021 | 33.99 | -20% | |
| ^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 June 16, 2021.
Cabot Wealth Network
Publishing independent investment advice since 1970.
President & CEO: Ed Coburn
Chief Investment Strategist: Timothy Lutts
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