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Get expert perspectives to guide your next move.
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Get expert perspectives to guide your next move.
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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
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.
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.
Alan Polsky Senior Vice President, Fixed Income |
David Edwards Senior Vice President |
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.
Biotechnology | Analyst | |||
LTRN | Lantern Pharma Inc. | Kyle Bauser |
Health Care Services | Analyst | |||
OTRK |
Ontrak, Inc. | Gene Mannheimer |
||
PFMT | Performant Financial Corporation | Kyle Bauser | ||
MEDS | Trxade Group Inc. | Gene Mannheimer |
||
NOTV | Inotiv, iInc. |
Kyle Bauser | ||
UPH | UpHealth |
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 | ||
HTL | Hamilton Thorne Ltd. | Kyle Bauser | ||
INVO | INVO Bioscience, 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 |
Aerospace & Defense | Analyst | |||
ATRO | Astronics Corporation | Richard Ryan |
Building Products | Analyst | |||
TGLS | Tecnoglass Inc | Michael Shlisky |
Industrial | Analyst | |||
ALOT | AstroNova Inc. | Richard Ryan | ||
CTOS | Custom Truck One Source, Inc. | Michael Shlisky | ||
HGBL | Heritage Global Inc. | Michael Shlisky | ||
INTT | inTEST Corporation | Richard Ryan | ||
IRBT | iRobot | Derek Soderberg | ||
ITI | Iteris Inc. | Michael Shlisky | ||
LCY | Landcadia Holdings III Inc. / Hillman Group 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 | ||
VPG | Vishay Precision Group, 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 | |||
CRKN | Crown Electrokinetics Corp. | Michael Shlisky | ||
SHYF | Spartan Motors, Inc. | Michael Shlisky |
Mobility | Analyst | |||
DCRB | Decarbonization Plus Acquisition Corp. / Hyzon Mot | Michael Shlisky | ||
FIII | Forum Merger III Corp. / Electric Last Mile Soluti | Michael Shlisky | ||
FUV | Arcimoto, Inc. | Michael Shlisky | ||
SOLO | Electrameccanica Vehicles Corp. | Michael Shlisky | ||
NGAC | NextGen Acquisition Corp. / Xos, Inc. | Michael Shlisky | ||
NKLA | Nikola Corporation | Michael Shlisky | ||
WKHS | Workhorse Group Inc. | Michael Shlisky | ||
ZEV |
Lightning eMotors, Inc. | Michael Shlisky |
Cyber / BYOD Security | Analyst | |||
OSPN | OneSpan Inc. | Catharine Trebnick | ||
PING | Ping Identity Holdings | Catharine Trebnick | ||
TLS | Telos Corporation | 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 | ||
EGLX | Enthusiast Gaming Holdings Inc. | Derek Soderberg | ||
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 |
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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 |
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. | Derek Soderberg | ||
CRUS | Cirrus Logic | Derek Soderberg | ||
DSPG | DSP Group Inc. | Derek Soderberg | ||
GRMN | Garmin, Ltd. | Derek Soderberg | ||
IMMR | Immersion Corp. | Derek Soderberg | ||
PI | Impinj Inc. | Derek Soderberg | ||
IDCC | InterDigital Inc. | Derek Soderberg | ||
KN | Knowles Corp. | Derek Soderberg | ||
LSCC | Lattice Semiconductor | Derek Soderberg | ||
PXLW | Pixelworks, Inc. | Derek Soderberg | ||
SWIR | Sierra Wireless Inc. | Derek Soderberg | ||
SYNA | Synaptics Inc. | Derek Soderberg |
Semiconductor Capital Equipment | Analyst | |||
UCTT | Ultra Clean Technology, Inc. | Richard Ryan |
Technology Hardware & Equipment | Analyst | |||
AXON | Axon Enterprise Inc. | Derek Soderberg |
Healthcare REITs | Analyst | |||
CHCT | Community Healthcare Trust, Inc. | David Toti | ||
DHC | Diversified Healthcare Trust | David Toti | ||
MPW | Medical Properties Trust, Inc. | David Toti | ||
SNR | New Senior Investment Group Inc. | David Toti | ||
DOC | Physicians Realty Trust | David Toti |
Triple Nets REITs | Analyst | |
AFIN | American Finance Trust, Inc. | Barry Oxford |
GNL | Global Net Lease, inc. | Barry Oxford |
GOOD | Gladstone Commercial Corporation | Barry Oxford |
LAND | Gladstone Land Corp. | Barry Oxford |
Apartment REITs | Analyst | |
AVB | AvalonBay | David Toti |
BRG | Bluerock Residential Group | Barry Oxford |
CPT | Camden Property Trust | David Toti |
IRT | Independence Realty Trust, Inc. | David Toti |
MAA | Mid-America Apartment Communities, Inc. | David Toti |
Diversified/Mixed REITs | Analyst | |
SQFT | Presidio Property Trust, Inc. Class A | Barry Oxford |
Office REITs | Analyst | |
CIO | City Office REIT, Inc. | Barry Oxford |
Industrial REITs | Analyst | |
PLYM | Plymouth Industrial REIT, Inc. | Barry Oxford |
Free-Standing Retail REITs | Analyst | |
NNN | National Retail Properties, Inc. | David Toti |
Manufactured Housing REITs | Analyst | |
ELS | Equity Lifestyle Properties | David Toti |
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 |
Senior Research Analyst
Mobile Computing
Derek Soderberg serves as 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. Derek began his career at Colliers Securities as Research Associate in the mobile computing industry. He has been with Colliers Securities since 2016.
Mr. Soderberg earned a Bachelor’s of Arts Degree in Finance from the University of St. Thomas.
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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