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    Nathaniel Feather

    Research Analyst at Morgan Stanley

    Nathaniel Feather is Vice President and Senior Equity Analyst at Morgan Stanley, specializing in U.S. small- and mid-cap eCommerce and online dating companies. He covers a range of high-profile firms including eBay, Chewy, Duolingo, Etsy, Revolve Group, Match Group, and WW International, with standout recommendations such as a 165% return on Chewy and a 100% success rate with eBay calls, contributing to an overall success rate of 71.43% and substantial average returns. Feather began his equities research career as a Junior Associate at Morgan Stanley and has built expertise in digital commerce and consumer internet trends, with several years of dedicated sector experience. He maintains professional credentials including relevant FINRA securities licenses, distinguishing himself with analytical rigor and notable performance in stock recommendations.

    Nathaniel Feather's questions to FIGS (FIGS) leadership

    Nathaniel Feather's questions to FIGS (FIGS) leadership • Q1 2025

    Question

    Nathaniel Feather asked for more detail on the cohort data, specifically seeking to understand the primary drivers of customer reactivation and whether these reactivated customers exhibit different behaviors compared to continuously active ones.

    Answer

    CFO Sarah Oughtred attributed the strong reactivation rates to giving healthcare professionals more reasons to return, primarily through great product innovation and ramped-up, full-funnel marketing efforts like the 'Where Do You Wear FIGS' campaign. CEO Trina Spear added that the reactivation trend is a significant sign of the industry emerging from the post-COVID purchasing overhang and returning to a period of demand normalization, suggesting the 12-month active customer window is somewhat arbitrary given the community's strong brand affinity.

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    Nathaniel Feather's questions to FIGS (FIGS) leadership • Q4 2024

    Question

    Nathaniel Feather asked about the health of the consumer based on Q4 trends and inquired if inventory levels are now normalized and how they will be managed without heavy promotions.

    Answer

    CFO Sarah Oughtred noted AOV decline was the lowest of the year in Q4, with improving frequency from existing customers. She stated inventory is at a 'better level,' down 35% from its peak, and while some pockets remain, they are buying with more conviction. Inventory growth is expected to moderately exceed revenue growth in 2025.

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    Nathaniel Feather's questions to FIGS (FIGS) leadership • Q3 2024

    Question

    Nathaniel Feather inquired about the company's strategy for balancing large brand-building events with traditional marketing and whether this would lead to lumpier spending. He also asked about the rationale for a second sample sale and the current level of excess inventory.

    Answer

    Co-Founder and CEO Trina Spear affirmed a full-funnel marketing approach that remains disciplined yet opportunistic. CFO Sarah Oughtred clarified that the Q3 sample sale was consistent with the prior year's promotional cadence and was extended in an attempt to offset weaker-than-expected results from the back-to-school campaign.

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    Nathaniel Feather's questions to Match Group (MTCH) leadership

    Nathaniel Feather's questions to Match Group (MTCH) leadership • Q1 2025

    Question

    Nathaniel Feather asked how Match Group is balancing investment and efficiency to maximize productivity following the recent cost reduction announcement.

    Answer

    CEO Spencer Rascoff explained that the deep cuts, yielding $100 million in annualized savings, aim to create a more nimble organization and fund reinvestment for growth. He stated the savings allow the company to feel confident in hitting its Investor Day targets while also investing in international expansion for brands like Tinder and Hinge, the affinity segment, and Tinder product development. Rascoff emphasized the cuts make them increasingly confident in their full-year guidance and ability to reinvest.

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    Nathaniel Feather's questions to Match Group (MTCH) leadership • Q4 2024

    Question

    Nathaniel Feather asked about the potential impact of new trust and safety features, like biometrics, on user growth in 2025 and how to track the underlying quality of the user base.

    Answer

    President and CFO Gary Swidler explained they iterate on these features to remove bad actors while minimizing impact on good users, with current tests factored into the outlook. CEO Spencer Rascoff added that creating a clean ecosystem is a 'must-have' that drives positive long-term business outcomes like retention and lower acquisition costs, even if it impacts short-term user metrics.

