Colliers Securities

Institutional Investors Private Client Group

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Colliers Securities provides a multitude of innovative solutions customized to meet the business needs of institutional investors. Whether you are looking for equity or fixed income capital markets solutions, our team can work closely with you to formulate effective strategies. You can trust us to deliver solutions that are as innovative and individualized as your business needs

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Fixed Income Capital Markets

Sales and Trading – Colliers securities trades actively in both tax-exempt and taxable secondary markets. The goal is to provide value and liquidity for our clients.

Tax-exempt Trading – While Colliers securities offers a broad variety of municipal securities, we specialize in trading non-rated revenue bonds. Combining trading expertise with research on each issue can provide value to investors and liquidity at critical times.

Taxable Trading – Colliers securities actively trades non-investment grade corporate debt, mortgage-backed securities and mortgage derivatives.

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Equity Capital Markets

The Equity Capital Markets division pursues two related goals. We discover valuable, actionable investment ideas using proprietary information and then focus on efficient execution, enabling clients to capitalize on those ideas.

Research Team – The Colliers securities research group is composed of analysts who have come together out of a passion for extensive, in-depth research. We specialize in the overlooked and under-researched investment opportunities of smaller-cap companies, with special emphasis on independent information sources and innovative thinking.

Research Coverage – The research coverage is idea-driven and balances the twin demands of opportunism for flexibility and universe consistency for maximization of information sources.

Institutional Investors Leadership

Alan Polsky
Senior Vice President, Fixed Income
David Edwards
Senior Vice President
Equity Research

Our Equity Research analysts have a passion for extensive, in-depth research in often overlooked and under-researched investment opportunities of small- and mid-cap companies, drawing on independent information sources and innovative thinking. The research coverage is idea-driven and balances the twin demands of opportunism for flexibility and universe consistency for maximization of information sources.


Consumer Mobile / Internet       Analyst
QUOT   Quotient Technology Inc.   Steven Frankel

Education Services       Analyst
LINC   Lincoln Education Services Corporation   Steven Frankel
UTI   Universal Technical Institute Inc.   Steven Frankel

Biotechnology       Analyst
LTRN   Lantern Pharma Inc.   Kyle Bauser

 

Health Care Services       Analyst
BEAT   BioTelemetry, Inc.   Gene Mannheimer
OTRK   Ontrak, Inc.   Gene Mannheimer
PTQ   Protech Home Medical Corp.   Richard Ryan
MEDS   Trxade Group Inc.   Gene Mannheimer

 

Health Care Technology       Analyst
MDRX   Allscripts Health Care Solutions, Inc.   Gene Mannheimer
AMEH   Apollo Medical Holdings   Gene Mannheimer
CSLT   Castlight Health, Inc.   Gene Mannheimer
CPSI   Computer Programs & Systems, Inc.   Gene Mannheimer
ICAD   iCAD, Inc.   Gene Mannheimer
IRTC   iRhythm Technologies, Inc.   Gene Mannheimer
MTBC   MTBC, Inc.   Gene Mannheimer
NXGN   NextGen Healthcare   Gene Mannheimer
OMCL   Omnicell, Inc.   Gene Mannheimer
RCM   R1 RCM Inc.   Gene Mannheimer
VCRA   Vocera Communications, Inc.   Gene Mannheimer

 

Medical Supplies & Devices       Analyst
APYX   Apyx Medical Corporation   Kyle Bauser
BIOL   BIOLASE, Inc.   Kyle Bauser
BMRA   Biomerica, Inc.   Kyle Bauser
CEMI   Chembio Diagnostics Inc.   Kyle Bauser
ELMD   Electromed, Inc.   Kyle Bauser
EXAS   Exact Sciences Corporation  
INSP   Inspire Medical Systems, Inc.   Kyle Bauser
MOTS   Motus GI Holdings, Inc.   Kyle Bauser
MYO   Myomo, Inc.   Kyle Bauser
SMLR   Semler Scientific, Inc.   Kyle Bauser
SENS   Senseonics Holdings, Inc.   Kyle Bauser
SIEN   Sientra, Inc.   Kyle Bauser
SWKH   SWK Holdings Corp.   Kyle Bauser
TCMD   Tactile Systems Technology, Inc.   Kyle Bauser

Aerospace & Defense       Analyst
ATRO   Astronics Corporation   Richard Ryan

 

Building Products       Analyst
TGLS   Tecnoglass Inc   Michael Shlisky

 

