short seller

Spruce Point Capital

100 documents across the library, active from 2014 to 2026.

100 Documents

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Spruce Point Capital Mar 25, 2026

Bunge Global SA BG

Bunge is a levered agribusiness roll-up masking a failing Viterra deal with opaque accounting; strip out the hand-waving and the stock is worth $24-$55, 55-80% below $124.

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Spruce Point Capital Feb 20, 2026

Nova Minerals Limited NVA

Nova Minerals' 'Qualified Person' geologist can't be verified to have graduated, management ties to market-manipulation figures, and shares trade at 48.7x resources vs 18.8x peer median — 45-60% downside, up to 100%.

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Spruce Point Capital Feb 12, 2026

Super Group (SGHC) Limited SGHC

Super Group overstates EBITDA by consolidating 100% of South African crown-jewel Raging River despite evidence of a 10.71% minority interest, implying 20%-50% downside to $4.25-$6.80.

Spruce Point Capital Jan 27, 2026

Resideo Technologies, Inc. REZI

Resideo is an over-levered, serially-disappointing Honeywell spin whose split-up is a 'trust me' distraction from $2bn of troubled M&A and -37% cash-flow decline; 25-50% downside.

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Spruce Point Capital Nov 12, 2025

IperionX Ltd. IPX

Spruce Point shorts IperionX: its 'revolutionary' HAMR titanium process is unlikely to displace 70-year Kroll, customers are absent, and the $1.2bn market cap implies 70-95% downside risk.

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Spruce Point Capital Oct 03, 2025

DraftKings Inc. DKNG

Federally-regulated prediction exchange Kalshi is disrupting DKNG's sportsbook with ~1.5% fees versus 8-10% vig, threatening consensus revenue and forcing a multiple rerating for 35-60% downside.

Spruce Point Capital Sep 18, 2025

Uranium Energy Corp UEC

Spruce Point calls UEC a promotional penny-stock-turned-$5bn uranium speculator: CEO Adnani's ties to charged fraudsters plus zero proven reserves imply 65-85% downside.

Spruce Point Capital Aug 18, 2025

iRhythm Technologies, Inc. IRTC

Spruce Point argues iRhythm hid FDA-flagged Zio AT defects that killed patients and faces a DOJ cover-up probe; commoditized tech and an overstated asymptomatic market imply 40-70% downside.

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Spruce Point Capital Jul 22, 2025

Limbach Holdings, Inc. LMB

Limbach's ODR recurring-revenue story masks decelerating organic growth, aggressive accounting, and fraud-linked directors; at 18x FY26E EBITDA we see 20-50% downside to $62-99/share.

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Spruce Point Capital May 28, 2025

Tempus AI, Inc. TEM

Tempus AI is an AI-branded diagnostics roll-up whose tiny AI revenue, Lefkofsky-linked restatement history, and round-tripped related-party deals imply 50-60% downside to ~$25-34/share.

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Spruce Point Capital Apr 30, 2025

Clear Secure, Inc. YOU

Spruce Point is short Clear Secure (YOU): TSA Digital ID and weakening airline partnerships are eroding CLEAR's value prop while accounting red flags and a CAO from Ubiquiti suggest 30-50% downside.

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Spruce Point Capital Apr 08, 2025

Monster Beverage Corp. MNST

Monster's Coke-like 23x EBITDA multiple masks accounting red flags, eroding US share to Celsius/Alani/BUD, and decaying governance — implying 25%-40% downside to $36-$44.

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Spruce Point Capital Mar 11, 2025

Remitly Global, Inc. RELY

Remitly sells 'trust' but relies on stock-photo testimonials and doctored reviews; forensic review reveals margin compression and governance red flags implying 40-55% downside to ~$10.

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Spruce Point Capital Feb 19, 2025

Dycom Industries, Inc. DY

Dycom's premium multiple masks a forensic minefield — undisclosed Frontier related-party revenue, accounting officers with restatement histories, and unexplained DSO expansion — implying 35–55% downside to $79–$119.

