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HaveNots Shorts '25: Premium Subscriptions
8 tickers · $129.87B total market cap
Group: HaveNots Shorts
This short basket targets non-essential, premium-priced digital and lifestyle subscriptions—especially those dependent on affluent or aspirational users with discretionary income. These companies rely on habit formation and perceived personal value to justify recurring spend. In a tightening economy where the top decile pulls back, middle-class wallets are maxed, and MAUs plateau, the thesis is that many of these offerings become low-priority cancel targets as consumers rebalance their budgets and churn rises.
HaveNots Shorts '25: Premium Subscriptions tracks 8 publicly listed stocks in this theme: DUOL, HIMS, LTH, NYT, PTON, SPOT, XPOF, YOU. See the constituent table for details.
Thesis update: 2025-04-07
Constituents
Build 20260519T212339
| Company | Previous Quarter Report Date | Next Expected Report Date | Last Quarter Earnings Move % | Earnings Move % | Intra-Quarter Move % | Since Last Report % | Market cap | Weight |
|---|---|---|---|---|---|---|---|---|
Spotify Technology S.A.SPOT | 04/28/2026 (BMO) | 04/28/2026 (BMO) | 17.44% | -10.54% | 1.78% | -0.45% | $91.60B | 12.5000 |
The New York Times CompanyNYT | 05/06/2026 (BMO) | 05/06/2026 (BMO) | -4.29% | 3.78% | 11.79% | -6.14% | $12.41B | 12.5000 |
Life Time Group Holdings, Inc.LTH | 05/05/2026 (BMO) | 05/05/2026 (BMO) | -6.83% | 27.82% | -0.72% | -2.44% | $7.40B | 12.5000 |
Clear Secure, Inc.YOU | 05/06/2026 (BMO) | 05/06/2026 (BMO) | 40.78% | -1.02% | 24.72% | 3.39% | $5.95B | 12.5000 |
Duolingo, Inc.DUOL | 05/04/2026 (AMC) | 05/04/2026 (AMC) | -14.01% | -6.49% | 9.14% | 9.68% | $5.28B | 12.5000 |
Hims & Hers Health, Inc.HIMS | 05/11/2026 (AMC) | 05/11/2026 (AMC) | 2.00% | -11.46% | 84.20% | -10.35% | $4.89B | 12.5000 |
Peloton Interactive, Inc.PTON | 05/07/2026 (BMO) | 05/07/2026 (BMO) | -21.74% | 9.42% | 12.43% | -8.08% | $2.17B | 12.5000 |
Xponential Fitness, Inc.XPOF | 05/07/2026 (AMC) | 05/07/2026 (AMC) | -47.08% | -15.54% | 53.52% | -13.75% | $170.5M | 12.5000 |
| Average | -4.22% | -0.50% | 24.61% | -3.52% | $16.23B | 12.5000 | ||
| Median | -5.56% | -3.76% | 12.11% | -4.29% | $5.62B | 12.5000 | ||
| Std Dev | 24.44% | 13.24% | 27.62% | 7.17% | $28.68B | 0.0% | ||
| Min | -47.08% | -15.54% | -0.72% | -13.75% | $170.5M | 12.5000 | ||
| Max | 40.78% | 27.82% | 84.20% | 9.68% | $91.60B | 12.5000 | ||
| % Positive Tickers | 37.50% | 37.50% | 87.50% | 25.00% |
* Provisional value: before LstRpt% reaches its 2-day post-report lock window (BMO/AMC adjusted), EarningsPerf is calculated from current vs pre-report and then locks to final LstRpt%.