tl;dr
It was an exceptionally strong week for cryptocurrency-exposed stocks among the broader financial sector, as bitcoin (BTC-USD) gained 4.2%. Earlier this week, Michael Novogratz, founder and CEO of Galaxy Digital, said crypto stocks have been rallying in response to a dovish Fed. Meanwhile, traditi...
It was an exceptionally strong week for cryptocurrency-exposed stocks among the broader financial sector, as bitcoin (BTC-USD) gained 4.2%. Earlier this week, Michael Novogratz, founder and CEO of Galaxy Digital, said crypto stocks have been rallying in response to a dovish Fed.
Meanwhile, traditional financial stocks treaded water during the same period, with the Financial Select Sector SPDR (XLF) ending the week at $37.26 vs. $37.35 at Dec. 15's close.
Marathon Digital Holdings (NASDAQ:MARA), soaring 46%, topped the list of gainers for the week ended Dec. 22, as the company agreed to acquire two bitcoin mining sites for $179M. Other crypto-related stocks that reached a 52-week high as optimism for the cryptosphere continued include Crypto exchange Coinbase Global (NASDAQ:COIN), Riot Platforms (NASDAQ:RIOT), and CleanSpark (NASDAQ:CLSK), each climbing 19%, 14%, and 12%, respectively. Stock and crypto-trading app Robinhood Markets (NASDAQ:HOOD) also gained 11%.
On the flip side, traditional finance names populated the biggest decliners list, with New York Community Bancorp (NYSE:NYCB) dropping the most at -8.0%. Hong Kong-based Futu Holdings (NASDAQ:FUTU) slid 6.3% during the week; Aon Plc (NYSE:AON) dipped 6.0% in the week that it agreed to buy NFP for $13.4B in stock and cash; and Synovus Financial (NYSE:SNV) dropped 4.7%. M&T Bank (NYSE:MTB) fell 4.4% after Deutsche Bank downgraded the bank to Hold, citing rate and credit pressures.
More about Marathon Digital Holdings Inc
Marathon Digital Holdings Inc. is a cryptocurrency mining and digital asset technology company with a focus on the blockchain ecosystem and digital asset generation in the United States. The company's stock performance has been volatile, with a decrease of -3.08% in the past year. The market sentiment appears to be mixed, with a Relative Strength Index (RSI) of 1.638 indicating a slightly overbought condition, and Bollinger Bands showing a narrow range. The company's market capitalization is $259.157 million, and its stock price is currently at $12.51. Given the high volatility and mixed market sentiment, there are potential risks and uncertainties associated with investing in Marathon Digital Holdings Inc.
More about Coinbase Global Inc
Coinbase Global Inc, a company providing financial infrastructure and technology for the crypto economy, has a market capitalization of $38,707,556,000. The company reported a net income margin of -3.33% and a return on equity of 11.3%. Its revenue for the last fiscal year was $2,627,473,000, with a current stock price of $88.29. Market sentiment towards Coinbase Global Inc may be influenced by the volatility and uncertainty associated with the crypto market, as well as regulatory developments impacting the industry.
More about Riot Blockchain Inc
Riot Blockchain Inc. is a company that focuses on cryptocurrency mining operations in North America, with its headquarters in Castle Rock, Colorado. The company's stock performance has shown a decline of 1.8% and has a market capitalization of 3.67 billion. The company's financial data shows a positive net income of 262 million and a price-to-earnings ratio of 17.79. The market sentiment for Riot Blockchain Inc. appears to be somewhat bearish, with the stock showing a downward trend. However, it is important to note that past market behavior is not always a reliable indicator of future performance, and there may be uncertainties associated with the company's future prospects.
More about CleanSpark Inc
CleanSpark Inc. is a company that provides energy software and control technology solutions worldwide, with its headquarters in Woods Cross, Utah. The company falls under the REAL ESTATE & CONSTRUCTION industry sector and is classified under BLANK CHECKS. With a market capitalization of 2.1976 billion and a trading volume of 168.408 million, the stock has experienced a recent price change of -1.29 and a 1-year target estimate of 1.64. The stock is currently trading at 11.87, with a 52-week range of -0.811 to 1.007. Overall, market sentiment appears to be uncertain, with potential risks associated with the stock's performance.
