athenahealth: Can You Afford to Be Short This Chart? | $ATHN

Takeaway: We don’t think you can be short this chart.

Update: The article below was posted on Bloomberg earlier today (see screenshot) after originally being published on Seeking Alpha here

athenahealth: Can You Afford to Be Short This Chart? | $ATHN - athn99


athenahealth: Can You Afford to Be Short This Chart? | $ATHN - athn2


By Tom Tobin


We recently developed a web-based survey tool to track the number of athenahealth (ATHN) clinical customers. Through today, the annualized trend is running near 20%. That’s good enough to stick with our “Best Idea” long thesis which we presented on August 14th.


The ATHN short thesis revolves around valuation and a negative outlook for athenahealth’s opportunity in the hospital market.  We think there remains a big opportunity in the physician office.  The data, so far, support our outlook.


We don’t think you can be short this chart. But with 20% short interest, clearly there are those who disagree with us.


Tom Tobin is the Healthcare sector head at Hedgeye. If you would like more information on his research, please email


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