VTEX (VTEX-N)

An emerging market e-commerce play, cloud-based. It started doing e-commerce for Walmart in Brazil, then expanded across Latin America (and Europe) where 94% of sales are, half from Brazil alone. Latin America has the fastest-growing market for e-commerce, at 37%. It's like Shopify for the southern hemisphere, but they're focussed more on large businesses. They have over 2,000 customers across 32 countries, and Addidas, Sony, Nestle and Whirlpool are some clients. They take a small cut of all transactions. Business boomed in 2020, but growth slowed a lot this year at 12% revenue growth in its last quarter, down from 140% in the same period last year. They nearly broke even in 2020, but it's going in the wrong direction now. It went public last July, pity not in 2020. It's an overhyped IPO that got out of hand with shares sinking since then. Doesn't know where it will bottom, and it on the fence. However, he'll feel bullish if this sinks below $11.