Streetbeat News

Revenues

HOOD

In November 2023, Robinhood Markets Inc. saw a significant increase in customer activity, with approximately $1.4 billion in net deposits and a 75% increase in crypto notional trading volumes compared to October 2023, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:19 pm

CULP

Culp Inc. anticipates Q3 consolidated net sales to be similar to Q2 of fiscal 2024 and moderately higher than Q3 of fiscal 2023.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:19 pm

PRPL

Purple Innovation reported sales gains in the high teens for its showroom and high single-digits for its e-commerce channels during the four days following Thanksgiving. The company also reiterated its FY23 revenue guidance of $510M-$520M, which aligns with the estimated $513.37M.

Portfolio Pulse from Bill Haddad

December 04, 2023 | 9:12 pm

GTLB

GitLab reported better-than-expected preliminary results for Q4, with adjusted EPS of $0.08-$0.09 versus an estimated $(0.01), and revenue of $157M-$158M against an estimated $150.24M. For FY24, the company forecasts adjusted EPS of $0.12-$0.13, surpassing the $(0.06) estimate, and revenue projections of $573M-$574M, which is above the $558.14M estimate.

Portfolio Pulse from Bill Haddad

December 04, 2023 | 9:08 pm

BITO

GBTC

Bitcoin and Ethereum have reached their highest levels of the year, with digital asset funds experiencing record inflows. Last week saw an increase of $176.3 million in inflows into cryptocurrency futures-based ETFs, bringing the 10-week total to $1.76 billion. Bitcoin had a weekly inflow of $132.8 million, while Ethereum had $30.8 million. Canada, Germany, and the U.S. led regional inflows, while Asia saw net outflows. BlackRock, Fidelity, and Grayscale are among firms awaiting SEC approval for spot Bitcoin ETFs. The Crypto Fear & Greed index indicates increasing investor sentiment.

Portfolio Pulse from Khyathi Dalal

December 04, 2023 | 8:57 pm

FBGRX

TSLA

Fidelity Investments, which holds a stake in Twitter through its Fidelity Blue Chip Growth Fund (FBGRX), has marked down the valuation of its Twitter investment to $6,267,608, a 68.1% discount from Elon Musk's purchase price. This valuation represents about 0.01% of the fund's assets. The markdown reflects challenges Twitter faces, including advertising issues after Musk's controversial interaction with an antisemitic post. Musk's comments to advertisers could exacerbate the situation, potentially impacting Twitter's cash flow and profitability. Tesla (TSLA), another Musk-related asset, is the thirteenth largest position in the fund.

Portfolio Pulse from Chris Katje

December 04, 2023 | 8:13 pm

BRAXF

TRUFF

Braxia Scientific Corp. (OTC:BRAXF) reported its Q2 2024 financial results with a year-over-year increase in revenue and a significant decrease in operating expenses and net loss. Despite the improved performance, the company's CEO, Dr. Roger McIntyre, expressed concerns about insufficient funds to sustain operations and has initiated a process to explore strategic alternatives, including a potential sale, merger, or other significant transaction. The company also announced the resignation of board director Olga Cwiek and CFO Stephen Brooks, with Peter Rizakos appointed to the board and as CFO.

Portfolio Pulse from Lara Goldstein

December 04, 2023 | 8:09 pm

SMFL

Smart for Life, Inc. (NASDAQ:SMFL) shares rose after announcing a Letter of Intent to acquire a vitamins and supplements manufacturer, expected to add $20 million in revenue. The acquisition aligns with their goal of reaching $100 million in revenue. Additionally, the company disclosed an agreement for the exercise of warrants to purchase 877,001 shares, generating $1.5 million in gross proceeds. SMFL's stock was up 7.36% at $1.46.

Portfolio Pulse from Ryan Gustafson

December 04, 2023 | 8:08 pm

AMD

NVDA

Piper Sandler analyst Harsh V. Kumar has reiterated an Overweight rating on Nvidia Corp (NVDA) with a price target of $620, making it his top large-cap pick over AMD. Kumar highlights Nvidia's compelling valuation, complete computing stack, software license revenue potential, and strong FY25 visibility due to backlog and demand. He also anticipates new China chip revenue of $2.5-$3 billion per quarter. Nvidia's Q4 revenue and EPS projections are $20.09 billion and $4.49, respectively, aligning with consensus.

Portfolio Pulse from Anusuya Lahiri

December 04, 2023 | 6:49 pm

GOOGL

Mizuho analyst James Lee maintains a Buy rating on Alphabet Inc (GOOGL) with a price target of $155, but warns of potential short-term declines in Google Cloud's revenue growth and operating margins. He compares Google Cloud's situation to AWS's past cost optimization cycle, predicting at least one or two more quarters of deceleration for Google Cloud. Lee also highlights potential headwinds from NFL Sunday Ticket licensing costs and legal expenses, which may not be fully accounted for in consensus estimates. He forecasts Q4 revenue and EPS below consensus at $84.06 billion and $1.46, respectively. GOOGL shares dropped by 2.32% to $128.80.

Portfolio Pulse from Anusuya Lahiri

December 04, 2023 | 6:44 pm