Software developer 360 owns / operates the Life360 app which allows people to track friends / family. The stock has been totally unloved over the last 6-momths with its shares plunging almost 80% from its 2021 high, the company reiterated guidance in late May but the markets clearly not convinced. The $610mn company is not yet making a profit but it did generate $US52.7mn of revenue in the March quarter with $US98.2 of cash reserves, a reasonable balance for a $610mn business.
We see value in this business but the sectors as unloved as coal was in 2021, we think it’s cheap at current levels but until sentiment changes it can easily drift lower.
MM likes 360 into EOFY selling under $3
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