Streetbeat News

Revenues

TSX:ATZ

Aritzia reported Q1 net revenue of C$462.7M, up 13.4% from the previous year. However, its net income was C$17.5M, down 47.5% compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 8:02 pm

VRNOF

Maryland's legal cannabis sales reached $20.9 million in the first week, with half of the sales made during the opening weekend. The Maryland Cannabis Administration expects the industry to generate $600 million in retail sales in the first year of adult-use cannabis legalization. Verano Holdings (OTCQX: VRNOF), which operates four Zen Leaf retail locations in Maryland, is encouraged by the strong start to adult-use cannabis sales in the state.

Portfolio Pulse from Maureen Meehan

July 11, 2023 | 7:11 pm

EVBG

Needham analyst Scott Berg upgraded Everbridge, Inc. (NASDAQ:EVBG) to Buy from Hold, with a price target of $35. The analyst notes that Everbridge's sales productivity is rapidly improving, setting up a more predictable future growth outlook benefiting from CEM multi-product sales. The company's upcoming free cash flow (FCF) generation is impressive, with margins quickly jumping above 15%. The company looks to generate ~$60 million of FCF in FY23, up rapidly from $1.6 million in FY22. For FY23, Berg sees total revenues to jump 6.3% Y/Y to $459.12 million.

Portfolio Pulse from Nabaparna Bhattacharya

July 11, 2023 | 6:10 pm

RICK

RCI Hospitality Holdings, Inc. (NASDAQ:RICK) reported Q3 2023 sales of $76.4 million for its Nightclubs and Bombshells restaurants, an 8.9% YoY increase. Nightclubs sales increased by 14.1% YoY to $62.0 million, while Bombshells sales declined by 9.0% YoY to $14.4 million. The company expects new projects and acquisitions to contribute to sales in 4Q23 and FY24.

Portfolio Pulse from Happy Mohamed

July 11, 2023 | 5:03 pm

IBM

Credit Suisse analyst Shannon Cross reiterated her Outperform rating and $162 price target for International Business Machines Corp (IBM). She expects IBM to maintain its 2023 revenue guidance of up 3% to 5%, with no significant change in IT spending since April. Cross also highlighted IBM's recent acquisitions and the launch of its AI Center of Excellence. She believes the company's Consulting unit will lead most AI engagements and that data collected by Apptio can be applied to IBM's foundational models.

Portfolio Pulse from Anusuya Lahiri

July 11, 2023 | 5:02 pm

PSFE

Paysafe Ltd (NYSE:PSFE) has expanded its existing partnership with International Capital Markets to enhance payment offerings in Latin America. This will allow traders in several Latin American countries to access Paysafe's diverse portfolio of payment options to fund their forex trading accounts. This follows an initial deal in 2018 where IC Markets integrated with Paysafe's payments API for European traders. In May, PSFE reported a 5% YoY revenue growth to $387.85 million, beating the consensus of $377.43 million.

Portfolio Pulse from Lekha Gupta

July 11, 2023 | 5:02 pm

AIRS

AirSculpt Technologies has announced that it expects its Q2 revenue to be approximately $55.7 million, a 12.2% increase YoY, surpassing the consensus estimate of $53.75 million. The company also reaffirmed its FY23 revenue guidance.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 4:54 pm

TAOP

Taoping Inc. reported a 95% YoY increase in its 1H 2023 contract revenue, which amounted to approximately $14.65 million. This news has led to a rise in the company's share prices.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 4:42 pm

RMTI

Rockwell Medical Inc (RMTI) has acquired the hemodialysis concentrates business from Evoqua Water Technologies. The deal includes $11 million upfront in cash and two milestone payments of $2.5 million each. The acquisition will expand Rockwell's footprint in the U.S. and increase its market share in the hemodialysis concentrates market. Following the acquisition, Rockwell has increased its FY23 revenue guidance to $82 million-$86 million. Despite the positive news, RMTI shares are trading lower.

Portfolio Pulse from Vandana Singh

July 11, 2023 | 4:30 pm

AFRM

AIRS

ETSY

NWL

ROKU

SSTK

WDFC

Several US stocks traded higher on Tuesday, with notable gains for Hesai Group, Intchains Group Limited, Redfin Corporation, WD-40 Company, Tandem Diabetes Care, Shutterstock, Newell Brands, Roku, AirSculpt Technologies, CareDx, Mesoblast Limited, Zillow Group, GrafTech International, Affirm Holdings, Etsy, The Scotts Miracle-Gro Company, and HP Inc. Notable events include WD-40's Q3 results exceeding expectations, Shutterstock's partnership expansion with OpenAI, Newell Brands receiving a Buy rating from Canaccord Genuity, Roku's partnership with Shopify, AirSculpt Technologies' above-consensus Q2 revenues, and Affirm Holdings and Etsy receiving price target increases.

Portfolio Pulse from Lisa Levin

July 11, 2023 | 2:40 pm