Sell LYFT, ATRC and DRVN
With a new batch of stocks being added to our portfolio tomorrow and a few of our current names looking just OK we’re going to sell three stocks today.
First up is Lyft (LYFT), which I moved to hold after the Q2 report last week. Longer term I think the stock does fine but in the near term the lack of driver availability coupled with likely rider reductions owing to the Delta variant could keep a lid on shares. We’ll consider adding LYFT back in the future but right now let’s walk away with a modest gain. SELL
Atricure (ATRC) is also on the chopping block. As with LYFT I think this stock can do well longer term but with Delta circulating and hospital space tightening up in some regions of the country, procedure growth in the coming months might be a modest headwind. It’s another stock that Delta has tripped up and which I’m a little sad to see go, but at the same time it could be worse than walking away with a 6% profit. We may easily see ATRC in the future. SELL
Driven Brands (DRVN) was added in June and the bottom line is the stock has traded down since results were reported in late July. A secondary offering from the largest shareholders (no proceeds to Driven) so soon after lockup expiration (July 14) hasn’t helped sentiment. Let’s take the modest loss and move on. SELL