RBBN
Ribbon Communications Inc.
NasdaqGSUSDEQUITY
Technology
DELAYED
Sell
-44/100
Last price
1.77
▲ 0.07 (4.12%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
Lower pane
Overlay another symbol
Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
—
Prev close
1.70
Day high
1.78
Day low
1.70
Volume
975.99K
Market cap
$316.52M
P/E (TTM)
22.13
52W range
1.55 – 4.09
Trailing performance
Returnvs SPY
1W
-1.12%
-3.1%
1M
-11.06%
-12.2%
3M
-19.91%
-24.4%
6M
-21.33%
-39.5%
YTD
-38.54%
-52.8%
1Y
-54.15%
-70.6%
3Y
-33.96%
-116.2%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on RBBN open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
33.68M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jul 15, 26 | GRAYSON BRUNS H Director |
STOCK | 14.42K | $0 | Direct |
| Jul 15, 26 | SHANI SHAUL Director |
STOCK | 11.75K | $0 | Direct |
| Jun 16, 26 | MAIR SCOTT Director |
— | 67.50K | — | Direct |
| Jun 16, 26 | TAMONE TANYA Director |
— | 42.50K | — | Direct |
| Jun 16, 26 | SHANI SHAUL Director |
— | 42.50K | — | Direct |
| Jun 16, 26 | GRAYSON BRUNS H Director |
— | 42.50K | — | Direct |
| Jun 16, 26 | EWING R STEWART JR Director |
— | 42.50K | — | Direct |
| Jun 16, 26 | INFANTE BEATRIZ V Director |
— | 42.50K | — | Direct |
| May 15, 26 | BUCCI SAM Chief Operating Officer |
— | 323.77K | — | Direct |
| May 15, 26 | MACKEN PATRICK W Officer |
— | 251.08K | — | Direct |
| May 15, 26 | MARMUREK ERIC S Chief Financial Officer |
— | 154.81K | — | Direct |
| May 15, 26 | MCCLELLAND BRUCE WILLIAM Chief Executive Officer |
— | 2.30M | — | Direct |
| Apr 15, 26 | TOWNSEND JOHN RAYMOND Chief Financial Officer |
— | 25.64K | — | Direct |
| Apr 15, 26 | MARMUREK ERIC S Chief Financial Officer |
— | 37.50K | — | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BUCCI SAM |
Chief Operating Officer | 599.27K | Conversion of Exercise of derivative security |
EWING R STEWART JR |
Director | 239.89K | Conversion of Exercise of derivative security |
GRAYSON BRUNS H |
Director | 840.27K | Stock Award(Grant) |
INFANTE BEATRIZ V |
Director | 385.72K | Conversion of Exercise of derivative security |
LOPEZ MIGUEL A |
Chief Financial Officer | 456.80K | Conversion of Exercise of derivative security |
MACKEN PATRICK W |
Officer | 482.15K | Conversion of Exercise of derivative security |
MARMUREK ERIC S |
Chief Financial Officer | 543.71K | Conversion of Exercise of derivative security |
MCCLELLAND BRUCE WILLIAM |
Chief Executive Officer | 2.91M | Conversion of Exercise of derivative security |
SHANI SHAUL |
Director | 237.72K | Stock Award(Grant) |
TAMONE TANYA |
Director | 223.30K | Conversion of Exercise of derivative security |
Fundamentals
Market cap$316.52M
Enterprise value$670.02M
Revenue (TTM)$797.64M
Gross profit$407.66M
EBITDA$47.60M
Net income$15.60M
EPS (TTM)$0.08
Free cash flow$39.82M
Total cash$43.51M
Total debt$397.01M
Book value / share$2.20
Shares outstanding178.82M
Float92.51M
Short % of float5.37%
Dividend yield0.00%
Beta (5Y)1.37
Valuation & profitability ratios