Spruce Point Capital Jan 23, 2025

Construction Partners, Inc. ROAD

ROAD is a levered Sunbelt asphalt roll-up whose Florida DOT engine is quietly stalling — FOIA shows -22% award decline — and its $1bn Lone Star deal masks the gap; we see 35-50% downside.

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Spruce Point Capital Jan 16, 2025

PROCEPT BioRobotics Corporation PRCT

Procept trades at 14x revenue on a false 'all-prostates' TAM; Spruce Point sees channel-stuffing via DSOs at 130 days, no procedure growth, and 30-60% downside to $29-$54.

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Spruce Point Capital Dec 16, 2024

Aegon Ltd. AEG

Aegon's distribution engine WFG is an aggressive MLM run amok with IUL churn, ex-WFG competitor GFI poaching top producers, and sum-of-parts pointing to 25-50% downside.

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Spruce Point Capital Oct 18, 2024

Erie Indemnity Company ERIE

ERIE's 25% management fee on its sole client — the loss-making Erie Insurance Exchange — looks unsustainable; a 2003-style cut plus peer-level multiple would drive 35-55% downside to $211-$317.

Spruce Point Capital Sep 20, 2024

Intuit Inc. INTU

Intuit is an opaque, consumer-unfriendly SMB software company whose $20bn Credit Karma/Mailchimp blunders and 11x revenue multiple imply 40%-80% downside under CEO Sasan Goodarzi.

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Spruce Point Capital Aug 08, 2024

Zebra Technologies Corp. ZBRA

Zebra's hardware growth is stalling, its accounting and governance are riddled with red flags, and a sum-of-parts valuation implies 65-80% downside to $63-$110 per share.

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Spruce Point Capital Jul 01, 2024

Floor & Decor Holdings, Inc. FND

Spruce Point argues Floor & Decor's leadership mirrors Linens 'N Things before bankruptcy, hiding $618M debt and misstating sales — shares face 40–60% downside to $40–60.

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Spruce Point Capital May 08, 2024

Boot Barn Holdings, Inc. BOOT

Boot Barn's stock is propped up by Taylor Swift/Beyonce hype and a flawed big-box expansion masking executive red flags, bloated capex and stretched valuation; 40-50% downside to $51-$62.

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Spruce Point Capital Apr 17, 2024

PowerSchool Holdings, Inc. PWSC

Spruce Point is short PWSC: ESSER-fueled K-12 growth is about to hit a fiscal cliff while aggressive accounting, SOPIPA privacy exposure, and 5.8x true leverage imply 30-60% downside.

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Spruce Point Capital Apr 03, 2024

WSP Global Inc. WSP

WSP Global is a $27bn engineering roll-up masking financial stress with accounting tricks, scandalous leadership, and tax-evasion allegations — Spruce Point sees 25-50% downside to C$110-$165.

Spruce Point Capital Mar 14, 2024

Enfusion, Inc. ENFN

Enfusion is a no-moat SaaS with tainted leadership, deteriorating unit economics, and revenue-reporting anomalies; Spruce Point sees 40-60% downside to $3.70-$5.60.

Spruce Point Capital Mar 05, 2024

Zillow Group, Inc. Z

Zillow's Premier Agent core is saturated, NAR lawsuits will compress commissions, Flex/Super App cannot replace it, and aggressive revenue recognition masks decline — shares worth $23-$35 vs $57.

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Spruce Point Capital Jan 17, 2024

MSCI Inc. MSCI

Spruce Point rates MSCI a Strong Sell: accounting red flags, nepotism-like M&A, eroding ESG lead and a CAO resignation expose 55-65% ($190-$244) downside to MSCI's premium multiple.

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Spruce Point Capital Nov 09, 2023

e.l.f. Beauty, Inc. ELF

ELF Beauty's premium valuation relies on viral Gen-Z marketing led by Movers+Shakers, an agency whose founders have NXIVM-cult ties — reputational backlash points to 45%-65% downside.

