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  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-11-09 00:00:00",
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  "notes": "The slide uses a correlation argument between marketing agency engagement and stock performance.",
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      "text": "Spruce Point believes that ELF's recent success is directly correlated with its creative TikTok and Gen Z viral marketing campaigns led by a relatively small agency named Movers+Shakers.",
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      "text": "How E.I.f. Saw A 49% Increase in Sales by Focusing On Gen Z",
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      "text": "\"How E.l.f. Saw A 49% Increase in Sales by Focusing On Gen Z\" — Hubspot",
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      "text": "Source: Google Trends and Bloomberg",
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      "text": "Part of ELF's Success Is With Its Advertising Partnership",
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