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 |
|---|---|---|---|---|
Long Cast Advisers Avram Fisher | “On NRC, our newest investment, I discussed the company's evolution from owner / operator to professionally led management team, and the expected benefits from putting a growth foc” | NEUTRAL | Q2 2026 Aug 3, 2026 | View Pitch |
Long Cast Advisers Avram Fisher | “On NRC, our newest investment, I discussed the company's evolution from owner / operator to professionally led management team, and the expected benefits from ...” | BULL | Q2 2026 Aug 3, 2026 | View Pitch |
Long Cast Advisers Avram Fisher | “NRC ($14.45 avg price). Among our meaningful contributors in the quarter, NRC is our newest position. With 23M shares out and a current market price of $19, the company has a $430M market capitalization and including net debt, a roughly $500M enterprise value. At that price, it trades at a 13x multiple against $40M of annualized EBITDA, using the most recent quarter's results of $10M, which I believe to be the trough. The company is broadly a consulting service for hospitals and healthcare administrations and is especially known for being a top-three provider of medical patient surveys and outcome assessment. A larger part of the investment case is that it is an owner-operator company. The company was founded in 1981 by Michael Hays, presently Chairman and the largest shareholder. In early 2024, the company made wholesale management changes, adding four C-level positions, and in March 2025 announced the hiring of a new CEO, Trent Green from Amazon One, which is a significant catalyst. Another catalyst was the October 2025 $6.75B acquisition of Press Ganey by Qualtrics, which affirms the industry's cash generation and scale. Dramatically improving deferred revenue is the most important catalyst, as deferred revenue nearly always signifies a future sale. The decade-long chart showing NRC sales vs deferred revenues seems to signal a positive turn in revenues is near. Despite my skepticism of consultant businesses, the financials speak for themselves: consistent profitability, high margins, strong free cash flow, and no shareholder dilution. BSD Analysis: NRC sells patient experience and healthcare performance data that hospitals don't love paying for but can't ignore. Reimbursement pressure makes satisfaction metrics more important, not less. Switching vendors is operationally annoying once benchmarking and workflows are embedded. Growth is slow, but retention is sticky. Investors dismiss NRC as low-growth survey software. That misses how regulation and reporting entrench incumbents. This is healthcare analytics as compliance infrastructure. Boring data still gets paid.” | BULL | Q4 2025 Jan 1, 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.