Industrial       Analyst
ALOT   AstroNova Inc.   Richard Ryan
HGBL   Heritage Global Inc.   Michael Shlisky
INTT   inTEST Corporation   Richard Ryan
IRBT   iRobot   Charles Anderson
ITI   Iteris Inc.   Michael Shlisky
NSCO   Nesco Holdings Inc.   Michael Shlisky
SDPI   Superior Drilling Products, Inc.   Richard Ryan
TNC   Tennant Company   Michael Shlisky
TTC   The Toro Company   Michael Shlisky
TRNS   Transcat, Inc   Richard Ryan
WKHS   Workhorse Group Inc.   Michael Shlisky

 

Industrial - Diversified       Analyst
MOD   Modine Manufacturing   Michael Shlisky

 

Industrials - Mfg & Tech       Analyst
AMOT   Allied Motion Technologies Inc.   Richard Ryan
DRNE   Drone Aviation Holding Corp.    

 

Machinery       Analyst
ALG   Alamo Group   Michael Shlisky
ALTG   Alta Equipment Group Inc.   Michael Shlisky
CMCO   Columbus McKinnon   Michael Shlisky
CVGI   Commercial Vehicle Group   Michael Shlisky
FSS   Federal Signal Corporation   Michael Shlisky
MNTX   Manitex International   Michael Shlisky
MTW   Manitowoc Cranes   Michael Shlisky
OSK   Oshkosh Corporation   Michael Shlisky

 

Manufacturing & Industrial Technology       Analyst
SHYF   Spartan Motors, Inc.   Michael Shlisky

 

Mobility       Analyst
FUV   Arcimoto, Inc.   Michael Shlisky
WKHS   Workhorse Group Inc.   Michael Shlisky

 


Semiconductors & Semiconductor Equipment       Analyst
CYBE   CyberOptics Corporation   Richard Ryan

Cyber / BYOD Security       Analyst
OSPN   OneSpan Inc.   Catharine Trebnick
PING   Ping Identity Holdings   Catharine Trebnick
TUFN   Tufin Software Technologies Ltd.   Catharine Trebnick
ZIXI   Zix Corporation   Catharine Trebnick
ZS   Zscaler, Inc.   Catharine Trebnick

 

Digital Media       Analyst
AESE   Allied E-Sports   Derek Soderberg
AVID   Avid Technology   Steven Frankel
BCOV   Brightcove, Inc.   Steven Frankel
DLB   Dolby Laboratories Common Stock   Steven Frankel
GAIA   Gaia, Inc.   Steven Frankel
HLIT   Harmonic Inc.   Steven Frankel
IMAX   IMAX Corporation   Steven Frankel
SEAC   SeaChange International, Inc.   Steven Frankel
UEIC   Universal Electronics Inc.   Steven Frankel

 

Software       Analyst
EGHT   8x8, Inc.   Catharine Trebnick
MODN   Model N, Inc.   Gene Mannheimer
QUMU   Qumu Corporation   Steven Frankel
RNG   RingCentral, Inc.   Catharine Trebnick
VG   Vonage Holdings Corp.   Catharine Trebnick

 

Unified Communications       Analyst
AVYA   Avaya Holdings Corp.   Catharine Trebnick
BAND   Bandwidth Inc.   Catharine Trebnick
CXDO   Crexendo, Inc.   Catharine Trebnick
FIVN   Five9 Inc.   Catharine Trebnick
TWLO   Twilio Inc.   Catharine Trebnick

 


Special Situations       Analyst
SOTK   Sono-Tek Corporation   Richard Ryan
WLMS   Williams Industrial Services Group, Inc.   Richard Ryan

Applied Technologies       Analyst
DGII   Digi International   Richard Ryan

 

Carrier & Data Infrastructure       Analyst
CIEN   Ciena Corporation   Catharine Trebnick
FFIV   F5 Networks, Inc.   Catharine Trebnick
RDWR   Radware Ltd.   Catharine Trebnick

 

Electronic Equipment, Instruments & Components       Analyst
IIN   Intricon Corp.   Kyle Bauser

 

Internet Security       Analyst
CYBR   Cyberark Software Ltd   Catharine Trebnick
FEYE   FireEye, Inc.   Catharine Trebnick
FTNT   Fortinet, Inc.   Catharine Trebnick
MIME   Mimecast Ltd.   Catharine Trebnick
PANW   Palo Alto Networks, Inc.   Catharine Trebnick
PFPT   Proofpoint, Inc.   Catharine Trebnick

