Positioning no disclosures inside 60 days, left as found
Options put/call open interest 17.12, read 2026-11-03
Ethical does not pass the values gate
Price5.62 USD
Fair value6.00
Ethical score70.0/100
Value readFairas of 5 Nov 2026
Our investment reviews on this name
2026-10-11Read Accumulation4.21+33.5% to today ✓Markdown gives way to Accumulation with volume flow in agreement
2026-10-02Read Markdown4.21+33.5% to today Markup gives way to Markdown while volume still accumulates
2026-08-04Read Markup4.05+38.8% to today ✓Distribution gives way to Markup after a 13% rise in 5 weeks
2026-07-02Read Distribution3.58+57.0% to today First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
CS Disco Inc holds its Accumulation at $5.62. The statistical read favours the sellers, held for 45 days.
As held on the ledger · 2026-11-05
Phase
Accumulation
Quantitative state
The statistical read favours the sellers, held for 45 days
Price at the screen
$5.62
Valuation
N/A trailing · -151.86 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.91
The Workings
Five Screens, Shown in Full
Does not pass. Interest-bearing securities
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
4.01%
Below 33%
Interest-bearing debt is just 4.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
54.68%
Below 33%
Interest-bearing cash and securities are 54.7% of assets, above the one-third limit.
Fail
Receivables
26.08%
Below 49%
Money owed to the company is 26.1% of assets, under the 49% limit.
Pass
Revenue purity
2.87%
Below 5%
Only 2.9% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
CS Disco's business is fine, but its cash and interest-bearing securities are about 55% of its assets, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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Today LAW does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 5 Nov 2026: it trades at roughly a 4% discount to our $6.00 fair value, none competitive moat, 14.30% revenue growth.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. A 6.3% discount to the base estimate.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
LAW trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Accumulation$5.24+18.6%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 18.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 16%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (3 analysts) rates it none, with a mean price target of $7.
2026-10-25Accumulation$4.42+0.0%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 16%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (3 analysts) rates it none, with a mean price target of $7.
2026-10-18Accumulation$4.42+5.0%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 5.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 16%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (3 analysts) rates it none, with a mean price target of $7.
2026-10-11Accumulation · changed$4.21+0.0%Entry 7
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 16%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (3 analysts) rates it none, with a mean price target of $7.
2026-10-02Markdown · changed$4.21+4.0%Entry 6
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 4.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 16%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (3 analysts) rates it none, with a mean price target of $7.
2026-09-04Markup$4.05+0.0%Entry 5
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 16%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (3 analysts) rates it none, with a mean price target of $7.
2026-08-04Markup · changed$4.05+13.1%Entry 4
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 13.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 16%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (3 analysts) rates it none, with a mean price target of $7.
2026-07-18Distribution$3.58+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 16%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (3 analysts) rates it none, with a mean price target of $7.
2026-07-03Distribution$3.58+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Distribution$3.58Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.