Sikuli Capital was founded on a simple observation: the most durable alpha exists not in following the crowd, but in understanding why the crowd is wrong. Our research process is built to systematically identify businesses where consensus expectations diverge materially from fundamental reality.
We believe that short selling, practiced with rigor and discipline, is among the most intellectually demanding — and rewarding — disciplines in public markets. Every position represents a thesis tested through layers of primary research, forensic analysis, and structural reasoning.
We pursue truth over narrative. Our analysts are trained to challenge their own convictions as rigorously as they challenge market consensus.
We size positions based on the magnitude of the opportunity and our confidence in the thesis, not sector allocation models or benchmark awareness.
Our best ideas often take quarters to materialize. We are structured to withstand the mark-to-market pain that drives weaker hands out of correct positions.
Protecting capital is not defensive — it is the foundation of compounding. Our short book provides natural downside protection across market regimes.
| Company | Bull | Base | Bear | Prob-Wtd FV | Range | Last | |
|---|---|---|---|---|---|---|---|
| MicronMU · Earnings Reaction · Jun 2026 | $1,750 | $1,300 | $800 | ~$1,300 | $750 – $1,750 | ~$1,160 AH | View → |
| Marriott IntlMAR · Valuation Snapshot · Jun 2026 | $380 | $355 | $330 | ~$355 | $330 – $380 | $391 | View → |
| On HoldingONON · Valuation Snapshot · May 2026 | $65 | $48 | $35 | ~$49 | $34 – $66 | $37.11 | View → |
| AdobeADBE · Earnings Reaction · Jun 2026 | $440 | $350 | $260 | ~$350 | $250 – $440 | ~$225 AH | View → |
| SalesforceCRM · Valuation Snapshot · May 2026 | $355 | $240 | $170 | ~$215 | $145 – $290 | $179.42 | View → |
| Credo TechnologyCRDO · Valuation Snapshot · Jun 2026 | $260 | $230 | $200 | ~$230 | $200 – $260 | $222 | View → |
| SolarEdgeSEDG · Valuation Snapshot · Jun 2026 | $50 | $43 | $35 | ~$43 | $35 – $50 | $63 | View → |
| First SolarFSLR · Valuation Snapshot · May 2026 | $365 | $275 | $190 | ~$275 | $200 – $380 | $229.44 | View → |
| EnphaseENPH · Valuation Snapshot · Jun 2026 | $55 | $49 | $42 | ~$49 | $42 – $55 | $56 | View → |
| StrategyMSTR · Valuation Snapshot · Jun 2026 | $140 | $128 | $90 | ~$128 | $90 – $140 | $128 | View → |
| AffirmAFRM · Valuation Snapshot · May 2026 | $100 | $72 | $45 | ~$72 | $45 – $100 | ~$70 | View → |
| UpstartUPST · Valuation Snapshot · May 2026 | $75 | $45 | $25 | ~$45 | $25 – $75 | ~$48 | View → |
| PaycomPAYC · Valuation Snapshot · Jun 2026 | $170 | $155 | $140 | ~$155 | $140 – $170 | $135 | View → |
| US Physical TherapyUSPH · Valuation Snapshot · May 2026 | $95 | $72 | $48 | ~$72 | $48 – $95 | $60 | View → |
| Fair IsaacFICO · Valuation Snapshot · Jun 2026 | $1,500 | $1,300 | $1,100 | ~$1,300 | $1,100 – $1,500 | $1,207 | View → |
| Wix.comWIX · Valuation Snapshot · Jun 2026 | $90 | $70 | $42 | ~$70 | $42 – $90 | $48 | View → |
| Zillow GroupZG · Valuation Snapshot · May 2026 | $70 | $50 | $30 | ~$50 | $30 – $70 | $36.37 | View → |
| PowerusPUSA · Valuation Snapshot · May 2026 | $25 | $10 | $3 | n/m | $3 – $25 | spec. | View → |
| Circle InternetCRCL · Valuation Snapshot · May 2026 | $185 | $130 | $70 | ~$130 | $70 – $185 | $113 | View → |
| CoinbaseCOIN · Valuation Snapshot · Jun 2026 | $268 | $205 | $142 | ~$205 | $142 – $268 | $162 | View → |
| Applied OptoelectronicsAAOI · Research Note · Jun 2026 | $200 | $120 | $60 | ~$120 | $54 – $200 | $173.60 | View → |
| EverspinMRAM · Valuation Snapshot · May 2026 | $50 | $28 | $15 | ~$28 | $15 – $50 | $29.68 | View → |
| Astera LabsALAB · Valuation Snapshot · May 2026 | $290 | $210 | $135 | ~$210 | $135 – $290 | $273.02 | View → |
Scenario values are Bull / Base / Bear fair-value estimates; Prob-Wtd FV is the probability-weighted fair value. Last reflects the most recent reference price at time of publication — confirm on your live feed. Click any name to open the full report.
For inquiries about our research, coverage, or process, reach out directly. We respond to serious, substantive questions.
research@sikulicapital.com