In the June Issue of Cabot Early Opportunities we take note of the market’s string of all-time highs and accelerating pace of consumer spending.
Against that backdrop we present a batch of stocks that offer exposure to a variety of trends, from retail spending and auto maintenance to consumer lending, customer care for enterprises and even vaccine manufacturing.
As always, there’s something for everyone!
Enjoy!
Cabot Early Opportunities 122
| Stock Name | Market Cap | Price | Investment Type |
| Academy Sports & Outdoor (ASO) | $3.63 Billion | 39.37 | Growth – Sporting Goods/Retail |
| Driven Brands (DRVN) | $4.97 billion | 29.66 | Rapid Growth – Auto Services |
| GoEasy (GSY.CA, EHMEF) | $2.53 billion | 153.9 | Growth/Value – Leasing & Lending |
| Maravai LifeSciences (MRVI) | $11.4 billion | 44.00 | Rapid Growth – MedTech |
| TELUS International (TIXT) | $8.09 billion | 31.46 | Rapid Growth – Customer Care |
Up, Up and Away?
Over the last week the S&P 500 has notched a series of all-time highs.
The S&P 600 Small Cap Index hit an all-time high last Tuesday (it is currently 2% off that high water mark).
The Nasdaq, which fell 9% in the first half of May, has recovered and hit an all-time closing high early this week. Even the ARK Innovation ETF (ARKK), which felt immense pain from February through March, has begun to look better and is up 18% over the last four weeks, though it is still 26% below the all-time high from February.
In short, stocks are in a groove.
The catalyst for the strength is, of course, the retreat of the pandemic and the economic reopening, which continues to gain momentum.
In the U.S. just over 65% of those over 18 years of age have received at least one dose. Real GDP is likely to surpass the previous record (Q4 2019) in the current quarter. And policymakers continue to buy $120 billion in fixed-income securities every month.
It is a true V-shaped recovery, with the deepest part of the recession lasting a scant two months!
Consumer spending continues to be strong in retail (despite dipping 1.3% in May) and is gaining in areas like movies, travel, restaurants, and other categories that were hardest hit. While there is some lumpiness in the trends resulting from supply chain issues and labor shortages, the bottom line is the economy is finally starting to get into gear again.
For now, the positives continue to outweigh the potential negatives/concerns, which include inflation (consumer prices up 5% in May, a 13-year increase record) and potential tax increases (Biden’s administration has proposed the most new taxes in half a decade, around $3.3 trillion).
Still, sentiment during these recoveries can turn quickly, as we saw this spring. While I think the indexes are higher twelve months from now, I don’t expect all stocks to continue to recover in straight-line fashion.
This creates a tricky backdrop for investors. On the one hand we want to stay invested for the longer term to capture outsized gains. On the other hand, we don’t want to see quick gains evaporate, then take several more months to reappear.
What to Do Now
At our core we are long-term investors. That’s the way to make the largest gains with early-stage stocks. That said, we would be remiss not to take note of the current market environment, which is rapidly transitioning from a recovery to expansion stage.
This could easily lead to choppy stock performance as market forces try to normalize and policymakers begin to talk about talking about tapering asset purchases.
To try and balance things, continue to diversify your portfolio with early-stage stocks that span the gamut from pure growth to growth plus value, reopening themes to long-term growers, and those with exposure to both secular and cyclical trends.
Also consider taking partial or full gains in positions that you don’t remember why you bought in the first place, or which you don’t believe you’ll have the staying power to hold through a pullback or correction. Also remember to trim positions that have fallen toward your mental stop loss levels, whether that be -10%, -20% or more (our max is about -30%).
Remember that the big-picture goal here is to build a portfolio of outsized winners that we can hold for the duration, while booking more modest gains along the way, and consistently trimming weaker stocks. Concurrently, it’s important to maintain some limits on the total number of positions owned so you don’t wind up with a portfolio that’s so diversified you may as well own an index fund.
STOCKS
Academy Sports & Outdoor (ASO)
Even though retail spending fell 1.3% in May many retailers are doing very well as the U.S. emerges from the COVID-19 pandemic. Among some of the strongest performers are those with exposure to athletic apparel, outdoor (fishing, hunting, camping, etc.) and footwear.
Academy Sports & Outdoor (ASO) is one of the more attractive ways to play this trend. The value-oriented sporting goods and outdoor recreation company came public in October 2020 and currently sports a market cap of $3.84 billion. It is somewhat similar to larger player Dicks Sporting Goods (DKS), but with a geographic focus across the South, Southeast and Midwest, where Academy has 259 stores (41% are in Texas).
