Report by Vision Research

So far in 2Q26, Shorting Specialists Vision Research has closed shorts on Tractor Supply and Insulet (both initiated in 4Q24 at much higher levels) and has initiated 2 new US shorts. The first a consumer company that trades greater than $100mn/day, facing intense Chinese competition gaining share with both local and foreign manufacturers, customers that are losing share, announced orders that do not seem to ever fully materialise into sales, weak organic sales growth, and overly optimistic estimates for 2H26 and 2027. The other short idea is an industrial company facing demographic headwinds, potential regulatory changes, increasing input costs, negative volume trends, potentially peak margins, and bullish forward estimates. Both stocks have short interest % of free float below 8%.

Healthcare

Report by Abacus Research

PODD is on the cusp of a new product cycle for Omnipod 5 for diabetes 2 patients which will drive upside to 2H24 and 2025 consensus estimates. Abacus also argues the market’s GLP-1 fears are overplayed (impact will be negligible over the next decade / have no impact on type 1 diabetes, PODD's core customer). If this is proven, the multiple should expand. Although competitors Medtronic and Tandem will launch new products over next few years, their success is not guaranteed. For now, Omnipod has a first mover advantage. Abacus sees a path to $3.6bn in 2027 revenues (2023-27 CAGR of 21%) and an EPS of $6.50 (25% CAGR).