tl;dr
The five biggest gainers among financial stocks this week included two cryptocurrency-related companies, two insurers and one retail trading platform. Conversely, one bank-focused lending platform, one insurer, one credit rating and data analytics firm, one investment bank and brokerage, and one dat...
The five biggest gainers among financial stocks this week included two cryptocurrency-related companies, two insurers and one retail trading platform. Conversely, one bank-focused lending platform, one insurer, one credit rating and data analytics firm, one investment bank and brokerage, and one data provider for the investment industry, led the led the biggest decliners.
In all, financial stocks (with market cap over $2B) closed out the week ended Feb. 16 in the green, with the Financial Select Sector SPDR ETF (NYSEARCA:XLF) advancing 1.4%, outpacing the S&P 500's 0.4% decrease.
With the price of bitcoin (BTC-USD) finishing off another strong week, bitcoin miner CleanSpark (NASDAQ:CLSK) rose the most of any financial stock, jumping 28%. The company also said it's operating hashrate increased in the wake of its expansion in Sandersville, Georgia.
Cryptocurrency exchange Coinbase Global (NASDAQ:COIN) took the second slot, up 27%, due to a combination of bitcoin's extended bull run and the company's better-than-expected Q4 earnings. KBW turned more bullish on COIN after posting its first quarterly profit in about three years.
Mercury General Corp. (NYSE:MCY), which engages in writing personal auto insurance, gapped up 25% on the heels of stronger-than-expected earnings and revenue for Q4;
Trading app Robinhood Markets (NASDAQ:HOOD), which during the week delivered a surprise Q4 profit, accelerated 21.2%; and
Property and casualty insurer Kinsale Capital Group (NYSE:KNSL) rounded out the five biggest winners with a 20.5% gain, as its Q4 earnings surpassed Wall Street expectations.
On the negative side, AI-driven lending platform Upstart (NASDAQ:UPST) fell the most, down 22.7%, as its 2024 revenue guidance didn't live up to Wall Street expectations;
Coming in a distant second, Brighthouse Financial (NASDAQ:BHF) slid 9.6% after the insurance and investment company posted Q4 earnings that were significantly weaker than analysts expected;
Moody's (NYSE:MCO), which during the week issued weaker-than-hoped 2024 guidance and less-than-stellar Q4 earnings, retreated 8.5%;
Freedom Holding (NASDAQ:FRHC), a Kazakhstan-based investment bank and brokerage, dipped 4.5%; and
Financial data company FactSet Research Systems (NYSE:FDS) finished the week with a 4% loss.
More about CleanSpark Inc
CleanSpark Inc provides energy software and control technology solutions worldwide. The company is headquartered in Woods Cross, Utah. It operates in the Real Estate & Construction and Blank Checks industries with a market cap of 3.44 billion. The stock has shown a recent decrease in performance with a price change of -0.69. The stock's 52-week high and low are 12.03 and 1.652, respectively. Market sentiment appears to be neutral with potential risks and uncertainties associated with the recent stock performance.
More about Coinbase Global Inc
Coinbase Global Inc is a company in the finance services sector with a market capitalization of $43.7 billion. The stock is currently trading at $500.86 with a 0.36% change. The Relative Strength Index (RSI) is at 13.18, indicating oversold conditions. The company has a market sentiment score of 0.671, suggesting positive sentiment among investors. However, with a volatile market like cryptocurrencies, there are inherent risks and uncertainties associated with investing in Coinbase Global Inc.
More about Mercury General Corporation
Mercury General Corporation is a finance company that primarily engages in underwriting fire, marine, and casualty insurance. With a market cap of $2.8 billion and a stock price of $29.12, it has shown a 1.27% increase in the last trading session. The company's Relative Strength Index (RSI) of 83.61 indicates that the stock is currently overbought. Despite this, the stock has a bullish trend with a positive movement of 0.0208. The company's market sentiment is currently at 55, indicating a neutral to bearish sentiment. However, there is a potential risk associated with the stock's negative price movement of -0.817, suggesting a possible downturn. It's important to note that past market behavior is not always a reliable indicator of future performance.