 

Mobile Computing       Analyst
AMBA   Ambarella, Inc.   Charles Anderson
CRUS   Cirrus Logic   Charles Anderson
DSPG   DSP Group Inc.   Charles Anderson
FIT   Fitbit   Charles Anderson
GRMN   Garmin, Ltd.   Charles Anderson
IMMR   Immersion Corp.   Charles Anderson
PI   Impinj Inc.   Charles Anderson
IDCC   InterDigital Inc.   Charles Anderson
KN   Knowles Corp.   Charles Anderson
LSCC   Lattice Semiconductor   Charles Anderson
PXLW   Pixelworks, Inc.   Charles Anderson
SYNA   Synaptics Inc.   Charles Anderson

 

Semiconductor Capital Equipment       Analyst
UCTT   Ultra Clean Technology, Inc.   Richard Ryan

 

Technology Hardware & Equipment       Analyst
AAXN   Axon Enterprise Inc.   Charles Anderson

Healthcare REITS       Analyst
CHCT   Community Healthcare Trust, Inc.   Kyle Bauser
DHC   Diversified Healthcare Trust   Kyle Bauser
MPW   Medical Properties Trust, Inc.   Kyle Bauser
SNR   New Senior Investment Group Inc.   Kyle Bauser
DOC   Physicians Realty Trust   Kyle Bauser

 

Our Analysts

Vice President, Senior Research Analyst

Mobile Computing

Charles Anderson serves as Vice President, Senior Research Analyst within the Equity Capital Markets division at Colliers Securities. He covers the mobile computing industry with a focus on supply chain, components and software applications. He has been with Colliers Securities since 2007 and his research experience includes location-based services and intelligence, reconnaissance and surveillance (ISR) companies. Prior to joining Colliers Securities, he was a business journalist covering the technology, telecommunication and utilities sectors.

Mr. Anderson earned a Bachelor’s of Journalism Degree from the University of Missouri - Columbia.

Coverage Universe
 

Ticker Company Sector
AAXN Axon Enterprise Inc. Technology
AMBA Ambarella, Inc Technology
CRUS Cirrus Logic Technology
DSPG DSP Group Inc. Technology
FIT Fitbit Technology
GRMN Garmin, Ltd. Technology
IDCC InterDigital Inc. Technology
IMMR Immersion Corp. Technology
IRBT iRobot Industrial
KN Knowles Corp. Technology
LSCC Lattice Semiconductor Technology
PI Impinj Inc. Technology
PXLW Pixelworks, Inc. Technology
SYNA Synaptics Inc. Technology

Senior Research Analyst

Life Sciences

Kyle Bauser serves as Senior Research Analyst within the Equity Capital Markets division at Colliers Securities. He covers the life sciences sector with a focus on medical supplies and devices. Prior to joining Colliers Securities in July 2018, he worked within corporate development and marketing at Teleflex (formerly Vascular Solutions) and within the medical device consulting practice at Navigant Consulting. Kyle began his career in the medical device equity research team at Piper Jaffray where he provided research on small to large cap names as well as support for secondary offerings & IPOs.

Kyle earned a Ph.D. in economics from the City University of New York and a B.A. from Colorado College where he studied mathematical economics and pre-med.

Coverage Universe
 

Ticker Company Sector
APYX Apyx Medical Corporation Health Care
BIOL BIOLASE, Inc. Health Care
BMRA Biomerica, Inc. Health Care
CEMI Chembio Diagnostics Inc. Health Care
CHCT Community Healthcare Trust, Inc. US REITS
DHC Diversified Healthcare Trust US REITS
ELMD Electromed, Inc. Health Care
EXAS Exact Sciences Corporation Health Care
IIN Intricon Corp. Technology
INSP Inspire Medical Systems, Inc. Health Care
LTRN Lantern Pharma Inc. Health Care
MPW Medical Properties Trust, Inc. US REITS
MOTS Motus GI Holdings, Inc. Health Care
MYO Myomo, Inc. Health Care
SNR New Senior Investment Group Inc. US REITS
DOC Physicians Realty Trust US REITS
SENS Senseonics Holdings, Inc. Health Care
SIEN Sientra, Inc. Health Care
SMLR Semler Scientific, Inc. Health Care
SWKH SWK Holdings Corp. Health Care
TCMD Tactile Systems Technology, Inc. Health Care

Senior Vice President, Director of Research

Digital Media

Steven Frankel serves as Vice President, Senior Research Analyst within the Equity Capital Markets division at Colliers Securities. He covers the digital media sector and has more than 25 years of sell-side experience covering a wide range of technology companies. Prior to joining Colliers Securities in 2010, he served as Director of Research at Adams, Harkness and Hill, and Brigantine Advisors. He has been named a Wall Street Journal All-Star as the number one Internet analyst and number two in overall stock picking, as well as a top stock picker in the software space by Starmine.

