In today’s briefing:
- Binance Volume Recovers Despite Mass Outflows
- Building in The Big Leagues
- Sizable Beat: Sumo Logic Reported Better Than Expected 3QFY23 Results
Binance Volume Recovers Despite Mass Outflows
- Price Movements: Binance’s BUSD stablecoin, BNB token, and staking token bETH have had a volatile week amid mass withdrawals.
- Market Liquidity: Throughout December, BTC market depth on Coinbase has increased 46% while on Binance, depth is down 5%.
- Derivatives: Open interest for BTC and ETH perpetual futures has nearly halved since November.
Building in The Big Leagues
- A perfect storm of inflation, aggressive monetary tightening, and recessionary fears in 2022 has rocked the Housing market.
- This is especially true for home builders like Landsea Homes, which went public through a SPAC last year.
- While not a household name, Landsea has firmly established itself as an affordable builder for first-time home buyers.
Sizable Beat: Sumo Logic Reported Better Than Expected 3QFY23 Results
- We maintain a bullish view on Sumo Logic Inc (SUMO US) after the company reported stronger than expected 3QFY23 revenues and management updated its financial guidance for FY23.
- We were impressed with subscription revenue growth, strong gross margins, and lower-than-expected operating loss. Sumo Logic Inc (SUMO US) increased FY23 revenue guidance to $298M-$299M.
- Our estimates suggest the company will cross the $300M ARR mark in 2022 and the stock currently trades at a discount to the 20%+ growth peer group.
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