Academy offers a wide range of products represented by national and private label brands, including Nike, The North Face, Asics, Adidas, Under Armour, Wilson, Rawlings and Callaway. By segment, around 60% of sales is split relatively evenly between the outdoor and apparel categories, while the footwear and sports/recreation categories each make up roughly 20%.
With pandemic demand Academy had a good fiscal 2021 (fiscal year ended in January). Revenue was up 18% to $5.7 billion and adjusted EPS rose 275% to $4.20.
The first quarter of fiscal 2022, reported at the beginning of last week, showed positive trends continuing. Revenue was up 39% to $1.58 billion, led by apparel (up 80%), footwear (up 58%) and sports and recreation (up 36%). Outdoor was up 13% as weakness in firearms and ammo was offset by strength in camping and fishing.
Delving a little deeper, Academy is seeing fewer supply chain challenges relative to last year, especially in areas like fitness equipment, water sports and bikes. There is also more normal going out and back to school shopping taking place, as well as solid recovery in supplies for team sports.
That’s not to say all is perfect. There are lingering supply chain constraints, and labor challenges are popping up (not unique to Academy). There may also have recently been a surge in “catch up” purchasing as spring/summer purchases coincided with eased restrictions.
Still, there is runway to the trends Academy is currently enjoying. Younger generations are spending more at value-oriented sporting goods retailers, Nike is rationalizing its wholesale channel (including exiting many sellers, like Belk, that are within a few miles of Academy locations), and The North Face is rolling out across Academy’s footprint.
Analysts see Academy growing revenue by around 8% this year to $6.16 million and generating EPS of $4.63 (up 10%).
The Stock
ASO came public at 13 on October 2, 2020 and closed right near its IPO price. The trend since has been incredibly strong, with the stock making a series of higher highs and higher lows, almost exclusively above its 50-day line. The only test of that technical trendline came about a week before lockup expiration on March 31. But then the Q4 fiscal 2021 report juiced the stock, which surged to 33.7 over the following four sessions. ASO then worked its way up to 37 before last week’s earnings report, after which shares jumped above 40. There was a little weakness after yesterday’s May retail spending report, which should open the door for new money to flow in.
Driven Brands (DRVN)
Technically, Driven Brands (DRVN) launched in 2008 when Meineke and Maaco officially joined forces. But the genesis for the company really dates back to 1972 when Meineke Discount Muffler and Maaco Stores first opened.
It took nearly a half-century, but Driven Brands has evolved into the largest automotive services company in North America. Along the way it has acquired many brands, which today are represented in the six core brands of Maaco, Meineke, CARSTAR, 1-800-Radiator, Take 5 Oil Change and International Car Wash Group.
At a high level, the pitch for the company is that auto maintenance is a large market (nearly $60 billion) and represents a recurring expense, but the market is extremely fragmented. Despite being the biggest in North America and owning well-known brands, Driven only holds around 1% maintenance market share. That means tons of room to grow.
The other brands help diversify the company into adjacent markets.
For instance, International Car Wash (IMO in Europe and Australia, Car Wash USA Express, GOO-GOO 3-Minute Express, and Supersonic in the U.S.) has roughly 940 locations around the world (200 in the U.S.) making it the largest car wash operatory by location count. Customer demographics here are slightly different than in the maintenance market (higher earners, more male, newer cars) as there is less reliance on dealerships for car washings. This brand represents roughly 40% of revenue.
Maaco represents the company’s play on paint and light collision work. Services performed are typically below insurance claim levels, whereas CARSTAR (and ABRA and Fix Auto) offer full collision repair and refinishing services, with nearly 90% of revenue generated through agreements with insurance companies.
Rounding out the mix are the “platform services,” mainly represented by the 1-800-Radiator brand. These services add some revenue, but the strategic rationale is really to drive sales to the aforementioned brands.
Driven Brands is sort of the automotive market’s equivalent of the quick serve restaurant space’s Dunkin’ Brands (DNKN) or Restaurant Brands (QSR), which owns Burger King and Tim Hortons. Around 83% of stores are either franchised or independently owned, which earns Driven the “asset light” moniker that research analysts use as code for companies that, in part, succeed by using other people’s money.
