The Hub Reports shows "Everything at the Latest Version" but the site needs updates

I turned on Reporting today for a site ( and just got the report in (Summary only) and it says:

Update Log
These are the plugin and theme updates that have been performed in the last reporting period.
Everything is at the latest version! No updates were needed.

BUT, the site has (4) outdated plugins and (1) outdated theme.

This report makes it sound like everything is just fine when it's not.

What am I missing?!