Spruce Point Capital Oct 04, 2023

Rollins Inc. ROL

Rollins is the 'Cockroach' of activism: SEC settlement, auditor swap, family insider sales, and a 27x EBITDA multiple set up 30-40% downside as Rentokil/Terminix and PE roll-ups erode the moat.

Spruce Point Capital Sep 21, 2023

Samsara Inc. IOT

Samsara is a commodity-hardware vehicle-telematics company masquerading as a premium SaaS growth story; aggressive accounting inflates margins and a 16x revenue multiple implies 45%-75% downside to $6.30-$13.90.

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Spruce Point Capital Aug 09, 2023

Xylem Inc. XYL

Xylem overpaid in stock for SEC-fraud-charged Evoqua, just published two contradictory cash-flow statements, and faces 30-45% downside as multiples compress toward water-industrial peers.

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Spruce Point Capital Jul 13, 2023

Hims & Hers Health, Inc. HIMS

HIMS is an overvalued, commoditized ED/hair-loss e-commerce business masquerading as healthcare, with CPoM regulatory risk and new OTC Eroxon competition driving 25-40% downside to $5.20-$6.50.

Spruce Point Capital May 23, 2023

Perion Network Ltd. PERI

PERI's Apple-tier revenue per employee, opaque revenue recognition, Lumenis-tainted CEO and impaired Microsoft Bing deal point to a forensic short with 25-40% downside.

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Spruce Point Capital May 02, 2023

DoubleVerify Holdings, Inc. DV

DoubleVerify's manipulative accounting, saturated product, slowing international growth, and insider selling by Providence Equity justify a 35-45% downside, while competitor IAS offers 20-30% upside.

Spruce Point Capital Mar 08, 2023

Essential Utilities, Inc. WTRG

WTRG's water roll-up is failing and its $4.3bn Peoples gas pivot is a Ponzi-like dividend trap; 35%-50% downside to $20-$28 on sum-of-parts.

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Spruce Point Capital Feb 07, 2023

Progyny, Inc. PGNY

PGNY is a $3.1bn fertility-benefits manager run by ex-WebMD/Medical Manager executives whose marketing claims, treatment model and 2023 growth are disputable, implying 60%-80% downside to $7-$14.

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Spruce Point Capital Jan 10, 2023

Super Micro Computer, Inc. SMCI

SMCI — an SEC-fined serial restater now ~22% reliant on Meta — is masking accounting strain and insider selling behind a multiple expansion that should revert, implying 40-50% downside.

Spruce Point Capital Nov 29, 2022

Saputo Inc. TSX:SAP

Saputo's 25-year dairy roll-up is failing internationally; hidden U.K. pension, Argentina margin outlier, and auditor red flags point to 40%-60% downside to C$13.75-$20.50.

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Spruce Point Capital Sep 28, 2022

Broadridge Financial Solutions, Inc. BR

Spruce Point argues Broadridge is a low-tech BPO masquerading as SaaS, with a failing $1B+ UBS buildout, accounting red flags, and likely SEC scrutiny — 65-75% downside to $37-52.

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Spruce Point Capital Sep 07, 2022

FIGS, Inc. FIGS

FIGS is a fading pandemic winner whose founders exaggerated revenue 82% and TAM 135%; at ~4x sales versus 1.2x DTC peers, Spruce Point sees 45%-60% downside to $4.40-$6.05.

Spruce Point Capital Jul 19, 2022

Skechers U.S.A., Inc. SKX

Skechers is a governance-rotten, family-run 'fast follower' whose China growth is collapsing and inventory is bloating — 30%-50% downside to $18.60-$26.00.

Spruce Point Capital Jun 22, 2022

Generac Holdings, Inc. GNRC

Generac is a COVID-era generator beneficiary masking collapsing core demand and a string of shady clean-energy acquisitions; Spruce Point sees 40-50% downside to $110-$132/share.

