ZX Market Snapshot: July, 2021:
Reported Holdings: Quarter Ending May 31st, 2021
1 Dollar-weighted return on all reported holdings
2 Equal-weighted mark-up or mark-down across all reported holdings
3 Positive Trend Reversal reflects an individual holding marked up after consecutive quarterly periods marked down or flat
4 Negative Trend Reversal reflects an individual holding marked down after consecutive quarterly periods marked up or flat
| Company | Normalized Std Dev5 | $ Weighted Avg | Max | Min |
|---|---|---|---|---|
| Intarcia Therapeutics | 4.72 | $0.78 | $18.17 | $0.00 |
| Ant Financial | .21 | $2.83 | $7.05 | $2.74 |
| Starry | .20 | $1.58 | $1.68 | $0.57 |
| JUUL | .13 | $50.87 | $55.92 | $42.41 |
| Sweetgreen | .06 | $13.49 | $17.10 | $13.14 |
5 Normalized Standard Deviation is used to express the measure of spread across reported marks and allows for comparison between companies independent of their price per share based on a dollar-weighted average.
6 Premium and Discount agnostic to share class
We’re excited to introduce a new chart to ZX Monthly Movers. Click to see bid/ask ratio for each month.
ZX saw more asks than bids in July, continuing a four month trend in which ask volume exceeded bid volume. Transactions priced from a 47.9% discount to a 50.9% premium to July average reported holding values.
On average, ZX Firm Buy Orders sit at a 18.2% premium to May’s median holding values, highlighted by bids in Databricks and SpaceX at 18.4% and 17.9% respectively. This marks the third consecutive month with no ZX Firm Offers at a discount to May’s median holding values.
This quarter, reporting holders marked up their private portfolios 2.5%, the seventh consecutive month of reported gains. May saw five companies marked-up 100% or more: Dataminr, MasterClass, Stripe, Cazoo and Fanatics.
Magic Leap, Ant Financial, Tory Burch, and SnapDeal saw the quarter’s largest mark-downs.
Sweetgreen saw its first positive reversal in five quarters, while Warby Parker saw its first negative reversal in five quarters.
Intarcia Therapeutics saw the highest pricing variance reported across funds. Some holders valued the company’s shares as high as $18.17 while others wrote-off their positions.
ZX Firm Orders are unique to ZX. A ZX Firm Order (Offer or Bid) is a form of contract accepted on ZX, that allows a buyer or seller to contractually commit themselves to trading at the terms of an order ticket should a bona fide counterparty be presented, or pay a fee set to 10% of the notional value of the transaction should they fail to transact. Zanbato developed the concept of a Firm Order for private stock trading to solve for frequent frustration that parties often hold themselves out as buyers or sellers, but then pull out of transactions when counterparties are presented.
This report is based on data reported by 200+ funds. Many holders of private company shares do not report their holding values and are thus not included in this report’s dataset. Further, many venture-backed private companies are not held by any reporting funds and are thus not included in this report. As such, this report should not be construed as providing a complete picture of shareholder sentiment or venture-backed private company performance.
Zanbato Securities LLC (“Zanbato”) prepares and disseminates market information about venture-backed private company securities, and the current bids and offers for those securities listed on the ATS operated by Zanbato (“ZX”). The information provided in this report has been prepared by sales, trading, or other non-research functions. Pricing indications and macro commentary are provided for factual information purposes only. This report is not intended to assess the individual merits of a particular investment or strategy, does not constitute a recommendation to buy or sell any financial instrument or to participate in any trading strategy and should not be construed as such. This report does not constitute investment advice. Certain information in this report has been obtained from third party sources and, while such information was believed by Zanbato to be reliable, it has not been independently verified by Zanbato and Zanbato shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with any use of, or reliance on, such third party information. Furthermore, the information contained in this report may not be current due to, among other things, changes in the financial markets or economic environment. Zanbato does not, and has no obligation to, update any such information contained in this report. Any prices or quotations contained herein are indicative only, do not represent firm quotes as to either price or size and should not be used for valuation purposes.
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