ARK 每周股评 – 5/14/2022


We share weekly commentaries with investors on stocks in our strategies that have appreciated or dropped more than 15% in a day during the course of the week. We hope you find this commentary useful.

Coinbase (COIN)
-26%Shares of Coinbase traded down 20% on Monday and 26% on Wednesday before rising 17% on Friday––a volatile week caused by Coinbase's first-quarter earnings, its decision to increase investment at the expense of short-term earnings and, perhaps more important, the crash in TerraUSD stablecoin. Importantly, Coinbase had no exposure to Terra or Luna. That said, during the first quarter, the company increased its verified users by 75% on a year-over-year basis to ~100 million, expanded its share of global spot trading volume from ~11% in 2021 to nearly 14%, and increased the number of monthly transacting users by 51% year-over-year to 9.2 million. Since the beginning of the coronavirus crisis, Coinbase’s net income margin has fluctuated between 17% and 72%. Given its inherent profitability, competitive position, and massive opportunities, we believe the company is right to focus on investing in its derivatives offerings, NFT platform, and international expansion. During this week, Coinbase's enterprise value fell to less than $10 billion, four times less than the valuation of private crypto exchange FTX, and less than the valuation of crypto exchange and NFT platform Opensea, which were valued at $14 billion and $13 billion earlier this year in the private markets. Coinbase is a premier, regulatory-compliant crypto trading platform active in more than 100 countries around the world.

注: Coinbase的股票在周一和周三分别下跌了20%和26%,然后在周五上涨了17%--这一周的波动是由Coinbase的第一季度收益、其以牺牲短期收益为代价增加投资的决定以及也许更重要的TerraUSD稳定币的崩溃引起的。重要的是,Coinbase对Terra或Luna没有任何风险。也就是说,在第一季度,该公司的验证用户同比增加了75%,达到~1亿,在全球现货交易量中的份额从2021年的~11%扩大到近14%,每月交易用户的数量同比增加了51%,达到920万。自冠状病毒危机开始以来,Coinbase的净利润率一直在17%和72%之间波动。鉴于其固有的盈利能力、竞争地位和大量机会,我们认为该公司专注于投资其衍生品产品、NFT平台和国际扩张是正确的。在本周,Coinbase的企业价值跌至不到100亿美元,比私营加密货币交易所FTX的估值低四倍,也低于加密货币交易所Blockchain.com和NFT平台Opensea的估值,这两家公司今年早些时候在私营市场的估值分别为140亿美元和130亿美元。Coinbase是一个首要的、符合监管要求的加密货币交易平台,活跃在全球100多个国家。
SomaLogic (SLGC)
+21%Shares of SomaLogic traded down 15% on Monday and recovered 21% on Friday after the company reported higher than expected earnings for the first quarter. SomaLogic is a leading proteomics and molecular diagnostic company that we believe has built and refined its platform, enabling a lower cost-of-goods-sold (COGS) for its proteomics assays for both research and clinical end-markets.

注: SomaLogic公司的股票周一下跌了15%,在该公司公布了高于预期的第一季度收益后,周五恢复了21%。SomaLogic是一家领先的蛋白质组学和分子诊断公司,我们认为该公司已经建立并完善了其平台,使其用于研究和临床终端市场的蛋白质组学检测的销售成本(COGS)降低。
Unity Software (U)
-38%Shares of Unity Software traded down 38% on Wednesday and rebounded ~16% on Thursday after the company reported first-quarter results in which it reduced guidance for full-year revenue growth from 34-36% to 22-26%. Management noted that its Audience PinPointer tool ingested faulty data that impacted Unity's Operate Segment. Now the company is prioritizing the cleaning of its training data and retraining targeting products under Unity Monetization. Aside from that bad news, management noted that Unity's Create segment’s revenues grew 65% year-over-year thanks to surging demand for its real-time 3D rendering tools. We maintain high conviction in Unity's longer-term ability to execute, our confidence reinforced by Create’s exceptionally strong growth. We also expect Operate’s growth to reaccelerate. Unity provides solutions for the creation of real-time 2D- and 3D-content across the entire creation-to-monetization pipeline.

