Please see below for our usual MicroQuad and other weekly data updates. Barring future Monday morning earnings turbulence of the magnitude experienced today, this data will be released earlier (before the open), either as a part of the AM note or a standalone (pending feedback on this version of it). As always, email us if you have any questions on any of the data or our takeaways. - .
KEY CALL OUT
The Consensus 2Q22 estimate is moving, but it has yet to be reflected in the FY 2022 Consensus number. This strikes us as odd given the strength we've seen across the larger cap names thus far, but perhaps analysts on the Street are still unsure of what to make of 2021 as a whole, or what the implications for 2022 are. Regardless of the reason, you can see the hesitation to push 2022 numbers higher very clearly below.
ESTIMATE REVISION TREND
The situation with the estimate revision trend and 2022 remains one of continued improvement in rate of change terms.
MICROQUADS* & BACKTESTS
As a reminder, if you have questions about the MicroQuad process, please try to find ~20 minutes to watch our Dec 30, 2020 call replay: Process & Utility of the Hedgeye Health Care #MicroQuads - CLICK HERE for event details (includes video link and materials link).
The bucketing of COVID-comp +/- stocks makes more sense to us by the week, especially for the MQ2 and MQ4 stocks:
MICROQUAD WATCHLIST
ONEM remains most likely to have + performance, UNH jumped way up the list, and we'll have to see if ATIP's woes impact USPH. ADPT, AMWL, and EXAS look vulnerable based on current positioning:
All data available upon request. Please reach out to with any feedback or inquiries.
Best,
Thomas Tobin
Managing Director
Twitter
LinkedIn
Justin Venneri
Director, Primary Research
Twitter
LinkedIn
William McMahon
Analyst
Twitter
LinkedIn
*Please note, not all Position Monitor names make it into the MicroQuad output - most likely due to a lack of sufficient historical trading and estimate data.