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Spruce Point Capital May 17, 2022

Alpha Metallurgical Resources, Inc. AMR

AMR masks production, revenues and liabilities while management quietly dumps stock at cyclical coal highs; Spruce Point sees 40-60% downside to $60-90 per share.

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Spruce Point Capital Apr 06, 2022

Stryker Corp. SYK

Spruce Point exposes Stryker's FCPA-tainted accounting, failing acquisition roll-up and margin squeeze under CEO Lobo — Strong Sell with 35%-75% downside to $67-$174.50.

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Spruce Point Capital Feb 16, 2022

C3.ai, Inc. AI

C3.ai is a serially rebranded, money-losing AI story-stock propped up by an unraveling Baker Hughes JV and aggressive accounting; Spruce Point sees 40-50% downside to $12.85-$15.40.

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Spruce Point Capital Jan 20, 2022

TaskUs, Inc. TASK

TaskUs is a Blackstone-promoted BPO with embellished disclosures, Satyam-linked accounting tics, and eroding Facebook unit economics; fair value is 25-50% below spot, or $18-$27.

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Spruce Point Capital Dec 09, 2021

Nuvei Corp NVEI

Nuvei is a thrice-rebranded payments roll-up run by executives tied to Ponzi schemes, fraud and adult-industry operators; peer-multiple re-rating implies 40-60% downside to $39-$58.

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Spruce Point Capital Oct 25, 2021

Heska Corporation HSKA

Heska is a low-growth animal-health distributor — not the innovator management claims — masquerading at a 9x-sales SaaS multiple; Spruce Point sees 50-60% downside to $90-$115.

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Spruce Point Capital Sep 29, 2021

Lightspeed Commerce, Inc. LSPD

Lightspeed is a cash-burning POS roll-up that inflated its pre-IPO customer count by 85%, hides organic decline behind acquisitions, and should re-rate 60–80% lower to $22.50–$47 as Shopify, Square, Adobe and Amazon crowd it out.

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Spruce Point Capital Aug 05, 2021

Genius Sports Limited GENI

Genius Sports is a low-moat data middleman overpaying for league rights and inflating growth via barter revenue; 55m shares of overhang unlock imminently — 60-80% downside to $3.25-$6.50.

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Spruce Point Capital Jul 14, 2021

Oatly Group AB OTLY

Oatly is an over-hyped oat-milk fad with accounting overstatements, hidden management scandals and a $12bn valuation pricing in 57% market share — 30-70% downside.

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Spruce Point Capital Apr 22, 2021

Danimer Scientific, Inc. DNMR

Danimer is an over-hyped SPAC bioplastics story whose governance-tainted management, irreconcilable facility claims, failed-PHA precedent, and 138x EBITDA valuation imply 65-100% downside to ~$8.75/share.

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Spruce Point Capital Apr 08, 2021

Porch Group Inc PRCH

Porch is 'Active Network 2.0' run by the same CEO — a money-losing lead-gen business dressed as SaaS, with barter accounting and hidden debt implying 50%-70% downside to $5-$8.

Spruce Point Capital Mar 10, 2021

American Battery Metals Corporation / Comstock Mining Inc. ABML / LODE

ABML and LODE are hype-driven EV battery-recycling penny stocks with fraud-tied management, fabricated permit claims, and a nonsensical LiNiCo deal — up to 90% downside.

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Spruce Point Capital Feb 16, 2021

Leidos Holdings, Inc. LDOS

Leidos is concealing defective explosive-detection products from its impaired $1bn L3Harris SD&A deal while inflating cash flow 67-78%; sell with 35-60% downside to $43-$70.

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Spruce Point Capital Jan 07, 2021

Magnite, Inc. MGNI

Magnite is a hype-fueled ad-tech merger masking Telaria's deteriorating CTV business with dubious management and suspect accounting; 25%-50% downside to $14.75-$20.