注: Unity软件公司的股票周三下跌了38%,周四反弹了16%,此前该公司公布了第一季度业绩,将全年收入增长的指引从34-36%降低到22-26%。管理层指出,其Audience PinPointer工具摄入了错误的数据,影响了Unity的运营部门。现在该公司正在优先清理其培训数据,并重新培训Unity Monetization下的目标产品。除了这个坏消息,管理层指出,由于对其实时3D渲染工具的需求激增,Unity的创建部门的收入同比增长65%。我们对Unity的长期执行能力保持高度的信心,Create的异常强劲增长增强了我们的信心。我们还预计Operate的增长将重新加速。Unity为整个创作到货币化管道中的实时2D和3D内容的创作提供解决方案。
908 Devices (MASS)
-23%Shares of 908 Devices fell 23% on Wednesday after the company reported better than expected quarterly revenue and earnings. 908 Devices is an analytical life science tools company focused on point-of-need mass spectrometry tools to accelerate low-cost biological manufacturing methods.

注: 908 Devices公司的股价在周三下跌了23%,此前该公司公布的季度收入和收益好于预期。908设备公司是一家分析性生命科学工具公司,专注于需求点质谱工具,以加速低成本的生物制造方法。
Roblox (RBLX)
+19%Shares of Roblox rebounded 19% on Thursday after the company reported first quarter earnings. While total bookings declined 3% year-over-year against tough COVID-related comps of 160% growth during the first quarter of 2021, other metrics are highlighting Roblox’s underlying strength. Total daily active users grew 25% year-over-year, powered by 94% growth in the Asia Pacific region. Total hours spent on the platform and total revenue grew 22% and ~39% year-over-year, respectively. In our view, Roblox will continue to scale globally as a user-first digital experience and gaming platform. Roblox provides an online entertainment platform that allows third-party creators and developers to create and monetize experiences and games.

注: Roblox的股票周四在该公司公布第一季度收益后反弹了19%。虽然总的预订量同比下降了3%,而2021年第一季度与COVID相关的comps增长了160%,但其他指标却突出了Roblox的基本实力。日活跃用户总数同比增长25%,其中亚太地区增长94%。在平台上花费的总时间和总收入分别同比增长22%和~39%。我们认为,作为一个用户至上的数字体验和游戏平台,Roblox将继续在全球范围内扩展。Roblox提供了一个在线娱乐平台,允许第三方创作者和开发者创建体验和游戏并从中获利。
Endeavor (EDR)
+20%Shares of Endeavor appreciated nearly 20% today after the company reported first-quarter earnings that surpassed revenue and earnings estimates. Consolidated revenue grew ~38% year-over-year, powered by 53% growth in its Events, Experiences, and Rights Segment and 44% in its Representation Segment. Endeavor provides entertainment, sports, and content creation and management services internationally.

注: Endeavor的股票今天升值近20%,因为该公司公布的第一季度收益超过了收入和收益预期。综合收入同比增长约38%,其中活动、体验和权利业务增长53%,代表业务增长44%。Endeavor在国际上提供娱乐、体育和内容创作及管理服务。
Genius Sports (GENI)
+18%Shares of Genius Sports appreciated 18% today after the company reported first-quarter earnings that surpassed all consensus estimates except GAAP EPS. Management reported that revenue surged 60% on a year-over-year basis as its Media Technology, Content, and Services Segment and Sports Technology and Services Segment grew 157% and 123%, respectively. Management reaffirmed Genius's full-year guidance of $340 million in revenue and $15 million in adjusted EBITDA, adding to our conviction that it is a premier sports data intermediary in sports-related betting, content, and advertising.

注: Genius Sports的股票今天升值18%,因为该公司公布的第一季度收益超过了除GAAP EPS以外的所有共识预期。管理层报告说,由于其媒体技术、内容和服务部门以及体育技术和服务部门分别增长了157%和123%,收入同比猛增60%。管理层重申了Genius全年3.4亿美元的收入和1500万美元的调整后EBITDA的指导,使我们更加确信它是体育相关投注、内容和广告方面的首要体育数据中介。


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