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    Nathaniel Feather's questions to Match Group (MTCH) leadership • Q3 2024

    Question

    Nathaniel Feather asked about Hinge's 'Your Turn Limits' feature, inquiring about its impact on user growth or churn and whether similar 'nudges' could be applied to other brands in the portfolio.

    Answer

    CEO Bernard Kim described the feature as a successful innovation that improves conversation quality by adding helpful friction. While not directly linking it to user growth, he noted its launch aligned with Hinge's strong performance and confirmed that such learnings are shared across the company's portfolio.

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    Nathaniel Feather's questions to Bumble (BMBL) leadership

    Nathaniel Feather's questions to Bumble (BMBL) leadership • Q1 2025

    Question

    Nathaniel Feather questioned what led the product to deviate from its high-quality match foundation and how AI can help create new engagement methods that prioritize quality over quantity.

    Answer

    Founder and CEO Whitney Wolfe Herd explained that the industry's focus on 'more features equals better outcomes' was a misstep. She argued that the user experience depends on the relevance of profiles surfaced, not the interaction modality like swiping. The future focus is on using AI to improve the core matching algorithm to surface highly relevant profiles, rather than launching numerous new features.

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    Nathaniel Feather's questions to Bumble (BMBL) leadership • Q4 2024

    Question

    Nathaniel Feather asked for details on the drivers behind the Q1 adjusted EBITDA margin contraction and the expected margin trajectory for the full year 2025.

    Answer

    CFO Anuradha Subramanian explained that the margin decline is due to the deleveraging impact of lower revenue and deliberate investments in product and technology to reignite engagement. While not providing full-year guidance, she anticipates margins will contract for the year but expects a return to margin expansion once revenue growth resumes, emphasizing continued cost discipline elsewhere.

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    Nathaniel Feather's questions to Bumble (BMBL) leadership • Q3 2024

    Question

    Nathaniel Feather inquired about any early positive signs ('green shoots') of engagement with Gen Z users and asked about the potential impact of the election cycle on user activity and Q4 guidance.

    Answer

    CEO Lidiane Jones confirmed positive Gen Z engagement, citing gains in NPS, social media following, and sentiment driven by a renewed focus on organic marketing. Regarding the election, she noted no significant historical impact, and CFO Anu Subramanian added that the Q4 outlook was not materially affected by it and remained consistent with prior guidance.

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    Nathaniel Feather's questions to Revolve Group (RVLV) leadership

    Nathaniel Feather's questions to Revolve Group (RVLV) leadership • Q1 2025

    Question

    Nathaniel Feather sought to understand the drivers behind the sales deceleration in April, asking to parse out micro versus macro factors, and questioned if the reduction in gross margin guidance was entirely due to tariffs.

    Answer

    CFO Jesse Timmermans attributed the April sales trend primarily to macro uncertainty, emphasizing that the team's execution on controllable factors remains strong. He clarified that while tariffs are the main driver of the gross margin guidance change, they would likely have guided slightly lower anyway due to the consumer shift to accessible price points, noting the two factors are intertwined.

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    Nathaniel Feather's questions to Revolve Group (RVLV) leadership • Q4 2024

    Question

    Nathaniel Feather asked whether the FWRD segment has returned to sustainable positive growth and requested an update on its inventory levels relative to normalized targets.

    Answer

    Co-CEO Michael Karanikolas expressed that while the company feels great about FWRD's Q4 progress and sees positive momentum, they would like to see a couple more months of progress before declaring a firm trend. He also stated that FWRD inventory levels remain 'a bit more heavily inventoried than we'd like' and that the company is continuing to work through it.

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    Nathaniel Feather's questions to Revolve Group (RVLV) leadership • Q3 2024

    Question

    Nathaniel Feather of Morgan Stanley asked for a breakdown of the drivers behind the improved return rate, questioning the impact of policy versus technology. He also inquired about the future pace of improvement and the revenue acceleration trend during the third quarter.