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Spruce Point Capital Nov 10, 2020

Avery Dennison Corporation AVY

Avery Dennison masks structural decline with restructuring add-backs and inflated Adjusted EBITDA/FCF; normalized for accounting manipulation, AVY is worth $68-99/share — 35-55% downside.

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Spruce Point Capital Sep 29, 2020

Sunnova Energy International Inc. NOVA

Sunnova is a misbranded 'solar' company that is actually an unprofitable specialty finance business with Enron-alum management and aggressive non-GAAP metrics — fair value $5-$8 vs. $27 today (70-80% downside).

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Spruce Point Capital Aug 18, 2020

GFL Environmental Inc. GFL

Spruce Point argues GFL Environmental is a 'terminal zero': a Canadian waste roll-up mimicking the Philip Services fraud playbook, with understated debt, CEO ties to organized crime, and 100% downside.

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Spruce Point Capital Jun 30, 2020

Prestige Consumer Healthcare Inc. PBH

Spruce Point is short Prestige Brands: a decaying OTC roll-up with no organic growth, CFO déjà-vu from Boulder Brands' collapse, and 40-60% downside to $14.80-$22.50.

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Spruce Point Capital May 13, 2020

Forescout Technologies FSCT

Advent overpaid $33/share for Forescout — management buried weaker forecasts and Q1 sales fell 24%; renegotiating 35-50% lower or paying the $112M break fee both beat closing.

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Spruce Point Capital Apr 09, 2020

Align Technology, Inc. ALGN

Align's Invisalign moat is eroding as FDA-approved third-party 3D-printing labs and 3M Clarity undercut prices by 50-65%, driving 40-55% downside to $80-$115.

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Spruce Point Capital Apr 02, 2020

WD-40 Company WDFC

WD-40 is a promotional, no-moat lubricant company hiding a balance-sheet hole and bloated inventory behind a 28x EBITDA multiple — Spruce Point sees 55-60% downside to $75-$85.

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Spruce Point Capital Mar 10, 2020

Amcor plc AMCR

Amcor is a packaging roll-up masking 3-4% organic declines, obscured tobacco dependence, liquidity strain, and accounting red flags — including a CAO with a revoked CPA — with 40-60% downside to $3.60-$5.40.

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Spruce Point Capital Feb 06, 2020

Dropbox, Inc. DBX

Dropbox is a decelerating, commoditized storage business whose reported FCF is overstated ~2x; fair value is $6.60-$13, implying 25-60% downside from $17.60.

Spruce Point Capital Jan 15, 2020

LHC Group, Inc. LHCG

LHCG's 20.6x EBITDA multiple rests on phantom organic growth — excluding the failing Almost Family acquisition inflates growth ~500 bps, masking sub-2% reality and 35-65% downside to $60-$90.

Spruce Point Capital Dec 19, 2019

Plug Power Inc. PLUG

Plug Power's $1.5B valuation rests on a fake 'inflection to profitability' manufactured by ASC 842 lease accounting; strip the add-backs, face 80% dilution, and the stock trends to $0.

Spruce Point Capital Dec 05, 2019

Canadian Tire Corporation CTC.A

Canadian Tire is an over-levered legacy retailer masking decline with aggressive accounting and risky credit card lending; looming downgrade forces asset sales and 35-50% downside to C$77-100.

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Spruce Point Capital Nov 13, 2019

Cintas Corp. CTAS

Cintas's fastest-growing fire inspection business is committing fraud while G&K integration masks financial strain — a sum-of-parts at peer M&A multiples implies 60-75% downside to $69-$107/sh.

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Spruce Point Capital Oct 29, 2019

Hill-Rom Holdings, Inc. HRC

Hill-Rom is a low-quality medical roll-up whose plateauing new products, exhausted margin expansion and aggressive accounting point to a 25-55% drop to $45-$75 per share.

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Spruce Point Capital Oct 09, 2019

Monolithic Power Systems MPWR

MPWR's Chinese tax filings show $262m missing revenue and near-zero inventory despite 90% production in China — accounting red flags point to 75-85% downside.