Mr. Frankel earned a Bachelor’s of Arts Degree in Economics from the University of Wisconsin-Madison. He later earned a Master’s of Business Administration Degree in Finance and Investments from the same institution.

Coverage Universe
 

Ticker Company Sector
AVID Avid Technology Software
BCOV Brightcove, Inc. Software
DLB Dolby Laboratories Common Stock Software
GAIA Gaia, Inc. Software
HLIT Harmonic Inc. Software
IMAX IMAX Corporation Software
LINC Lincoln Education Services Corporation Education Services
QUMU Qumu Corporation Software
QUOT Quotient Technology Inc. Consumer Discretionary
SEAC SeaChange International, Inc. Software
UEIC Universal Electronics Inc. Software
UTI Universal Technical Institute Inc. Education Services

Senior Research Analyst

Healthcare Services

Eugene (Gene) Mannheimer serves as Senior Research Analyst within the Equity Capital Markets division at Colliers Securities. He covers the healthcare services sector and has 15 years of sell-side experience covering a wide range of healthcare IT, med tech and services companies. Prior to joining Colliers Securities in 2016, he held senior positions at Topeka Capital Markets, B. Riley, ThinkEquity, Auriga, Caris & Roth. He was named the #1 Health Care analyst by the Wall Street Journal in 2004 and the top stock picker in Healthcare Technology by Thomson Reuters in 2016, having been selected among the top 3 for two of the last three years. Previously, Mr. Mannheimer spent ten years in the health IT industry in a variety of sales and marketing roles at HBOC (acquired by McKesson), Quadramed, and CareFusion/Pyxis Corp. (acquired by Becton Dickinson).

Mr. Mannheimer earned Bachelor of Science and Bachelor of Applied Science degrees from the University of Pennsylvania's dual program in Management and Technology through Wharton/Engineering, and a Master of Business Administration from the University of Southern California. He holds the Series 7, 63, 86 and 87 designations.

Coverage Universe
 

Ticker Company Sector
AMEH Apollo Medical Holdings Health Care
BEAT BioTelemetry, Inc. Health Care
CPSI Computer Programs & Systems, Inc. Health Care
CSLT Castlight Health, Inc. Health Care
ICAD iCAD, Inc. Health Care
IRTC iRhythm Technologies, Inc. Health Care
MDRX Allscripts Health Care Solutions, Inc. Health Care
MEDS Trxade Group Inc. Health Care
MODN Model N, Inc. Software
MTBC MTBC, Inc. Health Care
NXGN NextGen Healthcare Health Care
OMCL Omnicell, Inc. Health Care
OTRK Ontrak, Inc. Health Care
RCM R1 RCM Inc. Health Care
VCRA Vocera Communications, Inc. Health Care

Vice President, Senior Research Analyst

Industrial, Special Situations

Richard Ryan serves as Vice President, Senior Research Analyst within the Equity Capital Markets division at Colliers Securities. His research coverage includes small-cap companies across several industry sectors including defense and satellite communications, energy-related infrastructure, display and media and general industrial. He joined Colliers Securities in 2008 and has been an analyst for over 20 years. His other work experience includes managing a precious metals mutual fund and working for a public gold company with responsibility for a variety of treasury and investor relations functions.

Mr. Ryan earned a Bachelor’s of Arts Degree in Business from the University of St. Thomas. He earned a Master’s of Business Administration Degree from the University of Minnesota.