Stepping back, the company should continue to do well as economies reopen and the store count expands from just over 4,000 today to roughly 5,000 by 2024. Management has talked about a seemingly conservative same-store-sales growth outlook of 2%, which seems low given that it averaged 4% for the decade ending in 2019. That said, growth in some segments, like collision, could be lumpy as it will take some time for more congested areas to churn out the fender benders and crashes that feed those brands.
All things considered, Driven, which just went public in January, should grow revenue by around 44% to $1.3 billion in 2021 (acquisitions help) then by another 9%, to $1.42 billion, in 2022. Adjusted EPS should be up around 156% to $0.64 this year, then up 17% to $0.75 next year.
The Stock
DRVN came public at 22 on January 15 and popped 21% the first day. Shares rallied to an all-time high of 35.6 by February 12, then sank with other growth names into March. Earnings on March 10 were poorly received, and DRVN fell back to its IPO price by the end of March. It soon jumped back to 25, then the Q1 report on April 28 ignited a rally that carried DRVN back near 30. The stock has been a little up and down since, but overall, the trend is up and with increased investor risk appetite I see potential for DRVN to do well as we get into the busy summer driving season.
goeasy (GSY.CA, EHMEF)
Note: All prices stated below are in Canadian dollars (CAD$), unless otherwise noted.
Canadians looking for alternative, non-prime financing solutions, or a little help leasing furniture, appliances or consumer electronics, can turn to a small-cap Canadian financing company called goeasy (GSY.TO, EHMEF). Investors should consider this a blended growth and value stock.
Goeasy is a leading full-service provider of goods and alternative financial services that “ … provides everyday Canadians with a chance for a better tomorrow, today.”
Why wait when you can live better right now?!
The $2.5 billion market-cap, Ontario-based company was founded in 1990. Revenue has grown every year since 2001 and has been up double digits every year since 2013, with the exception of 2020 (thanks pandemic).
In the early years goeasy’s growth came from its first division, easyhome. Easyhome is Canada’s largest lease-to-own company and helps customers acquire brand-name household furniture, appliances and electronics from both corporate and franchise stores, and pay for them under weekly or monthly leasing agreements.
Revenue in the easyhome segment hit $143 million in 2020 and generated operating income of $31.1 million on $49.4 million in leased assets. To be clear, the fixed annual interest rate is far from cheap at 29.99%.
Growth in the easyhome segment hit a brick wall in 2009 and 2010 during the financial crisis when revenue topped out at around $170 million. The segment has shrunk since, but easyhome is stable and operating margins are attractive.
The real growth engine is a newer segment, easyfinancial, which is in the earlier stages of growth. The company moved quickly during the financial crisis and launched easyfinancial to act as a non-prime consumer lending company that bridges the gap between traditional lenders and predatory payday lenders.
Financing options include secured or unsecured installment loans ranging from $500 to $45,000, with interest rates starting at 19.99%. Repayment terms are nine to 60 months for unsecured loans, and up to 10 years for secured loans.
The easyfinancial segment has been expanding and offers an omni-channel model so customers can complete transactions through a national branch network, online through a digital application platform, or through call centers. The company’s investor relations materials tout the quality of goeasy’s risk analytics technology, which helps avoid bad loans and facilitates loan offerings at the point-of-sale through third-party merchants. In 2020, revenue in this segment hit $510 million (78% of total revenue) on gross consumer loans of $1.25 billion.
The bottom line is that sales in the easyfinancial segment have soared in recent years while sales in the easyhome segment have declined modestly. All in, revenue in 2020 of $653 million was up 7%, while adjusted EPS of $9.21 was up 109%. Goeasy pays a dividend with a forward yield of 1.7%.
The Stock
GSY.CA has been a relatively steadfast performer, albeit with the normal pullbacks and consolidation periods over the years. The most dramatic retreat was during the pandemic (no surprise) when shares fell a demoralizing 74% from their pre-pandemic high of 80.6. However, the stock has climbed back steadily, broke out to new highs last November, and has been rising steadily since. No recent pullback has breached the 50-day moving-average line and shares trade just 3% off their previous all-time high now. Momentum is very strong.
Maravai LifeSciences (MRVI)
Maravai LifeSciences (MRVI) is a newly public, high-growth life sciences company that offers exposure to some of the highest growth areas of the industry, including cell and gene therapy, biologics drug manufacturing, and mRNA therapeutics. It has a market cap of $11.4 billion.
