FiscalNote (NOTE)

• Market cap: $118M
• 1 day: -3.48%
• 5 days: -19.55%
• 1 month: -30.97%
• 3 months: -25.00%
• 6 months: -36.59%
• Year to date: -25.00%
• 1 year: -37.60%
• 5 years: -90.82%
• 10 years: -90.82%
• Sector: Industrials
• Industry: Business Services

Fund manager confidence

Based on 2024 Q4 regulatory filings by fund managers ($100M+ AUM)

270% more repeat investments, than reductions

Existing positions increased: 37 | Existing positions reduced: 10

182% more call options, than puts

Call options by funds: $144K | Put options by funds: $51K

10% more first-time investments, than exits

New positions opened: 11 | Existing positions closed: 10

1% more funds holding

Funds holding: 75 [Q3] → 76 (+1) [Q4]

0% more funds holding in top 10

Funds holding in top 10: 2 [Q3] → 2 (+0) [Q4]

2.04% less ownership

Funds ownership: 43.31% [Q3] → 41.27% (-2.04%) [Q4]

17% less capital invested

Capital invested by funds: $72.7M [Q3] → $60.2M (-$12.4M) [Q4]

Research analyst outlook

3 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $1.50 92% upside
• Avg. target: $2.42 210% upside
• High target: $3.75 381% upside

3 analyst ratings

• positive: 3 100%
• neutral: 0 0%
• negative: 0 0%

D. Boral Capital Jesse Sobelson 16% 1-year accuracy 7 / 45 met price target	381% upside $3.75	Buy Maintained	17 Mar 2025
Roth MKM Richard Baldry 30% 1-year accuracy 6 / 20 met price target	156% upside $2	Buy Maintained	14 Mar 2025
B. Riley Securities Zach Cummings 33% 1-year accuracy 1 / 3 met price target	92% upside $1.50	Buy Maintained	14 Mar 2025