    Answer

    Co-CEO Michael Karanikolas explained that while a policy change contributed, the dominant factor was a wide range of customer experience enhancements like improved size and fit information. He expects the pace of improvement to slow but remain a focus. CFO Jesse Timmermans confirmed that revenue accelerated through the quarter, from mid-single-digit growth in July to 10% for the full quarter, with momentum continuing into October.

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    Nathaniel Feather's questions to EBAY (EBAY) leadership

    Nathaniel Feather's questions to EBAY (EBAY) leadership • Q1 2025

    Question

    Nathaniel Feather of Morgan Stanley inquired about the scale of eBay's exposure to China-based exporters, particularly on the China-to-U.S. trade route, and the potential for demand substitution.

    Answer

    CEO Jamie Iannone quantified the exposure, stating the Greater China to U.S. corridor represents about 5% of total GMV, with China overall being under 10%. He clarified that three-quarters of this volume is forward-deployed and already subject to tariffs. For the remainder, about half utilize eBay's SpeedPak shipping solution, which simplifies customs and tariff complexity for sellers and provides price transparency for buyers.

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    Nathaniel Feather's questions to EBAY (EBAY) leadership • Q4 2024

    Question

    Nathaniel Feather asked about the potential to roll out successful features from the U.K. C2C initiative, such as managed shipping, to other geographic markets more broadly.

    Answer

    CEO Jamie Iannone responded that while features like 'magical listing' have been rolled out globally with great success, the C2C approach is being perfected in the U.K. first. He emphasized that shipping dynamics are unique to each market, making the U.K. particularly attractive for a managed shipping program. The current focus is on optimizing the U.K. experience, which is already driving double-digit C2C GMV growth improvement, before considering broader expansion.

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    Nathaniel Feather's questions to EBAY (EBAY) leadership • Q3 2024

    Question

    Nathaniel Feather sought to understand the primary drivers behind management's conviction for a return to sustainable GMV growth in 2025. He also asked about the economics of U.K. managed shipping compared to eBay International Shipping (EIS).

    Answer

    CEO Jamie Iannone attributed his confidence in 2025 GMV growth to the sustained momentum in focus categories (5% growth), stabilization in core categories, and the significant TAM expansion from geo-specific initiatives like the U.K. C2C launch. CFO Steve Priest clarified that U.K. managed shipping, like EIS, is recognized on a gross revenue basis and is accretive to operating income dollars. However, its domestic nature results in lower margins, making it more dilutive to the operating margin rate than EIS.

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    Nathaniel Feather's questions to WW INTERNATIONAL (WW) leadership

    Nathaniel Feather's questions to WW INTERNATIONAL (WW) leadership • Q4 2024

    Question

    Nathaniel Feather inquired about the impact of recent product and marketing changes on peak season trends, specifically asking if they improved gross additions or the LTV to CAC ratio. He also asked for color on the competitive marketing environment in Q1 and the importance of generic GLP-1s to the outperformance of the Clinical business.

    Answer

    President and CEO Tara Comonte acknowledged ongoing headwinds in the behavioral business but highlighted encouraging clinic performance and positive engagement with new features. CFO Felicia DellaFortuna noted that while the seasonal subscriber step-up may be lower, LTV declines are lessening amid rising acquisition costs. Chief Product Officer Donna Boyer added that member activation rates are the highest since 2020. Regarding the clinic, Boyer explained that offering compounded medication to address shortages drove growth in subscriptions, NPS, and retention, and they are prepared to pivot back to branded drugs as supply improves.

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    Nathaniel Feather's questions to WW INTERNATIONAL (WW) leadership • Q4 2024

    Question

    Nathaniel Feather asked about the impact of recent product and marketing changes on peak season performance, specifically on gross additions and the LTV to CAC ratio, and inquired about the competitive marketing environment in Q1.

