Well, we can’t help ourselves, we’re going to ask: What about the company’s 3Q24 earnings warranted a 44.0% gain in TRUP shares since the company reported 2Q24 results? Yes, we hear you. You...
READ MORE >After listening to TRUP’s management team drone on for 3-4 hours yesterday afternoon, one singular word keeps ringing through our heads: ENTITLEMENT. Not to worry, this note is not about to devolve into...
READ MORE >Let’s start with an honest question: Why are TRUP shares up 50% in the past 3-months?It’s a perplexing dynamic. Presumably, the company’s 2Q24 results and outlook would have...
READ MORE >It’s been a quiet couple of months since the abrupt short squeeze (orchestrated) in TRUP shares in mid-to-late May. Anecdotally, inbound calls on the name have subsided and the stock has bounced between...
READ MORE >TRUP shares have rallied an astonishing 50%+ over the past two-weeks. Just as the stock appeared poised to “break down” technically speaking, an unexpected sequence of events caused...
READ MORE >“And as we start to see our margins expand, we will put the foot on the accelerator in terms of our overall pet acquisition, and we'll start to see that number moving in the right...
READ MORE >“We believe that the low market penetration of medical insurance for pets coupled with our vet-centric model allows for 20% revenue growth for at least another 10 years. Perhaps we could expect growth to slow once we would need to...
READ MORE >“We expect to roll off a portion of our other business starting in 2025 subject to certain limitations in order to allow us to utilize capital for other purposes, but we do not control the...
READ MORE >“When we went into 2023, we assumed 12% because that was what we saw in '22. We actually saw a 15% level of inflation, which meant that we were already behind the curve, and we had to catch up again. We started in...
READ MORE >“While we saw a surge in pet adoptions during the pandemic period, coupled with stimulus and facilitated discretionary spending, the current economic environment means many consumers are...
READ MORE >“It should be noted that for Pet Insurance, this Department generally considers renewal increases more than +30% to be unduly burdensome….It should be noted that generally DFS...
READ MORE >“And we expect currently that, that will be fully rolled off by the end of next year. We are still enrolling new business for Pets Best as we sit here today. So there is still a lot...
READ MORE >“And then finally, we are, for the first time in our history, overcapitalized, Sometimes, we have cash and we have to put it into risk-based capital as we continue to grow. That is not the case...
READ MORE >Even though we know we would be better off not listening to a single word from the TRUP management team, we simply cannot turn our attention away. It is utterly fascinating to us that a loss...
READ MORE >It’s hard to believe but almost three months have passed since TRUP reported disastrous 1Q23 operating results highlighted by a skyrocketing loss ratio and higher than expected cash burn. ...
READ MORE >We spent the better part of Wednesday listening to a gaggle of Trupanion executives discuss their business and the opportunities ahead. From our seat, thousands of miles away, the tension in the...
READ MORE >Very few TRUP investors take the time to review the statutory statements from the company’s primary underwriting subsidiary, American Pet Insurance Company (APIC). We think this is a huge...
READ MORE >On 5/9/23, The California Department of Insurance filed yet ANOTHER Objection Response to Trupanion’s 2023 28% base rate increase request. To put things in perspective, the original rate increase request was filed on 12/6/22. On 2/14/23, American Pet Insurance...
READ MORE >“At Trupanion, we value trust and transparency. These values form the basis of our interactions with all stakeholders, including pet owners, veterinarians and their staff, state regulators,...
READ MORE >Maria Ripps, Analyst Canaccord Genuity Corp., Research Division “Got it. And going back to price increases, I believe there were still a couple of different markets, where they were not...
READ MORE >“Yes. I mean, at the highest level, this [the decision to fire the CFO, General Counsel, and EVP of Pricing] comes down to decentralization….” Margaret Tooth, President, Trupanion Inc....
READ MORE >Yesterday, we published a note outlining the details of a previously undisclosed investigation from the Insurance Commissioner in the State of California related to TRUP’s “pricing policies”. The Insurance Commissioner in California filed an enforcement...
READ MORE >Close your eyes for a moment and imagine a stock with the following dynamics thus far in 2023: The company guided down significantly on both a revenue and EBITDA basis for 2023 The company lost its...
READ MORE >It’s kind of remarkable that TRUP shares are down a meager (-5.4%) since the company reported 4Q22 results, delivered disappointing 1Q23 and 2023 guidance, and announced that it was unwinding the relationship with...
READ MORE >The year is 2023 and TRUP is no closer to generating profitability than it was when the company went public back in 2014. It’s a remarkable achievement. In 2014, TRUP generated Adjusted EBITDA of (-$10MM), not too far off from the meager...
READ MORE >“Let me map it out because I know it can be a little difficult. So we had going through the third quarter 7% rate. During the third quarter and into October, we did additional filings, which now brings what we...
READ MORE >There has been a covenant of sorts between TRUP management and the investment community, at least those that are willing to take a leap of faith on the company’s stock. TRUP management crafted a narrative around low TAM penetration of pet insurance in the...
READ MORE >Over the past week, TRUP shares have been noticeably weak, underperforming the broader indices by roughly (-14%). In the past we would expect a high beta, TAM/growth story like TRUP to generate 5-10% returns in a scenario in which the indices rallied...
READ MORE >Aside from profitless prosperity, there is one thing that TRUP management truly has mastered: narrative. It’s absolutely remarkable that the company still has a market cap approaching $3.0B when the only thing that TRUP has demonstrated...
READ MORE >Yesterday, JAB Holding Company announced the largest acquisition in the history of the pet insurance industry. Through the transaction, JAB will acquire the Crum & Forster Pet Insurance Group and PetHealth Inc. from Fairfax...
READ MORE >SELL/SHORT
$230
SELL/SHORT
$55
LONG
$70
SELL/SHORT
$4
SELL
$50
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
$10
PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
$101
SHORT
$15
SHORT
$0
SHORT
$9
SHORT
$0
PAIR - LONG BGG/SHORT TTC
25%
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
$20
SHORT
$31
SHORT
$35
SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
$8
LONG
$20
SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
$0