Select products/services/processes Maravai provides include reagents for DNA and RNA oligonucleotide synthesis, bioprocess impurity detection/analytics and viral clearance, protein labeling and detection reagents, and RNA synthesis and scale up.
Most relevant to the here and now, Maravai supplies a critical component of Pfizer/BioNTech’s (PFE/BNTX) COVID-19 mRNA vaccine (as well as for CureVac’s (CVAC) yet-to-be approved vaccine) through its yield-enhancing CleanCap mRNA capping technology.
Capping is a key step in the synthesis of mRNA as it increases the stability of the mRNA molecule during production of therapeutics and vaccines. CleanCap is the market leader when it comes to efficiency, a key attribute given the importance of manufacturing vaccine at scale.
Rough estimates suggest Maravai earns around $0.28 per vaccine dose. Given that PFE/BNTX had, as of the beginning of May, shipped 450 million doses, has signed agreements for over 1.8 billion doses in 2021, and is prepared to make over 3 billion doses in 2022, there remains a lot of potential revenue for Maravai from just this vaccine.
Key to this part of the growth story is the landscape around booster shots, variant-specific vaccines, expansion to younger populations and formulations that could increase distribution of this vaccine beyond what has, thus far, primarily been developed economies.
Beyond COVID, Maravai’s CleanCap technology has broad applications for other mRNA therapies, which have gained much wider acceptance due to their success fighting COVID. Other areas of the business also continue to do well, though they have faded from the conversation given the huge growth from CleanCap.
Turning to the numbers, Maravai generated $284 million in revenue in 2020, up 98% over 2019. Of that, $206 million came from Nucleic Acid Production (up 184%), $55 million came from Biologics Safety Testing (up 24%) and $23 million came from Protein Detection (up 12%). Adjusted EPS rose to $0.34 from a loss of -$0.02 in 2019.
At the time (March 2) management guided for 2021 revenue in the range of $580 million to $630 million (up 104% to 122%), including up to $400 million in COVID-19 CleanCap revenue (implied non-COVID growth was around 20%).
After Q1 results in May, guidance jumped again, to a range of $680 million to $730 million. Consensus estimates currently sit at $710 million, implying 150% revenue growth. Adjusted EPS is seen up 238% to $1.15.
The Stock
MRVI came public at 27 on November 20, 2020 and jumped 11%the first day. The stock faded some afterward, but never fell below 23.6. From there it worked higher in fits and starts, trading up to 40 in early March after Q4 2020 earnings came out. A dip to 31 came next, then MRVI resumed its choppy uptrend making a series of higher highs and higher lows. Lockup expiration passed without drama on May 19, after which MRVI jumped above 40. The stock has since rallied to 45. At this level it looks modestly extended. However, we can’t ignore the trend and will start with a half-sized position, while keeping an eye out for a pullback to fill the other half.
TELUS International (TIXT)
Telus International (TIXT) is a customer care company that serves enterprise clients and their digital customer experiences by designing, building and managing engagement and HR tools that reach end consumers. Examples of services it provides on behalf of clients are sales, after sales support, transaction processing and complaint management.
More specifically, Telus helps clients with lead gen, sales, onboarding, customer acquisition, technical support, welcome and win-back programs, loyalty and retention programs and cross-sell and up-sell opportunities. It has a market cap just north of $8 billion.
Like many customer-care companies, Telus provides voice call center services. But it is differentiated by the fact that more than 50% of revenue comes from other digital services, including video digital experience (virtual assistants, chat bots, etc.), content moderation, omnichannel customer support (chat, email and social, in addition to voice) and IT Services (digital app development).
Telus was spun out of parent company Telus Corporation (TU), one of Canada’s leading telecom providers, in February 2021. Prior to the spin it functioned as the customer service group within its parent company. Through a series of acquisitions and investments it grew into a significant enterprise, serving over 600 clients with a team of 50,000 people spread across 20 countries and 50 delivery locations.
Given its focus on digital customer experience, it should come as little surprise that Telus is particularly strong in technology and games (47% of revenue), media and communications (25%) and fintech and ecommerce (9%) markets. Given this exposure, the company is levered to high-growth industries, though clearly there is upside to pandemic-affected areas, such as leisure and travel, as they recover. The company did relatively well during the pandemic given its ease of adapting to a virtual world.