Coverage Universe
 

Ticker Company Sector
ALOT AstroNova Inc. Industrial
AMOT Allied Motion Technologies Inc. Industrial
ATRO Astronics Corporation Industrial
CYBE CyberOptics Corporation Semiconductors & Semiconductor Equipment
DGII Digi International Technology
INTT inTEST Corporation Industrial
MTSC MTS Corporation Special Situations
PTQ Protech Home Medical Corp. Health Care
SDPI Superior Drilling Products, Inc. Industrial
SOTK Sono-Tek Corporation Special Situations
TRNS Transcat, Inc Industrial
UCTT Ultra Clean Technology, Inc. Technology
WLMS Williams Industrial Services Group, Inc. Special Situations

Senior Research Analyst

Industrial and Consumers

Michael Shlisky serves as a Senior Research Analyst at Colliers Securities, covering the Industrial and Consumer sectors. His coverage focuses on Machinery, Diversified Industrial, Consumer Durables, and Consumer Discretionary stocks. Prior to joining Colliers Securities in 2019, he was a Managing Director and Senior Equity Research Analyst at Seaport Global, where he covered Machinery, Engineering & Construction, and Durables. Prior to that, he had junior and senior coverage at J.P. Morgan on the Machinery & Agribusiness team. He has also worked at RBC Capital Markets on the Diversified Industrials team as well as Oppenheimer & Company on the Hardlines Retail team. He was ranked #1 in his sector for earnings accuracy by Thomson Reuters/StarMine in 2016. Before his Wall Street career, Mr. Shlisky worked at the National Football League, where he was responsible for finance and accounting in the Consumer Products group, as well as helping manage the League’s portfolio of investments.

Mr. Shlisky earned a Bachelor of Science degree from the NYU/Stern School of Business, as well as a Master of Business Administration degree from Duke University. He also possesses the Chartered Financial Analyst (CFA) designation and is a member of CFA Institute.

Coverage Universe
 

Ticker Company Sector
ALG Alamo Group Industrial
ALTG Alta Equipment Group Inc. Industrial
CMCO Columbus McKinnon Industrial
CVGI Commercial Vehicle Group Industrial
FSS Federal Signal Corporation Industrial
FUV Arcimoto, Inc. Industrial
HGBL Heritage Global Inc. Industrial
ITI Iteris Inc. Industrial
MNTX Manitex International Industrial
MOD Modine Manufacturing Industrial
MTW Manitowoc Cranes Industrial
NSCO Nesco Holdings Inc. Industrial
OSK Oshkosh Corporation Industrial
SHYF Spartan Motors, Inc. Industrial
TGLS Tecnoglass Inc. Industrial
TNC Tennant Company Industrial
TTC The Toro Company Industrial
WKHS Workhorse Group Inc. Industrial

Vice President, Senior Research Analyst

Data and Communications Infrastructure

Catharine Trebnick serves as Vice President, Senior Research Analyst within the Equity Capital Markets division at Colliers Securities. Her coverage focuses on Data and IP Networking. Prior to joining Colliers Securities in January 2014, Ms. Trebnick was a Senior Technology Research Analyst specializing in the IP Networking/ Information Security sector. She began the Wall Street segment of her career as a Sr. Research Analyst at Avian Securities in 2008. Catharine’s expertise stems from her understanding of the communications industry, accumulated through 15 years of success as a senior-level business development and product management executive for industry icons Time Warner Telecom, ICG Communications, Lucent Technologies, and AT&T. Her channel development role with over 100 partners, including EMC, Cisco, Juniper and Ciena, adds a point of view on the telecom supply chain that is unique among her peers. In 2010, 2011 and 2012 Catharine was ranked in the top 10 of the 58 communication analysts for return to investors in StarMine.

Ms. Trebnick earned a Bachelor’s of Science Degree in Chemical Engineering from University of Maryland. She also earned a Master’s in Business Administration from the University of Chicago.

Coverage Universe
 

Ticker Company Sector
AVYA Avaya Holdings Corp. Software
BAND Bandwidth Inc. Software
CIEN Ciena Corporation Technology
CXDO Crexendo, Inc. Software
CYBR Cyberark Software Ltd. Technology
EGHT 8x8, Inc. Software
FEYE FireEye, Inc. Technology
FFIV F5 Networks, Inc. Technology
FIVN Five9 Inc. Software
FTNT Fortinet, Inc. Technology
MIME Mimecast Ltd. Technology
OSPN OneSpan Inc. Software
PANW Palo Alto Networks, Inc. Technology
PFPT Proofpoint, Inc. Technology
PING Ping Identity Holdings Software
RDWR Radware Ltd. Technology
RNG RingCentral, Inc. Software
TUFN Tufin Software Technologies Ltd. Software
TWLO Twilio Inc. Software
VG Vonage Holdings Corp. Software
ZIXI Zix Corporation Software
ZS Zscaler, Inc. Software

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