We’ve got big action in some of our oldest positions this week, and perhaps a unique accumulation opportunity. 

Here’s an overview of the biggest movers in our portfolio last week through close on Thursday, Nov. 14. 

Shopify (SHOP): +25%

Shopify reported a +24% increase in gross merchandise volume year-over-year to $69.7 billion in its third quarter, driven by new enterprise clients like Lionsgate and Reebok. Shopify is successfully attracting larger-scale merchants, expanding beyond small businesses and startups to position itself as a preferred platform for diverse commerce needs. The company's expected mid- to high-twenties revenue growth for the holiday season stems from focused investments in marketing, advertising, and payment processing tools, aiming to outpace competitors like Amazon and Walmart.

Magnite (MGNI): +22%

Magnite's stock popped higher over the last week driven by a robust Q3 earnings report and a new partnership with TCL to enhance its ad-supported streaming services. In Q3 2024, Magnite reported a 23% year-over-year increase in Connected TV (CTV) contribution ex-TAC, reaching $64.4 million, surpassing their guidance of $62.0 to $64.0 million.

This growth was bolstered by collaborations with major platforms like Netflix and Disney, expanding Magnite's presence in the CTV advertising sector. Additionally, the company achieved a 30% reduction in cost per ad request through improved efficiency in filtering and traffic shaping, enhancing profitability.

Marathon Digital (MARA): +8%

MARA’s Q3 earnings came up a bit short, driven by a wider than expected loss and weaker than expected revenue. The bright side? Its growing Bitcoin exposure is paying off. The company ended Q3 holding 26,747 bitcoin, having mined 2,070 and purchased 6,210 more. MARA's mining fleet grew by 7% to 268,000 units, and it did not sell any bitcoin during the quarter.

Lululemon (LULU): +7%

No major news from LULU this week, but seeing positive investor chatter on X heading into the holiday season. On the consumer front, eCommerce metrics look strong for the retailer, with web visits up +24% YoY well ahead of its typical black Friday boost. 

Read our full summary, including a potential accumulation opportunity here...

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