Trailing P/E22.13
Forward P/E11.35
PEG ratio0.57
Price / sales—
Price / book0.81
EV / revenue0.84
EV / EBITDA14.08
Gross margin51.11%
Operating margin-4.04%
Profit margin1.96%
Return on equity4.09%
Return on assets-0.65%
Debt / equity101.13
Current ratio1.31
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $844.56M | $833.88M | $826.34M | $819.76M | +1.3% |
| Operating revenue | $844.56M | $833.88M | $826.34M | $819.76M | +1.3% |
| Cost of revenue | $423.85M | $394.37M | $418.26M | $418.82M | +7.5% |
| Gross profit | $420.71M | $439.51M | $408.08M | $400.94M | -4.3% |
| Research & development | $178.87M | $179.94M | $190.66M | $203.68M | -0.6% |
| Selling, general & admin | $197.31M | $206.57M | $192.42M | $198.82M | -4.5% |
| Total operating expense | $400.04M | $412.48M | $411.68M | $432.14M | -3.0% |
| Operating income | $20.67M | $27.03M | -$3.60M | -$31.20M | -23.5% |
| Net interest income | -$44.01M | -$33.82M | -$27.32M | -$19.78M | -30.1% |
| Pre-tax income | -$45.11M | -$46.07M | -$55.37M | -$112.60M | +2.1% |
| Tax provision | -$84.75M | $8.17M | $10.83M | -$14.52M | -1,137.7% |
| Net income | $39.64M | -$54.23M | -$66.21M | -$98.08M | +173.1% |
| Net income to common | $39.64M | -$54.23M | -$66.21M | -$98.08M | +173.1% |
| Basic EPS | 0.22 | -0.31 | -0.39 | -0.63 | +171.0% |
| Diluted EPS | 0.22 | -0.31 | -0.39 | -0.63 | +171.0% |
| EBIT | -$185.00K | -$11.92M | -$28.05M | -$92.82M | +98.4% |
| EBITDA | $60.74M | $52.48M | $42.94M | -$16.34M | +15.7% |
| Basic shares | 176.20M | 174.04M | 170.41M | 156.67M | +1.2% |
| Diluted shares | 179.82M | 174.04M | 170.41M | 156.67M | +3.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $96.41M | $87.77M | $26.49M | $67.26M | +9.8% |
| Cash & short-term investments | $96.41M | $87.77M | $26.49M | $67.26M | +9.8% |
| Accounts receivable | $231.88M | $254.72M | $268.42M | $267.24M | -9.0% |
| Inventory | $78.81M | $79.18M | $77.52M | $75.42M | -0.5% |
| Total current assets | $454.49M | $463.66M | $418.72M | $477.99M | -2.0% |
| Property, plant & equipment | $111.80M | $94.91M | $81.60M | $89.72M | +17.8% |
| Goodwill & intangibles | $444.24M | $488.43M | $538.98M | $595.62M | -9.0% |
| Total assets | $1.21B | $1.16B | $1.14B | $1.26B | +4.3% |
| Total current liabilities | $315.47M | $328.87M | $341.07M | $330.49M | -4.1% |
| Current debt | $8.75M | $6.13M | $35.10M | $20.06M | +42.9% |
| Long-term debt | $324.52M | $330.73M | $197.48M | $306.27M | -1.9% |
| Total debt | $405.13M | $383.67M | $287.03M | $387.93M | +5.6% |
| Total liabilities | $763.26M | $757.93M | $691.39M | $737.14M | +0.7% |
| Retained earnings | -$1.53B | -$1.57B | -$1.52B | -$1.45B | +2.5% |
| Shareholder equity | $448.99M | $404.62M | $452.76M | $518.43M | +11.0% |
| Working capital | $139.01M | $134.79M | $77.64M | $147.49M | +3.1% |
| Net tangible assets | $4.76M | -$83.81M | -$86.22M | -$77.19M | +105.7% |
| Shares issued | 175.78M | 175.60M | 172.08M | 168.32M | +0.1% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $39.64M | -$54.23M | -$66.21M | -$98.08M | +173.1% |
