Top Movers of the Day
3min read 
Top Gainers
1. AVAV reported fiscal Q3 results, beating expectations on both the top and bottom lines. The unmanned aircraft systems provider saw record Q3 revenue of $186.6 million and raised full-year guidance. The company cited increased global demand for its solutions.
2. NYCB stock rose after the company announced a new CEO appointment and strengthen its risk management team in response to the issues identified. It named Alessandro DiNello, its executive chairman, as president and CEO to steer the turnaround.
3. REAL reported better-than-expected Q4 2023 earnings with revenue and profitability improving year-over-year leading the stock higher on February 29th. The company turned adjusted EBITDA positive in the quarter marking a milestone in its path to profitability. Analysts at Needham reiterated their Buy rating and $6 price target on REAL citing the improving fundamentals.
4. TGT stock rose higher than the broader market on February 27th according to Zacks. Earlier in the week, InvestorPlace cited TGT as one of the smart stocks to buy if the market declines due to its strong competitive position and dividend history.
5. BITI, which provides exposure to bitcoin futures contracts, is trending higher this week as bitcoin price surges past $57,000 according to news from ETF trends. In addition, another article from seeking alpha highlighted that BITI gained over 10% this week tracking the strength in bitcoin and ether prices.
6. 3D Systems announced the partial repurchase of its convertible senior notes. The company also reported fourth quarter financial results with wider-than-expected loss and sales declines. However, shares rose as the note repurchase reduced debt and interest obligations significantly.
7. YSG announced that it will release its financial results for the fourth quarter and full year 2023 on March 6, 2024. The company is expected to report its earnings results before the open of the U.S. markets. Yatsen is a leading China-based beauty group and the financial results may provide more clarity on the company's financial performance and business outlook.
8. HOG stock is gaining as the stock received another Buy rating from a Wall street analyst with a higher target price of $42 according to DA Davidson. Earlier this week, another analyst from Citigroup maintained Neutral rating but raised the target to $37. These positive actions from analysts are giving optimism to investors on HOG's future prospects.
9. ZION stock is a gainer as it is set to join the S&P 500 index according to multiple reports. ZION will replace Whirlpool in the index effective March 18. This signals growing institutional demand for the stock and bringing more visibility to the company. In addition, analysts remain positive on ZION with growing revenues from rising interest rates.
10. Congress has moved HR-5074 into the Markup phase which increases the chance of the bill getting passed to preserve Xphozah's revenue into 2029 vs 2027. Ardelyx's near-term overhang of the bill should be lifted.
Top Losers
Albemarle announced a proposed public offering of depositary shares to raise $1.75 billion which caused its stock to decline. This was further confirmed in when Albemarle shares slid following the announcement of the major equity offering.
SEMR reported fourth quarter 2023 earnings on March 4, 2024 that beat analyst estimates on both revenue and earnings per share according to references. However, SEMR shares fell after hours likely due to investors' expectations for stronger results.
SOFI stock price declined in the past few days. On 2024-02-29, SOFI reported its Q4 results which missed earnings estimates and provided disappointing guidance for 2024. This led to sell-off in the stock.
MARA stock fell after it reported mixed fourth quarter earnings on February 28th 2024. While its revenue beat estimates at $156.77 million versus $138.15 million expected, its adjusted EPS of $0.02 came in below the estimate of $0.05 . Moreover, its revenue and earnings growth, though strong, did not meet high expectations amid the crypto bull market and price increases in Bitcoin which many analysts believed would drive more profits for MARA.
SOUN reported disappointing Q4 earnings results that fell short of analyst expectations. Revenue grew 80% year over year but missed estimates. This caused SOUN stock to plunge.
SABR shares have declined as analysts at Mizuho maintained a Neutral rating on the stock while lowering the price target to $3 from $4 previously citing operational challenges. Additionally, Sabre announced leadership changes with the election of Gail Mandel as Board Chair and retirement of previous Executive Chair Sean Menke.
PACB stock declined possibly due to analysts lowering their price targets for the stock. The company also filed multiple SEC forms announcing proposed share sales which may have worried investors.
RIOT share price declined on March 2nd, 2024 as analysts at Canaccord Genuity downgraded the stock to Hold from Buy as concerns about Bitcoin's macro environment resurfaced. This followed a rally in Bitcoin prices through late 2023 and early 2024 which helped drive gains in RIOT and other cryptocurrency-exposed stocks.
Bitcoin spot ETF IBIT saw increased flows in late February and early March as the price of Bitcoin rallied to its highest levels since November 2021. However, on March 1st IBIT filed its annual report which may have dampened optimism, and bitcoin price cooled off slightly on March 2nd. Overall institutional interest in bitcoin seems to be growing as its potential as a store of value and inflation hedge becomes more recognized.
SBSW stock price has declined recently. This is mainly due to RBC Capital analyst Tyler Broda maintaining a Sector Perform rating for SBSW while lowering the price target from $6 to $5. Broda noted concerns around rising costs and macro headwinds facing the PGM industry.