Valens Equity Weekly Insights and Inflections for September 13, 2021

September 14, 2021

Company Specific Highlights & Insights:

Aggregate ECF™ Trend Analysis:

Management confidence moderated significantly through 2021, after showing very bullish signals in the back half of 2020, coming out of the worst of the pandemic shutdown. For most of 2021, management confidence levels have been in the middle of historical ranges, showing a more neutral outlook. However late in the Q2 earnings season and into the beginning of Q3, this appeared to be changing, with management teams becoming less confident.