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Spruce Point Capital Sep 25, 2019

Premier, Inc. PINC

Premier's earnings are artificially inflated by expiring pre-IPO shareback contracts; as member hospitals renegotiate at market rates, EBITDA halves and shares fall 55-75% to $8-$15.

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Spruce Point Capital Sep 05, 2019

Church & Dwight Co., Inc. CHD

CHD trades at an all-time-high premium as a trade-war safe haven, but CEO Farrell's financial-engineering roll-up is cracking; 35-50% downside to $40-$52/share.

Spruce Point Capital Jul 31, 2019

Penumbra, Inc. PEN

Penumbra is a commoditized single-product 510(k) company whose aspiration-catheter franchise is collapsing to deep-pocketed bundlers; Spruce Point sees 40-55% downside to $85-110 per share.

Spruce Point Capital Jul 24, 2019

Mettler-Toledo International, Inc. MTD

Mettler-Toledo's flawless EPS record masks aggressive capitalization, an empty Shanghai office, and PwC auditor conflicts — implying 30-50% downside to $410-$574 per share.

Spruce Point Capital Jun 19, 2019

Axon Enterprise (formerly TASER) AAXN

Axon is a mature Taser maker masquerading as a SaaS cloud story; aggressive accounting, China-tariff margin pressure, and TAM inflation justify a $27.50-$40 target — 40-60% downside.

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Spruce Point Capital May 23, 2019

Verint Systems, Inc. VRNT

Verint's reported 8% growth is a mirage of M&A, FX and ASC 606 tailwinds masking negative organic growth; rerate to BPO peer multiples for 60-70% downside to $17-25.

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Spruce Point Capital May 16, 2019

A.O. Smith Corporation AOS

A.O. Smith's China growth is cracking while revenue-recognition red flags, unsustainable 40%+ margins and vanishing insider ownership point to 45-65% downside to $17.75-$27.30.

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Spruce Point Capital May 07, 2019

Kornit Digital Ltd. KRNT

Kornit's 2018 boom was an Amazon warrant-and-rebate illusion — 105% of cash flow came from one customer, a scandal-tainted CFO is covering it, leaving 75-85% downside to $4.50-$9.30.

Spruce Point Capital Apr 30, 2019

PetIQ, Inc. PETQ

PetIQ's grey-market vet-drug margins and rebate-dependent earnings are unsustainable as Merial goes direct-to-retail, while a $200M wellness-center cash burn and the CEO's Petters/Fleming ties imply 75-90% downside.

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Spruce Point Capital Apr 09, 2019

Aerojet Rocketdyne Holdings, Inc. AJRD

AJRD's rocket franchise is eroding as Blue Origin and SpaceX displace it; aggressive accounting and ~$900M ignored liabilities mask 5x leverage and 40-60% downside to $13-$20.

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Spruce Point Capital Mar 21, 2019

Dexcom, Inc. DXCM

Dexcom's blow-out growth is a sugar high — driven by hidden price hikes and sensor stockpiling — and Abbott's cheap Libre 2 will commoditize CGMs, taking DXCM down 45-60% to $65-$85.

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Spruce Point Capital Mar 01, 2019

Carvana Co. CVNA

Carvana is a CCC+-rated subprime used-car dealer masquerading as a tech disruptor; Spruce Point sees 56-83% downside to $7.50-$19.60, with a credible path to zero.

Spruce Point Capital Jan 23, 2019

Amdocs Limited DOX

Spruce Point sees 25-50% downside in Amdocs (DOX): a Guernsey-domiciled telecom-IT vendor whose steady margins, opaque insider selling via Pines Quest, and dot-com-era accounting tricks signal $30-$45 per share.

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Spruce Point Capital Dec 13, 2018

XPO Logistics, Inc. XPO

XPO is a United-Rentals-style roll-up masking financial strain with aggressive accounting and a felon-linked board; normalized EPS is 47% overstated, implying 40–60% downside.