The biggest customer by far is previous parent company Telus Corp., which provides around 17% of total revenue (a 10-year contract valued at a minimum of $200 million annually was just signed but is trending toward $300 million). Alphabet (GOOG), a large social media client and one other client also contribute roughly 15% of revenue each, meaning the top five clients comprise just over half of all revenue.
Revenue was up 55% to $1.58 billion in 2020 and should be up around 38% to $2.18 billion this year. Adjusted EPS in 2019 was up 50% to $0.39 and is seen up 141% to $0.94 in 2021. Organic growth is very solid (20% in Q1 2021), but investors should expect that acquisitions will continue to be part of the long-term growth story.
The Stock
TIXT was spun out of Telus Corp. and came public on February 3 at 25. The stock jumped 22% the first day, then fell back to 27 by late-March as tech and higher growth stocks sold off. Shares then ran up to 31.5 by May 10, pulled back to the 50-day line at 29 a week later, then spiked back to 31.7. They are now trading near 31. Since the March low the general pattern has been one of higher highs and higher lows. I expect TIXT to be somewhat volatile as investors begin to learn about the company.
Previously Recommended Stocks
We haven’t sold any stocks or made any ratings changes in our portfolio over the last four weeks. We caught a nice updraft right after the May Issue, and we rode it.
Since the May Issue new addition AppLovin (APP) is up 29% and Cactus (WHD) is up 26%. The laggard has been Fox Factory Holding (FOXF), which is down 7% over the last month, while e.l.f. Beauty (ELF) and Montrose Environmental (MEG) are about flat.
Going back another month to the April Issue, we’re enjoying a 27% gain in Bentley Systems (BSY), a 13% gain in AtriCure (ATRC), and a 33% gain in Endava (DAVA). Both HubSpot (HUBS) and Vail Resorts (MTN) are currently posting single-digit gains.
With today’s five new additions, our portfolio has swollen to 30 positions, which is a bit too many. We’ll pull out our scalpel and carve out a few to sell today.
Stocks Moving To SELL
First up is Eargo (EAR), a company I like but which has failed to perform since we added it in March. EAR is down 30% from our entry point now (an improvement as compared to a month ago) and doesn’t have the best-looking chart. If we had fewer positions I might be tempted to hold on, so if your portfolio isn’t as big as ours it may be worth giving EAR a little more time. However, with 30 positions and several fresh ideas that look good now I’m going to move on from EAR today. SELL
Next up is Five9 (FIVN). We added FIVN in November 2019 and have taken partial gains along the way (59% in May 2020 and 103% in November 2020). The stock has stalled out between 150 and 200 this year as investors have thought more about valuation and realistic expectations in the year after the Covid-related growth. While I think the business remains very strong and there are plenty of opportunity in Five9’s communications markets I suspect the stock will need more time before making a significant run higher. We have a gain of 157% on our remaining half position. Let’s book it. Five9 goes back on our watch list. SELL
Next up is Montrose Environmental (MEG). We just added MEG a month ago and it had a little momentum initially, but that has faded over the last two weeks. I think the stock will be fine long-term, but as compared to other opportunities this very minute MEG isn’t as attractive. I had thought that with all the talk around climate and infrastructure MEG would perk up given that, at a high level, it’s a play on the current administration’s political agenda. However, with a lackluster response I’m less enthused than I was a month ago. Therefore, as we look to keep our portfolio to a manageable size MEG needs to go. SELL
Stocks Moving To HOLD
With the recent and rapid advance in many stocks we’re moving incrementally conservative on a few names that appear a little extended right now. Stocks moving to HOLD today include AppLovin (APP), Bentley Systems (BSY), Cactus (WHD) and Endava (DAVA).
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.