| Depreciation & amortisation | $60.92M | $64.40M | $71.00M | $76.48M | -5.4% |
| Stock-based compensation | $19.41M | $16.09M | $21.81M | $18.71M | +20.6% |
| Change in working capital | $16.58M | $31.57M | $4.08M | -$50.33M | -47.5% |
| Operating cash flow | $51.40M | $50.24M | $17.09M | -$26.36M | +2.3% |
| Capital expenditure | -$25.34M | -$22.87M | -$9.48M | -$13.55M | -10.8% |
| Investing cash flow | -$25.34M | -$22.87M | -$9.48M | -$12.14M | -10.8% |
| Share buybacks | -$8.96M | -$56.85M | $0 | $0 | +84.2% |
| Financing cash flow | -$19.43M | $37.71M | -$47.86M | $931.00K | -151.5% |
| Free cash flow | $26.06M | $27.37M | $7.61M | -$39.92M | -4.8% |
| End cash position | $98.13M | $90.48M | $26.63M | $67.26M | +8.5% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $192.34M | $162.61M | $227.32M | $215.37M | $220.58M | +18.3% |
| Operating revenue | $192.34M | $162.61M | $227.32M | $215.37M | $220.58M | +18.3% |
| Cost of revenue | $102.00M | $92.92M | $106.26M | $107.41M | $111.28M | +9.8% |
| Gross profit | $90.34M | $69.69M | $121.06M | $107.97M | $109.31M | +29.6% |
| Research & development | $44.86M | $44.45M | $44.71M | $45.89M | $44.70M | +0.9% |
| Selling, general & admin | $47.77M | $49.25M | $51.80M | $49.43M | $49.17M | -3.0% |
| Total operating expense | $98.12M | $99.35M | $102.30M | $101.26M | $99.84M | -1.2% |
| Operating income | -$7.78M | -$29.66M | $18.76M | $6.71M | $9.47M | +73.8% |
| Net interest income | -$10.69M | -$9.76M | -$10.93M | -$11.61M | -$10.98M | -9.5% |
| Pre-tax income | -$25.16M | -$40.94M | -$241.00K | -$8.98M | -$8.91M | +38.5% |
| Tax provision | $1.71M | -$6.45M | -$89.31M | $3.13M | $2.18M | +126.5% |
| Net income | -$26.87M | -$34.49M | $89.06M | -$12.11M | -$11.09M | +22.1% |
| Net income to common | -$26.87M | -$34.49M | $89.06M | -$12.11M | -$11.09M | +22.1% |
| Basic EPS | -0.15 | -0.20 | 0.51 | -0.07 | -0.06 | +25.0% |
| Diluted EPS | -0.15 | -0.20 | 0.50 | -0.07 | -0.06 | +25.0% |
| EBIT | -$14.28M | -$30.87M | $10.83M | $2.82M | $2.39M | +53.7% |
| EBITDA | $237.00K | -$16.19M | $25.78M | $18.23M | $17.93M | +101.5% |
| Basic shares | 177.25M | 175.66M | 175.70M | 176.62M | 176.75M | +0.9% |
| Diluted shares | 177.25M | 175.66M | 178.72M | 176.62M | 176.75M | +0.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $43.51M | $67.55M | $96.41M | $74.80M | $60.45M | -35.6% |
| Cash & short-term investments | $43.51M | $67.55M | $96.41M | $74.80M | $60.45M | -35.6% |
| Accounts receivable | $220.20M | $204.06M | $231.88M | $218.31M | $249.36M | +7.9% |
| Inventory | $87.81M | $81.46M | $78.81M | $80.01M | $80.30M | +7.8% |
| Total current assets | $405.63M | — | — | — | — | — |
| Property, plant & equipment | $103.03M | $108.09M | $111.80M | $114.63M | $114.04M | -4.7% |
| Goodwill & intangibles | $425.28M | $435.13M | $444.24M | $454.64M | $465.63M | -2.3% |
| Total assets | $1.14B | $1.16B | $1.21B | $1.11B | $1.14B | -1.5% |
