Streetbeat News

Equity Actions

SAP

SAP Inc. (NYSE:SAP) shares dropped by 0.20% in the current session, trading at $155.59, and have decreased by 2.79% over the past month, despite a 49.90% increase over the past year. The company's P/E ratio of 77.15 is lower than the Software industry average of 154.06, which could indicate potential undervaluation or weaker growth prospects. Investors are advised to consider the P/E ratio among other financial metrics and industry trends for a comprehensive analysis.

Portfolio Pulse from Benzinga Insights

December 28, 2023 | 6:45 pm

FRSH

Needham analyst Scot Berg has reiterated a Buy rating on Freshworks Inc (NASDAQ:FRSH) and increased the price target from $25 to $30, citing stable-to-improving demand trends, especially from larger customers. Berg anticipates a 300 basis points expansion in FY24 operating margin and has raised FY24 revenue and EPS estimates. Freshworks is now a top pick for 2024 in the Enterprise Software sector and has been added to the Needham Conviction List. FRSH shares saw a slight increase of 0.93% to $23.95.

Portfolio Pulse from Shivani Kumaresan

December 28, 2023 | 6:42 pm

BBLG

IOVA

TTOO

ZJYL

Bone Biologics Corp (NASDAQ:BBLG) stock is experiencing high volatility and multiple trading halts without company-specific news. The stock underwent a 1-for-8 reverse split on Dec. 20 and closed a direct offering on Nov. 20. With a small float and high short interest, BBLG is moving with other small cap pharmaceutical stocks like ZJYL, TTOO, and IOVA. BBLG's borrow fee rate is 91.79%, and no shares are available to short. The stock is up 31% at $6.10.

Portfolio Pulse from Erica Kollmann

December 28, 2023 | 6:27 pm

DOYU

DouYu International Holdings Limited (NASDAQ:DOYU) announced a share repurchase program of up to $20 million of ordinary shares in the form of ADSS, causing its shares to rise by 14.2% to $0.8320. Other stocks experienced significant movements in Thursday's mid-day session, with various companies seeing substantial gains and losses for diverse reasons, including FDA guidance, analyst ratings, public offerings, and patent lawsuit outcomes.

Portfolio Pulse from Avi Kapoor

December 28, 2023 | 6:07 pm

AMKBY

BOAT

GSL

HLAGF

KHNGY

MATX

Houthi rebel attacks in the Red Sea have led to approximately half of the container-ship fleet rerouting to avoid the area, impacting 18% of global shipping capacity. This has resulted in increased travel time and operational costs, potentially inflating consumer prices. U.S.-led efforts are underway to enhance security. Kuehne & Nagel International AG's stock (KHNGY) has risen 20%, while A.P. Moeller-Maersk (AMKBY), Hapag-Lloyd (HLAGF), Matson Inc. (MATX), Global Ship Lease Inc. (GSL), and the SonicShares Global Shipping ETF (BOAT) have also seen significant share price increases.

Portfolio Pulse from Piero Cingari

December 28, 2023 | 6:07 pm

IVV

RSP

SPY

VOO

The SPDR S&P 500 ETF Trust (SPY) is nearing a historic milestone with its AUM set to cross $500 billion, driven by the S&P 500's peak performance and record inflows in 2023. State Street Global Advisors manages SPY, which has seen a 26% increase in AUM and $37.5 billion in December inflows alone. Other S&P 500 ETFs like iShares Core S&P 500 ETF (IVV), Vanguard S&P 500 ETF (VOO), and Invesco S&P Equal-Weight ETF (RSP) have also reported significant inflows.

Portfolio Pulse from Piero Cingari

December 28, 2023 | 4:51 pm

SHW

Sherwin-Williams (NYSE:SHW) has seen a 12.6% increase in short interest since its last report, with 3.36 million shares sold short, representing 1.43% of its float. It would take 2.65 days to cover all short positions. While an increase in short interest can indicate bearish sentiment, it's not a definitive predictor of a stock's direction. Sherwin-Williams has less short interest compared to its peer group average of 4.59%.

Portfolio Pulse from Benzinga Insights

December 28, 2023 | 4:45 pm

KTTA

Pasithea Therapeutics Corp (KTTA) announced a 1-for-20 reverse stock split effective January 2, 2024. The reverse split will reduce the number of authorized shares from 495 million to 100 million and will adjust all outstanding securities accordingly. Fractional shares will not be issued; instead, shareholders will receive a cash payment. The reverse split aims to maintain the company's stock price above the minimum required by Nasdaq and potentially improve marketability and liquidity.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 4:41 pm

DIS

PENN

HG Vora Capital Management, holding an 18.5% economic interest in Penn Entertainment Inc (PENN), is in talks for board representation. The hedge fund, owning an 11% stake, may seek a proxy fight if negotiations fail. Penn's stock is seen as undervalued by HG Vora, criticizing its capital allocation and M&A strategy. Penn's recent divestiture of Barstool Sports and a deal involving ESPN, owned by Disney (DIS), led to a 15% stock decline this year. PENN shares rose 6.52% to $26.64 recently.

Portfolio Pulse from Vandana Singh

December 28, 2023 | 4:25 pm

BJDX

BlueJay Diagnostics, Inc. (NASDAQ:BJDX) shares dropped after announcing a $3.5 million public offering priced at $1.30 per share. The offering consists of 2,692,308 shares, and the proceeds will be used for FDA approval efforts, R&D, and general working capital. The company also initiated a clinical study for the Symphony IL-6 test in sepsis patients. Trading volume surged following the news, with shares falling below the 50-day moving average and significantly off the 52-week high.

Portfolio Pulse from Erica Kollmann

December 28, 2023 | 4:15 pm