| Company Name | Ticker | Date Covered | Reference Price^ | Price 6/15/21 | Current Gain | Notes | Current Rating |
| 10x Genomics | TXG | 12/17/19 | 66.78 | 190.19 | 185% | HOLD | |
| Academy Sports | ASO | 6/15/21 | NEW | 39.37 | NEW | BUY | |
| Altair Engineering | ALTR | 8/26/20 | 42.75 | 64.6 | 51% | BUY | |
| AppLovin | APP | 5/19/21 | 63.41 | 81.65 | 29% | Bought Half | HOLD HALF |
| AtriCure | ATRC | 4/21/21 | 68.49 | 77.93 | 14% | BUY | |
| Bentley Systems | BSY | 4/21/21 | 50.34 | 64.35 | 28% | HOLD | |
| Bill.com | BILL | 6/17/20 | 77.73 | 159.4 | 105% | BUY | |
| Cactus | WHD | 5/19/21 | 33.65 | 42.91 | 28% | HOLD | |
| Cloudflare | NET | 7/15/20 | 35.85 | 93.4 | 161% | Took Partial Gains | HOLD 1/2 |
| CrowdStrike | CRWD | 12/17/19 | 49.45 | 228.34 | 362% | Took Partial Gains | HOLD 1/2 |
| Driven Brands | DRVN | 6/15/21 | NEW | 29.66 | NEW | BUY | |
| e.l.f. Beauty | ELF | 5/19/21 | 28.86 | 28.6 | -1% | BUY | |
| Endava | DAVA | 4/21/21 | 82.98 | 111.45 | 34% | HOLD | |
| Fisker | FSR | 2/17/2021 & 4/20/21 | 16.16 | 17.03 | 5% | BUY | |
| Fox Factory Holding | FOXF | 5/19/21 | 154.19 | 144.09 | -7% | BUY | |
| Freshpet | FRPT | 11/20/19 | 54.31 | 165.04 | 204% | BUY | |
| goeasy | GSY.CA | 6/15/21 | NEW | 153.88 | NEW | BUY | |
| HubSpot | HUBS | 4/21/21 | 503.8 | 535 | 6% | BUY | |
| Kornit Digital | KRNT | 11/18/20 | 78.06 | 116.77 | 50% | BUY | |
| Lyft | LYFT | 1/21/21 | 48.58 | 57.82 | 19% | BUY | |
| Maravai LifeSciences | MRVI | 6/15/21 | NEW | 44 | NEW | Buy Half | BUY HALF |
| Semler Scientific | SMLR | 3/17/21 | 104.4 | 108.41 | 4% | BUY | |
| Shift4 Payments | FOUR | 12/16/20 | 64.31 | 95.96 | 49% | HOLD | |
| Sprout Social | SPT | 2/19/20 | 20.38 | 80.33 | 294% | BUY | |
TELUS International | TIXT | 6/15/21 | NEW | 31.46 | NEW | BUY | |
| Upwork | UPWK | 10/21/20 | 20.31 | 48.11 | 137% | Took Partial Gains | HOLD |
| Vail Resorts | MTN | 4/21/21 | 313.31 | 323 | 3% | BUY | |
| ^ 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 | Reference Price^ | Date Sold | Price Sold^ | Gain/loss | Notes |
| ContextLogic | WISH | 3/17/21 | 18.39 | 4/15/21 | 13.25 | -28% | |
| Virgin Galactic | SPCE | 4/15/20, 6/5/20 | 17.66 | 4/15/21 | 24.04 | 36% | Sold Second 1/4 |
| DraftKings | DKNG | 3/17/21 | 67.99 | 4/19/21 | 57.21 | -16% | |
| SolarEdge Tech. | SEDG | 1/15/20 | 104.18 | 4/19/21 | 251.58 | 141% | |
| Virgin Galactic | SPCE | 4/15/20, 6/5/20 | 17.66 | 4/19/21 | 22.59 | 28% | Sold Remaining 1/2 |
| Chewy | CHWY | 1/15/20 | 31.22 | 5/4/21 | 77.8 | 149% | Sold Remaining 1/2 |
| PINS | 10/21/20 | 50.43 | 5/4/21 | 61.54 | 22% | Sold First 1/2 | |
| PINS | 10/21/20 | 50.43 | 5/7/21 | 60.12 | 19% | Sold Remaining 1/2 | |
| Varonis | VRNS | 9/16/20 | 37.53 | 5/7/21 | 47.97 | 28% | |
| Sonos | SONO | 3/17/21 | 42.41 | 5/14/21 | 33.99 | -20% | |
| Eargo | EAR | 3/17/21 | 52.74 | 6/16/21 | 37.01 (est.) | -31% (est.) | |
| Five9 | FIVN | 11/20/19 | 64.37 | 6/16/21 | 165.74 (est.) | 157% (est.) | Sold Remaining 1/2 |
| Montrose Environmental | MEG | 5/19/21 | 49.18 | 6/16/21 | 49.72 (est.) | 1% (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 July 21, 2021.
Cabot Wealth NetworkPublishing independent investment advice since 1970.
President & CEO: Ed Coburn
Chief Investment Strategist: Timothy Lutts
Cabot Heritage Corporation, doing business as Cabot Wealth Network
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