More about Robinhood Markets Inc
Robinhood Markets Inc, a finance company in the security brokers, dealers, and flotation companies sector, reported a market value of $12.21 billion. With a negative EPS of -0.61, the stock has shown a 2.093% change in value, indicating some volatility. The company has a market sentiment of -0.29, suggesting a slightly bearish trend. With a market capitalization of $18.65 billion and a P/E ratio of 13.7, the stock is currently showing neutral momentum. Investors should be cautious about potential risks associated with the stock's performance, as past market behavior is not always indicative of future performance.
More about Kinsale Capital Group Inc
Kinsale Capital Group, Inc. (KNSL) is a specialty insurance company specializing in property and casualty insurance products in the United States. With a market cap of 11.68 and a price-to-earnings ratio of 43.77, the company's financials indicate a stable position in the market. KNSL has shown a bullish trend, with a 52-week high of 53.13 and a 52-week low of 0.252. The stock has demonstrated strong relative strength, with a RSI of 410, and has shown resilience in maintaining support levels. However, it is important to note that the insurance industry can be subject to regulatory changes and catastrophic events, which may impact the company's performance. Therefore, investors should consider the potential risks associated with the industry when evaluating KNSL's stock performance.
More about Upstart Holdings Inc
Upstart Holdings Inc. operates in the finance services industry with a market capitalization of $2.28 billion. The stock has shown a recent decrease of -2.87% and a 6.55% increase over the past year. The company's financial metrics reflect a negative earnings per share of -0.438. The market sentiment for Upstart Holdings Inc. appears positive with a current stock price of $20.47 and a relative strength index (RSI) of 2.091, suggesting potential overbought conditions. However, it's important to note the potential risks associated with investing in a company with negative earnings and to consider the implications of market sentiment on future performance.
More about Brighthouse Financial Inc
Brighthouse Financial Inc is a finance company specializing in life insurance and annuity products. With a market capitalization of 3.02 billion and a stock price of -18.92, the company's performance has been subpar. However, it's important to note that the company has a positive return on equity of 2.097 and a relatively low debt-to-equity ratio of 0.278, indicating a strong financial position. Despite the negative stock performance, the company's focus on life insurance and annuity products may provide stability in the long run. It's essential to consider potential risks and uncertainties in the market sentiment, as past performance is not always indicative of future results.
More about Moodys Corporation
Moody's Corporation is a key player in the consumer credit reporting and collection agencies sector, with a market capitalization of $42.75 billion and a P/E ratio of 32.29. The company has shown a strong 8.73% year-over-year revenue growth, indicating a positive trend in its financial performance. Moody's Corporation also has a healthy profit margin of 27.2% and a solid return on equity of 38.1%, suggesting efficient management of its assets and resources. The stock price has been performing well, currently at $399.25, and the market sentiment appears bullish. However, it's important to note that past performance is not always indicative of future results, and there are potential risks associated with investing in the stock market, so investors should exercise caution and conduct thorough analysis before making investment decisions.
More about Freedom Holding Corp
Freedom Holding Corp is a finance company in the security brokers, dealers, and flotation companies sector, with a market capitalization of $4.68 billion. The stock is currently trading at $13.94, with a 52-week range of $5.64 to $15.05. The stock has a beta of 0.38, indicating lower volatility compared to the overall market. Market sentiment, as indicated by the Relative Strength Index (RSI) of 76, suggests the stock may be overbought. The stock has a price-to-earnings ratio (P/E) of 0.543 and a price-to-book ratio of 0.762, indicating potential undervaluation. However, it's important to note that past market behavior is not always a reliable indicator of future performance, and there may be risks or uncertainties associated with this analysis.
More about FactSet Research Systems Inc
FactSet Research Systems Inc. is a technology company that provides integrated financial information and analytical applications to investment and corporate communities in the Americas, EMEA, and Asia Pacific. With a market capitalization of $17.46 billion and a stock price of $457.57, the company has shown a 12.38% increase in revenue growth and a 55.62% increase in net income. The stock has a relatively low beta of 0.226, indicating lower volatility compared to the overall market. The Relative Strength Index (RSI) is at 37.03, suggesting the stock may be approaching oversold levels. However, the stock has shown a 3.83% increase in the last quarter, indicating some bullish momentum. Although the company has strong financial metrics, market sentiment may be cautious due to uncertainties in the global economy and potential regulatory changes affecting the financial industry. It is important to consider the potential risks and uncertainties associated with investing in this stock, as past performance is not always indicative of future results.
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