Activist Inv Manager founded by Ben Axler, Specializing in Forensic Short-Selling. Invest @ Your Own Risk, click on the link below to read our disclaimer
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I am pleased to announce that Spruce Point Capital Management was ranked #2 in @diligentHQ 2025 Short Seller Watchlist in its recently released report
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Haven't we seen this before high oil ≠ cash flow for $BG.
Nice time to retire for @Bunge Chief Accounting Officer and Controller months after we called for an independent investigation into the accuracy of its financial reporting and accounting. No disagreements of course.
Bunge has burned through $1.1 bn of cash from operations YTD, with stellar $3.83 of "Adjusted" EPS. Food for thought....
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We're troubled that we are now past earnings season, yet we have not seen any financial reporting from Nova Minerals $NVA about the recent quarter or year end results June 30th. The Company is spending heavily with no revenue and may have only a few quarters of cash left. The @DeptofWar granted NVA a $43m award to advance its project to secure domestic antimony in Oct 2025, but antimony prices have collapsed sharply this year leaving other producers like $UAMY to sharply cut forecasts. With NVA having recently appointed a new CFO in April, we think the Company should ensure both the US Gov't and investors that a least some preliminary financials will soon be forthcoming.
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Anyone following $IRTC should be highly troubled by its recently announced acquisition of VitalConnect. We believe the company is squandering $237m of its cash (40%) and diluting investors for this deal as a poor insurance policy against the challenges of delivering upon its existing product roadmap. Even worse, IRTC has agreed to fund VitalConnect's working capital for months before the deal even closes, an indication to us it is buying a money losing product that may have struggled to find financing. If IRTC's organic outlook were truly positive, we don't think it would have done this deal.
We are pleased to release a new forensic report on iRhythm Technologies (Nasdaq: $IRTC) a medical technology and services company that supplies ambulatory cardiac monitors used to detect arrhythmias and other cardiac abnormalities that can indicate atrial fibrillation. We believe the Company's products are largely commoditized, have limited ability to increase margins and are facing growth headwinds. Opportunities to expand into the asymptomatic market are likely to disappoint as wearable devices from companies like hashtag @Apple $AAPL offer inexpensive solutions. However, we think the greatest underappreciated risks remain federal investigations into its product safety. Shares trade at an approximate 100% - 200% premium to other medical device and service companies. As a result, we see 40%-70% downside risk potential. sprucepointcap.com/research/…
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Apparently Wells Fargo is also confused about $IRTC and its VitalConnect deal saying its not fully clear on the strategy behind the deal. Price target lowered from $180 to $168/sh.
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$DV DoubleVerify to be acquired by Nielsen for $13.60 per share. Only 60% below what the analysts said it was worth at the time of our short report and there was not a single sell opinion, well except for us....
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We are now a year into the highly promoted Viterra / Bunge $BG mega-deal and I'm struggling to see where the upside and synergies are with the backdrop of strong #agriculture markets, and higher #oil prices supporting the #biodiesel tailwinds promoted by the analysts.
Q2 segment results continue to show mixed performance but importantly free cash flow strain is intensifying. Bunge continues to show us it is really a value-destructive, cash incinerating levered roll-up needing more and more debt to sustain itself.
I can think of 59 million reasons to sell now that its 1-year lock-up with its top shareholders has expired...
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Dear @CliffordAsness as the third largest shareholder of $ZM #zoom you should appreciate this and reach out to management to express support. What do you think? Should they add some debt to the capital structure, be more aggressive in buying back stock, and lower the WACC? #uchicago #economics
sprucepointcap.com/research/…
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Pleased to see the article in @WSJ about $ZM #Zoom and its marketing efforts, an area we highlighted as an opportunity for improvement. Also some nice commentary from $FIVN a peer in Zoom's space with its stock up 16% today. wsj.com/cmo-today/zoom-has-a…
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"Great quarter guys" $BG #Bunge, yet again renames a segment (oilseeds processing & refining > tropical oils and specialty ingredients) >> its highest margin segment it is now guiding down for the year. Also guiding down in grain merchandising segment, which has already been under sustained pressure. Cash incineration from operations ballooned +89%, raising guidance on net interest expense as debt burden increased. Stock buyback completely suspended during the quarter >> not wanting to buyback stock near all time highs? Black box Non-GAAP earnings increase supported by huge increase in opaque "mark-to-market timing differences" whatever that means. If not for gov't supported biodiesel (a terrible business) the situation could be dire.
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Interesting news and a very positive development for $ZM #Zoom if it prevails: "Microsoft $MSFT facing UK antitrust lawsuit from Slack over Teams 'bundling'"
reuters.com/sustainability/b…
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We are pleased to share our thoughts on how @Zoom Communications (Nasdaq: $ZM ) can improve outcomes for shareholders and has 40%-100% upside potential. Zoom is a #technology company with a universal household brand, strong moat and enviable cash flow that has resulted in an overcapitalized balance sheet and multiple financial and operational levers it can exercise to increase earnings and its valuation. The Company also has a "hidden" asset on its balance sheet: a conservatively estimated $1.2bn+ equity stake in #AI #ArtificialIntelligence leader @AnthropicAI . We are pleased to share our recommendations with the Board and believe they will be open to suggestions given their strong insider alignment. #activism #stocks
sprucepointcap.com/research/…
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Catch me live tomorrow (Friday) on @YahooFinance Live 10:30am est
finance.yahoo.com/live/
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