Hedgeye CEO Keith McCullough is adding Smartsheet (SMAR) to the short side of Investing Ideas. Below is a brief note.
Looking for Tech names to sell on green? I am.
Smartsheet (SMAR) remains a longer-term Software Bubble short. Here's a concluding excerpt from Technology analyst Ami Joseph's Institutional Research note on the name yesterday morning:
Point is: the upside potential from rinse and repeat has already been registered in this stock, and even if perhaps there is a no-COVID rebound, the downside case is more compelling to us for a landlocked company that is good at upselling existing customers but isn't widening out adoption metrics in one of the largest potential markets out there in productivity software and at the best time ever (last few years) for selling into it.
Sell the bounce to lower-highs,