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Spruce Point Capital Oct 31, 2018

Dollarama Inc. DOL

Dollarama trades 50% above peers as a 'dollar store' now selling $4 goods; reversing FX hedges, Dollar Tree's arrival and governance red flags imply ~40% downside to C$24.60.

Spruce Point Capital Oct 17, 2018

Mercury Systems Inc. MRCY

Mercury Systems faces 50-60% downside as Supermicro-hack exposure, missing cyber leadership, hidden A/R factoring, and the sector's richest multiple collide with rising DFARS compliance costs.

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Spruce Point Capital Sep 26, 2018

Henry Schein, Inc. HSIC

HSIC's soon-to-spin Vets First Corp is growing far faster than the Street thinks — proprietary data shows 75% install-base growth, driving a $106-126 SOTP target vs. $84 today.

Spruce Point Capital Sep 05, 2018

Weis Markets, Inc. WMK

Weis Markets is the most expensive U.S. supermarket masking -1-2% organic decline with aggressive accounting and shrinking disclosures; Spruce Point sees 45-65% downside.

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Spruce Point Capital Aug 07, 2018

Maxar Technologies MAXR

Maxar's MDA-DigitalGlobe merger masks a collapsing satellite cycle and the most aggressive accounting Spruce Point has ever seen, leaving 5.8x-levered MAXR with 100% downside risk.

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Spruce Point Capital Jul 19, 2018

2U, Inc. TWOU

2U's one-size-fits-all OPM model is being disrupted by lower-take-rate fee-for-service rivals; FOIA-documented program failures imply 30-50% downside to $47-$65/share.

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Spruce Point Capital Jun 27, 2018

Momo, Inc. MOMO

Momo's 'blowout' live-video numbers hide a SAIC fraud charge, 123 undisclosed VIE subs, an illegal gambling site, and a fading KOL base — 30-50% downside to $23-$32.

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Spruce Point Capital Jun 07, 2018

Healthcare Trust of America, Inc. HTA

HTA's suspiciously flat Same-Property NOI growth mirrors Brixmor's pre-restatement pattern; Spruce Point sees 20-40% downside to $15-$20 once the accounting unravels.

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Spruce Point Capital May 17, 2018

U.S. Concrete Inc USCR

USCR's 21% gross margins and Adj EBITDA growth are engineered via capital leases and overcapitalized truck costs; CEO Sandbrook should resign and shares face 60-90% downside to $6-$25.

Spruce Point Capital Apr 04, 2018

Globant SA GLOB

Globant is a poorly organized digital-IT roll-up using accounting games and Luxembourg disclosure loopholes to mask decelerating organic growth; shares warrant 40-50% downside to $24.50-$29.50.

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Spruce Point Capital Mar 16, 2018

Kratos Defense & Security Solutions KTOS

Kratos is an overhyped drone play run by executives tied to the Titan FCPA scandal; with the weakest margins in defense and a recent Director fraud indictment, we see 40%-70% downside.

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Spruce Point Capital Feb 07, 2018

Realty Income Corp O

Realty Income's 'magic dividend' flywheel is broken — true same-store rents are -0.8% (not +1.2%), and as rates rise and tenants disintermediate the stock re-rates 30-45% lower to $28-$35.

Spruce Point Capital Jan 25, 2018

Ballard Power Systems BLDP

Ballard's 167% 2017 rally rests on a fragile China fuel-cell story with weak partners and zero insider skin; expect a repeat of the Azure failure and 35-70% downside to $1.15-$2.50.

Spruce Point Capital Jan 12, 2017

MGP Ingredients, Inc. MGPI

MGPI's whiskey-premiumization rerating is an illusion: Diageo is going in-house, inventory is stranded, and insiders are selling — shares should collapse 60-70% to $16-$21.

Spruce Point Capital May 20, 2014

iRobot Corp IRBT

IRBT is a narrow consumer-vacuum company riding a robotics bubble; aggressive accounting, insider selling and a decaying moat point to $20-$25, or 25-40% downside.

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