Jonathan Bush is not in the business processing outsourcing business, or the enterprise software business, or the software-as-a-service business. (He’s in the software-enabled services business, whatever that means.) And the Athenahealth CEO is certainly not in the stock-valuation business.
Still, the nephew and cousin of presidents is pretty sure that David Einhorn meant to say that Athena stock—already trading at a frothy 100-times earnings—“could easily soar 800% or more” when he actually said “could easily fall 80% or more.” Well, maybe not that sure, but all the same.
“I’m absolutely sure this is a $1,000 a share stock,” Bush said in a “Squawk Box” interview. “I have no idea when it gets there.”
But he admitted: “I don’t know anything about valuations, so for all I know [Einhorn] is right.”