| Total current liabilities | $309.33M | $298.83M | $315.47M | $291.87M | $313.62M | +3.5% |
| Current debt | $8.75M | $8.75M | $8.75M | $8.75M | $8.75M | 0.0% |
| Long-term debt | $320.61M | $322.98M | $324.52M | $326.07M | $327.63M | -0.7% |
| Total debt | $397.01M | $400.37M | $405.13M | $408.25M | $409.25M | -0.8% |
| Total liabilities | $750.25M | $740.60M | $763.26M | $745.18M | $771.74M | +1.3% |
| Retained earnings | -$1.60B | -$1.57B | -$1.53B | -$1.62B | -$1.61B | -1.7% |
| Shareholder equity | $392.57M | $419.10M | $448.99M | $360.05M | $370.44M | -6.3% |
| Working capital | $96.30M | $109.66M | $139.01M | $126.55M | $120.32M | -12.2% |
| Net tangible assets | -$32.70M | -$16.02M | $4.76M | -$94.59M | -$95.20M | -104.1% |
| Shares issued | 178.77M | 175.51M | 175.78M | 176.48M | 177.16M | +1.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$26.87M | -$34.49M | $89.06M | -$12.11M | -$11.09M | +22.1% |
| Depreciation & amortisation | $14.52M | $14.68M | $14.95M | $15.41M | $15.54M | -1.1% |
| Stock-based compensation | $4.83M | $5.96M | $4.79M | $5.84M | $4.48M | -18.9% |
| Change in working capital | -$5.91M | -$1.15M | $6.62M | $7.66M | -$8.07M | -413.3% |
| Operating cash flow | -$11.50M | -$22.00M | $29.24M | $26.49M | -$795.00K | +47.7% |
| Capital expenditure | -$4.85M | -$3.07M | -$1.97M | -$5.54M | -$5.68M | -57.8% |
| Investing cash flow | -$4.85M | -$3.07M | -$1.97M | -$5.54M | -$5.68M | -57.8% |
| Share buybacks | $0 | -$824.00K | -$3.22M | -$3.48M | -$2.25M | +100.0% |
| Financing cash flow | -$8.04M | -$3.11M | -$5.94M | -$6.10M | -$5.58M | -158.3% |
| Free cash flow | -$16.35M | -$25.07M | $27.27M | $20.95M | -$6.48M | +34.8% |
| End cash position | $45.48M | $69.60M | $98.13M | $76.77M | $62.27M | -34.6% |
Options analytics
Put / call volume
0.53
Call-heavy session
Put / call open interest
0.00
Positioning, not flow
Max pain
5.00
+182.5% from spot
ATM implied vol
50.0%
Nearest strike to spot
Skew (10% OTM)
-50.0%
Calls bid over puts
Call volume
17
Contracts, this expiry
Put volume
9
Contracts, this expiry
Heaviest call OI
5.00
1.87K contracts
Heaviest put OI
5.00
5 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.01 | -0.03 | -114.3% |
| Mar 2026 | -0.06 | -0.05 | +18.9% |
| Dec 2025 | 0.11 | 0.59 | +444.6% |
| Sep 2025 | 0.06 | 0.04 | -31.4% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.04 | 5 | $221.81M | +3.0% |
| Next quarter | 0.10 | 4 | $246.80M | +8.6% |
| Current year | 0.06 | 4 | $823.54M | -2.5% |
| Next year | 0.16 | 5 | $865.98M | +5.1% |
Analyst targets & ownership
Mean target$3.30
High target$4.00
Low target$2.20
Implied upside86.44%
Analyst count5
ConsensusNONE
Strong buy / Buy0 / 4
Hold1
Sell / Strong sell0 / 0
Held by insiders18.84%
Held by institutions73.23%
Institutions holding211
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
1.77
+0.23% from price
SMA 20
1.81
-1.97% from price
SMA 50
1.96
-9.52% from price
SMA 100
2.24
-20.81% from price
SMA 200
2.37
-25.19% from price
EMA 12
1.77
