kerrisdalecapital
Kerrisdale Capital is short shares of Carvana Co (NYSE:CVNA), a $4bn market cap online platform for buying and selling used cars. Originally hyped up as an innovative disruptor, Carvana is now recognized to be just a poorly run auto retailer struggling under the challenges of a severe industry downturn and the unsustainable burden of $6.5bn in debt. While many have shared concerns over Carvana’s business before, we voice ours at a time when shares have risen 165% in only a month on misguided optimism for profits that amount to little more than buffing the paint job on a totaled car. Over its h...
ValueWalk
Kerrisdale Capital sent a letter today to C3.ai Inc (NYSE:AI)’s signing audit partner and the head of the U.S. audit & assurance practice at Deloitte & Touche LLP regarding serious accounting and disclosure issues they have identified in C3.ai‘s SEC public financial statements. C3’s fiscal year ends on April 30, and Kerrisdale have asked Deloitte to review their letter in anticipation of its upcoming work conducting the company’s year-end audit. In the letter, they discuss: Q1 2023 hedge fund letters, conferences and more The highly conspicuous growth in unbilled receivables to levels we’ve ne...
ValueWalk
Kerrisdale Capital is short shares of Uranium Energy Corp. (NYSEAMERICAN:UEC), a “fast growing” $1.2 billion uranium miner that has indeed exhibited a blistering growth rate since its entry into the uranium business in 2005. But on the wrong metric – shares outstanding, the company’s best-selling product, which have grown by an astounding 10x over that time. Revenue from selling mined uranium has been much less consistent, first making an appearance in Fiscal 2012 and last seen in Fiscal 2013. Q4 2022 hedge fund letters, conferences and more Over the course of the last two uranium bull markets...
ValueWalk
Kerrisdale Capital is short shares of C3.ai Inc (NYSE:AI), a $4 billion market capitalization enterprise software company that has risen from the ashes of its busted IPO based on the misconception that its self-proclaimed “AI leadership” somehow positions it to benefit from Silicon Valley’s current tech theme du jour: generative AI as represented by media obsession ChatGPT. We believe these speculative flames won’t burn bright much longer, as the realities of C3’s poor customer traction, failing sales partnerships, and financial pressures will catalyze what is likely to be a painful reality ch...
ValueWalk
Kerrisdale Capital is short shares of AST SpaceMobile Inc (NASDAQ:ASTS), a $1.8bn satellite company trying to sell the dream of connecting billions of people with mobile broadband directly to their phones from space, but without a credible ability to bring that dream to reality. A 2021 SPAC, AST features a satellite design that is destined to fail, unsurprising given management’s uninspiring backgrounds, and a business case that makes little sense in nearly all respects, whether one scrutinizes the end markets it’s trying to monetize, its brutal competitive landscape or how it can ever justify...
ValueWalk
Kerrisdale Capital is short shares of Paycom Software Inc (NYSE:PAYC). We are short shares of Paycom, a $19 billion SaaS-based payroll services company that has been one of the best performing large capitalization software stocks since it went public in 2014. Even after the market turmoil of this year, Paycom trades at more than 70x the consensus estimate for this year’s free cash flow, a testament to the fact that, while unprofitable tech companies and temporary pandemic winners have been justly punished in the markets, there’s still plenty of froth left in allegedly higher quality fare. Payc...
ValueWalk
What’s New In Activism – Ackman Flips Netflix BetBill Ackman flipped his Netflix Inc (NASDAQ:NFLX) bet, selling all of the shares owned by his firm Pershing Square Capital Management at an implied loss of roughly $400 million. Netflix shares plunged more than 35% on April 20, their biggest one-day drop since 2014, after the streaming giant reported a 200,000 fall in subscribers in its latest quarter. Q1 2022 hedge fund letters, conferences and more "One of our learnings from past mistakes is to act promptly when we discover new information about an investment that is inconsistent with our orig...
ValueWalk
Kerrisdale Capital is short shares of Astra Space Inc (NASDAQ:ASTR). Q3 2021 hedge fund letters, conferences and more Astra Space Inc (ASTR): Headed For Dis-AstraWe are short shares of Astra Space, a $2.0bn space launch company formed at the peak of the 2021 SPAC bubble – with no revenue, no track record of reliability, and no established market for its undersized vehicle. A story stock that’s yet another example of the questionable businesses going public via SPACs, Astra faces massive obstacles in its quest to develop a viable business model. Astra is poorly positioned within an overcrowded ...
ValueWalk
Kerrisdale Capital is short shares of Meta Materials Inc (NASDAQ:MMAT). Q3 2021 hedge fund letters, conferences and more We are short shares of Meta Materials, a $1 billion market cap company whose business is comprised of a whole lot of nothing: no real revenue, no promising technologies, undeveloped products, no track record of achievement. The company is a collection of disjointed and failed laboratory experiments designed, in our opinion, to fuel a stock promotion scheme. From the archived records of Meta’s websites, public information concerning its finances and research activity, and the...
ValueWalk
Kerrisdale Capital is short shares of Camber Energy Inc (NYSEAMERICAN:CEI). Camber is a defunct oil producer that has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted next month, and just fired its accounting firm in September. Its only real asset is a 73% stake in Viking Energy Group Inc (OTCMKTS:VKIN), an OTC-traded company with negative book value and a going-concern warning that recently violated the maximum-leverage covenant on one of its loans. (For a time, it also had a fake CFO – long story.) Nonetheless, Camber’s stock pr...
ValueWalk
閲覧を続けるには、ノアドット株式会社が「プライバシーポリシー」に定める「アクセスデータ」を取得することを含む「nor.利用規約」に同意する必要があります。
「これは何?」という方はこちら