Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Greystone Capital Adam Wilk | “KITS continues to build a unique business that is growing fast, is customer focused, and offers price and convenience advantages that are difficult to replicate. The lazy read on this business is that the moat rests on being vertically integrated, as KITS owns their optical lab, allowing them to manufacture eyeglasses in-house. While important, I think that view is incorrect. Plenty of industry incumbents own optical labs. What almost nobody else delivers is a quality pair of prescription glasses for roughly 1/3rd to 1/4th the price of traditional retail or optometrist, able to be shipped to a customer's door within two days. The cost advantages KITS has relative to their competitors allows them to pass those cost savings on to customers, meaning KITS moat is their price and convenience gap along with having the discipline not to close it by harvesting margin too early. KITS has also eschewed traditional marketing channels, opting for word-of-mouth and local influencer partnerships, allowing them to avoid the 'CAC is the new rent' paradigm, by my estimates, often spending 6-10x less than competitors to acquire a new eyeglasses customer. Most importantly, customer behavior is improving from year to year, with order frequency, average order values and retention rates all increasing, evidence that customers are starting to re-think what eyeglasses should cost. Despite strong business performance through the end of 2025 and the beginning of 2026, KITS stock is down -30% YTD, and at one point was down close to -50%. Strong business results met with declining share prices are usually good situations to step in front of. I've been adding to our position as the thesis plays out and expect another strong year during 2026 and 2027 as KITS glasses business continues to grow and as they expand into new geographies and reach new customers. One recent highlight includes KITS opening their second brick and mortar location, this time in downtown Toronto. Although I expect KITS to remain primarily a pureplay e-commerce business, select physical stores in popular geographies have shown to be excellent customer acquisition tools, providing another brand touch point to customers outside of Vancouver. Despite rapid growth, since inception KITS has been relatively concentrated in one geographic area of Canada, and the Toronto store will open additional opportunities for them to expand East and ultimately more into the US. I believe we are still in the early innings for KITS, and the growth runway remains massive, which is why my estimate of intrinsic value is multiples of today's share price.” | NEUTRAL | Q2 2026 Aug 3, 2026 | View Pitch |
Cedar Grove Capital Management Paul Cerro | “Our biggest detractors were KITS Eyewear (KITS.TO), Sanuwave Health (SNWV), and Evolv Technologies (EVLV). We've been impressed by the KITS growth story and it being the founders' second act (originally highlighted here). However, in Q4'25, the company surprisingly made the decision to use excess cash to buy into a bitcoin (BTC) ETF as part of a long-term investment strategy. We voiced our concerns to management about this capital allocation shift, and they acknowledged it as a miscalculation on their part and that they would be looking to offload that ETF and go back to focusing solely on the business. Once Q1'26 was announced and they did not get rid of the bitcoin ETF as they had led on, we decided to considerably reduce our holdings in the company, which was our top holding at the time, realize the tax loss, and reallocate capital elsewhere. We do not believe in bitcoin, let alone crypto in general, and as stewards of capital, we will not partake in companies that determine this to be a strategy to implement. Upon meeting with management at the Planet MicroCap conference, they acknowledged that they no longer own that ETF. KITS, unfortunately, was another considerable drag on our quarter's performance.” | NEUTRAL | Q2 2026 Jul 15, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