More about Robinhood Markets Inc
Robinhood Markets Inc is a finance company in the security brokers, dealers, and flotation companies sector with a market capitalization of $10,913,551,000. The stock performance has seen a decline of -0.84% with a price-to-earnings ratio of 1.979, and a return on equity of -0.415. The company has a total cash flow of $1,774,000,000 and a current stock price of $11.72. Market sentiment towards Robinhood Markets Inc appears neutral with a sentiment score of 0.294.
More about New York Community Bancorp Inc
New York Community Bancorp Inc is a banking holding company offering banking products and services in the New York metropolitan area, New Jersey, Ohio, Florida, and Arizona. With a market capitalization of $7.28 billion and a price-to-earnings ratio of 2.578, the stock is currently trading at $12.49. The stock has shown a 52-week range of $3.91 to $4.146 and a beta of 1.011, indicating a higher volatility compared to the market. The company's total revenue is $2.768 billion with a net income of $1.874 million. The stock performance has been relatively stable, but the lower price-to-earnings ratio may indicate undervaluation. Market sentiment may be influenced by the company's geographic diversification and the potential impact of regional economic conditions on its operations. However, the risks associated with the stock's higher volatility and the potential impact of economic uncertainties should be carefully considered.
More about Futu Holdings Ltd
Futu Holdings Ltd operates an online brokerage and wealth management platform in Hong Kong and internationally. As of the last reporting period, the company's market capitalization stands at $7.19 billion, with a stock price of $15.19. The stock has shown a 3.39% increase in the last trading session, with a 61.85% year-to-date return. The Relative Strength Index (RSI) is at 68.58, indicating a potential overbought condition, while the Bollinger Bands suggest a volatility of 0.781. The company's performance indicates a bullish trend, with a potential resistance level at the current price. However, past market behavior is not always a reliable indicator of future performance, and potential risks or uncertainties should be considered.
More about Aon PLC
Aon PLC is a multinational professional services firm in the finance and insurance industry, with a market capitalization of $58.4 billion. The stock has shown strong performance with a 22.13% increase in the past year and a 2.35% increase in the past quarter. Aon PLC has a price-to-earnings ratio of 13.18 and a price-to-sales ratio of 0.207, indicating favorable valuation metrics. The company's market sentiment is positive, with a market sentiment score of 339.17, suggesting bullish investor sentiment. However, it's important to note that past performance is not always indicative of future results, and there are potential risks and uncertainties associated with investing in Aon PLC stock.
More about Synovus Financial Corp
Based on the financial data provided, Synovus Financial Corp. appears to be a company in the finance sector, specifically in the national commercial banks industry. With a market capitalization of 5.53 billion and a current stock price of 36.75, the company's stock performance seems stable, with a slight decrease of 0.55 points. The company's price-to-earnings ratio (P/E) of 14.81 suggests that it may be slightly undervalued compared to its peers. However, the negative change in stock price and earnings per share (EPS) of -0.142 may indicate a bearish trend in the market sentiment. It's important to note that these observations are based on historical data and should be considered in the context of potential risks and uncertainties in the market.
More about M&T Bank Corp
M&T Bank Corporation is a state commercial bank with a market capitalization of $22.61 billion. The stock is currently trading at a price-to-earnings ratio of 7.81 and a price-to-book ratio of 5.1, indicating potential undervaluation. With a dividend yield of 3.24% and a market capitalization of $9.34 billion, the company appears to be financially stable. The stock price has shown a 52-week high of $152.08 and a low of $55.71, suggesting significant volatility. While the stock has shown a positive trend in the past, the current market sentiment may be cautious due to the potential risks associated with the stock's price volatility and the overall economic uncertainty.
Disclaimer:
This is not financial advice. Please do your own research before investing in any asset.