-0.21% from price
EMA 26
1.84
-3.76% from price
EMA 50
1.95
-9.21% from price
RSI (14)
44.3
Neutral
MACD (12,26,9)
-0.07
Hist 0.00
ATR (14)
0.09
5.25% of price
Realised vol 30D
54.3%
Annualised
Bollinger upper
2.01
20, 2σ
Bollinger lower
1.60
20, 2σ
50 / 200 cross
Death
1.96 vs 2.37
Trend bias
Below 200
-25.19%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
1.36
More volatile than market
Correlation to SPY
0.29
Largely independent
Realised vol 30D
54.3%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-59.4%
Peak to trough
Max drawdown 5Y
-74.2%
Peak to trough
ATR 14
0.09
5.25% of price
Beta (reported)
1.37
5Y monthly, from filing
Short interest
Shares short
5.13M
Prior 4.42M
Change vs prior
+16.0%
Shorts adding
% of float
5.37%
Normal
% of shares out
2.87%
Against total outstanding
Days to cover
7.3
Crowded exit
Float
92.51M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 15, 26 | Rosenblatt | DOWNGRADE | Buy | Neutral |
| Jul 29, 26 | Rosenblatt | MAINTAINED | Buy | Buy |
| Feb 6, 26 | Citizens | MAINTAINED | Market Outperform | Market Outperform |
| Feb 6, 26 | Rosenblatt | MAINTAINED | Buy | Buy |
| Oct 23, 25 | Rosenblatt | MAINTAINED | Buy | Buy |
| Sep 11, 25 | Rosenblatt | MAINTAINED | Buy | Buy |
| Jul 24, 25 | Rosenblatt | MAINTAINED | Buy | Buy |
| Apr 30, 25 | B. Riley Securities | MAINTAINED | Buy | Buy |
| Apr 30, 25 | Rosenblatt | MAINTAINED | Buy | Buy |
| Feb 13, 25 | JMP Securities | MAINTAINED | Market Outperform | Market Outperform |
| Dec 30, 24 | Rosenblatt | MAINTAINED | Buy | Buy |
| Dec 19, 24 | Northland Capital Markets | MAINTAINED | Outperform | Outperform |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split1:5
Split dateJan 30, 2015
SEC filings
Periodic Financial Reports
10-Q · 2026-07-31
Corporate Changes & Voting Matters
8-K · 2026-07-28
Corporate Changes & Voting Matters
8-K · 2026-06-17
Corporate Changes & Voting Matters
8-K · 2026-06-05
Specialized Disclosure Report filed pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the use of conflict minerals (Rule 13p-1)
SD · 2026-05-29
Periodic Financial Reports
10-Q · 2026-05-06
Corporate Changes & Voting Matters
8-K · 2026-04-28
Annual Report to Shareholders
ARS · 2026-04-17
Headlines
Ribbon Communications Shares Fall After Rosenblatt Securities Downgrade
MT Newswires · 22d ago
Rosenblatt Securities Downgrades Ribbon Communications to Neutral From Buy, Adjusts PT to $2.20 From $3.50
MT Newswires · 22d ago
Ribbon and TNS Simplify Legacy Voice Switch Replacement
PR Newswire · 28d ago
Ribbon Bolsters Its Market-Leading Critical Infrastructure Portfolio
PR Newswire · 36d ago
Ribbon Bolsters Its Market-Leading Critical Infrastructure Portfolio
PR Newswire · 36d ago
Ribbon Attends Two Investor Conferences in August
PR Newswire · 54d ago
Street Calls of the Week
Investing.com · 66d ago
B. Riley Upgrades Ribbon Communications to Buy From Neutral, Lifts Price Target to $3.30 From $3
MT Newswires · 70d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.