    Answer

    CEO Tara Comonte acknowledged ongoing headwinds in the behavioral business but highlighted encouraging trends in clinic performance and member engagement with new features. CFO Felicia DellaFortuna added that LTV declines are lessening and a comprehensive review of marketing is underway. Chief Product Officer Donna Boyer noted that new features drove the highest member activation rate since 2020, a positive leading indicator for retention. Regarding the clinical business, Boyer explained that offering compounded medication to address branded shortages drove growth in subscriptions, NPS, and retention in Q4.

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    Nathaniel Feather's questions to WW INTERNATIONAL (WW) leadership • Q3 2024

    Question

    Nathaniel Feather inquired about the initial performance of the compounded semaglutide launch, specifically its impact on conversion, retention, and LTV to CAC, and asked for the top priorities ahead of the upcoming peak season.

    Answer

    Interim President and CEO Tara Comonte and Chief Product Officer Donna Boyer responded, highlighting a positive impact on sign-ups and customer acquisition costs (CAC) from the compounding launch. Boyer attributed this success to resolving drug shortages, flexible pricing, and reduced friction in the conversion funnel. For the peak season, Comonte stated the focus will be on raising awareness of WW's full spectrum of solutions and launching a brand refresh to emphasize community, joy, and livability.

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    Nathaniel Feather's questions to WW INTERNATIONAL (WW) leadership • Q2 2024

    Question

    Nathaniel Feather from Morgan Stanley asked how WeightWatchers plans to achieve sequential growth in its Clinic business amid high competition and ad rates, and requested details on the composition of the announced $100 million in cost savings.

    Answer

    CEO Sima Sistani explained the strategy involves the 'one platform' approach, adding services like registered dietitian visits to expand ARPU and retention. CFO Heather Stark added that the new 'Fits You' marketing campaign is designed to improve CAC efficiency. Regarding the cost savings, Stark clarified the $100 million is largely fixed, will primarily impact G&A, and is expected to deliver $20 million in savings in 2024 and an incremental $80 million in 2025.

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    Nathaniel Feather's questions to WW INTERNATIONAL (WW) leadership • Q1 2024

    Question

    Nathaniel Feather of Morgan Stanley asked for the drivers behind the behavioral subscriber guidance, details on the new marketing campaign, the outlook for the clinical business, and the impact of recent product improvements on member activation rates.

    Answer

    CEO Sima Sistani expressed confidence in the full-year guidance, attributing it to a new "one membership" marketing strategy launching in May and significant product improvements. She noted that the member activation rate is at its highest since 2020 and core retention is now over 11 months, driven by features that build on prior year initiatives.

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    Nathaniel Feather's questions to Chewy (CHWY) leadership

    Nathaniel Feather's questions to Chewy (CHWY) leadership • Q3 2024

    Question

    Nathaniel Feather asked for details on the drivers of Chewy's accelerating active customer growth, questioning the balance between broader industry normalization and company-specific initiatives, and inquired about the outlook for customer growth in 2025.

    Answer

    CEO Sumit Singh attributed the majority of active customer growth to Chewy's internal efforts, including enhanced mobile experiences, assortment expansion, and a powerful marketing and CRM strategy. He noted that while industry trends like pet adoption are improving, Chewy's outperformance is self-driven. For 2025, Singh stated the plan is to continue the successful 2024 playbook, focusing on full-funnel marketing to expanded audiences and leveraging improved customer segmentation to boost repeat purchases and Autoship sign-ups.

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    Nathaniel Feather's questions to PELOTON INTERACTIVE (PTON) leadership

    Nathaniel Feather's questions to PELOTON INTERACTIVE (PTON) leadership • Q1 2025

    Question

    Nathaniel Feather asked about the role of physical retail in the go-to-market strategy, given the Costco launch, and inquired about plans for further international expansion.

    Answer

    Interim Co-CEO Karen Boone explained that while underperforming stores are closing, Peloton is testing a smaller 'micro store' concept and expanding third-party retail partnerships like Costco. She noted the capital-efficient, third-party model in Germany serves as a potential template for future international expansion, which remains a long-term priority to be evaluated with the new CEO.

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