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On Wednesday, Cathie Wood-led Ark Invest continued its trend of offloading shares of Robinhood Markets Inc and Palantir Technologies Inc , marking significant trades for the day.
The Robinhood Trade: Ark Invest’s Ark Fintech Innovation ETF sold 24,796 shares of Robinhood. This decision aligns with Ark’s recent trading patterns, which have seen a steady decrease in Robinhood holdings.
The move comes in the wake of Robinhood’s $3.9 million settlement with California’s Department of Justice over its previous ban on Bitcoin withdrawals. Despite this setback, Robinhood has been evolving from a meme stock trading platform to a serious contender against traditional brokerages. The value of the trade, based on Robinhood’s closing price of $22.95 on the same day, is approximately $569,368.
Notably, Robinhood shares rose after the Federal Reserve cut interest rates by 50 basis points, benefiting from increased user engagement, margin trading, and favorable growth stock valuations in a low-rate environment. The shares appreciated 1.4% in the regular session and gained 0.9% in the after-hours trading.
The Palantir Trade: Ark Invest’s ARK Innovation ETF fund sold 32,772 shares of Palantir. This move followed the company’s 5th AIPCon, where CEO Alex Karp expressed optimism about Palantir’s inclusion in the S&P 500 Index and the company’s potential for growth. Based on Palantir’s closing price of $36.38 on the same day, the value of the trade is approximately $1.2 million.
Other Key Trades:
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Lower interest rates can do wonders for financial technology companies (Fintech) which strive to improve and automate financial services.
In an ever-evolving technological landscape and business environment, several popular fintech stocks are standing out and should benefit as the Fed decided to cut the central bank's benchmark rate by 50 basis points today.
PayPal’s Resurgence: Payment Solutions Leader
Sporting a Zacks Rank #1 (Strong Buy), PayPal’s PYPL steady growth trajectory has become more believable thanks to the company’s relevancy as one the largest transaction facilitators for customers and merchants.
Posting a sharp rebound this year, PYPL is up nearly +20% in 2024. Analysts have become more bullish on PayPal’s expanding partnerships and innovation with a few collaborations listed below.
1. Fiserv FI partnership- Aimed at streamlining checkout experiences for merchant clients in the U.S.
2. Uber UBER partnership- Multi-year collaboration to capitalize on the ride-sharing giant’s global expansion and scale PayPal into worldwide markets.
3. PayPal has also expanded its partnership with Apple AAPL, creating an integrated payment ecosystem with Apple Pay and its subsidiary Venmo VMEO. Notably, PayPal has enhanced its features for Venmo in regard to services for small business owners.
IBKR & HOOD Stock: Investment Bank Growth
Expanding as electronic market brokers, International Brokers IBKR and Robinhood Markets' HOOD stock both sport a Zacks Rank #2 (Buy).
Increasing in popularity since going public in 2021, Robinhood is expected to post its first profit this year with EPS now expected at $0.76 versus an adjusted loss of -$0.61 a share in 2023. The Fed’s decision to cut rates is perfect timing for Robinhood as the renowned cryptocurrency trading company is expected to be profitable in fiscal 2025 as well.
Pivoting to Interactive Brokers, its bottom line expansion is very enticing with EPS projected to pop 18% in FY24 to $6.81 compared to earnings of $5.75 per share last year. Plus, FY25 EPS is projected to rise another 2%.
More intriguing is that IBKR and HOOD have soared over +50% year to date but still trade at fairly reasonable forward P/E multiples of 19.3X and 29.7X respectively.
Bottom Line
Suggesting more upside in these top fintech stocks is that earnings estimate revisions have remained higher. This trend should continue with the Fed’s much-anticipated decision to cut rates finally upon us.
Zacks Investment Research
The crypto market has been struggling to stage a rebound. However, the enthusiasm surrounding rate cuts saw Bitcoin (BTC), the world’s most popular cryptocurrency, surging above $60,000 for the first time since last month.
Several factors have posed headwinds for Bitcoin over the past few months but market experts believe a rate cut will help the cryptocurrency resume its rally. Given this scenario, it would be ideal to adopt the buy-the-dip approach. Four such Bitcoin-centric stocks with upside are Interactive Brokers Group, Inc. IBKR, Robinhood Markets, Inc. HOOD, CME Group Inc.’s CME, BlackRock, Inc. BLK and NVIDIA Corporation NVDA.
Bitcoin Surges on Rate Cut Hopes
On Tuesday, Bitcoin was trading at $60,477.98 after hitting an intra-day high of $61,337. The surge came as the Federal Reserve began its two-day FOMC meeting, with expectations high that a rate cut will be announced on Wednesday.
Bitcoin has been rangebound since April, with even the halving event failing to boost its price. Halving, which typically cuts the reward for mining new Bitcoin blocks by 50% to limit the total supply to 21 million, generally boosts demand and prices. However, Bitcoin's value dropped notably after the recent halving.
In early August, a broader market bloodbath saw Bitcoin’s price fall below $55,000. The cryptocurrency has since been trying to rebound.
Rate Cut to Boost Crypto-Centric Stocks
Soft August jobs data and a marginal rise in monthly inflation have somewhat dampened hopes of a 50-basis point rate cut by the Federal Reserve. The CME FedWatch tool presently shows a 63% possibility of a 25-basis point cut this week, while a 37% probability of a 50-basis point cut.
Bitcoin had a solid 2023 and despite its recent decline, has gained 43% year to date. It hit an all-time high of $73,750 on March 14.
A rate cut is likely to help Bitcoin and other cryptocurrencies. A rate cut of any size bodes well for growth assets like cryptocurrencies as they reduce the opportunity cost of holding assets that don’t provide yields. In a low-interest-rate environment, investors are more inclined to go for assets with higher potential returns, even if they involve greater risk.
Five Crypto-Centric Stocks to Gain
We have narrowed our search to five crypto-oriented stocks that have strong potential for 2024. Each of our picks carries either a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
Interactive Brokers Group, Inc.
Interactive Brokers Group, Inc. is a global automated electronic broker. IBKR executes, processes and trades in cryptocurrencies. IBKR’s commodities futures trading desk also offers customers a chance to trade cryptocurrency futures.
Interactive Brokers Group has an expected earnings growth rate of 18.4% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.7% over the last 60 days. IBKR currently carries a Zacks Rank #2.
Robinhood Markets, Inc.
Robinhood Markets, Inc. operates a financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds, options, gold, and cryptocurrencies. HOOD buys and sells Bitcoin, Ethereum, Dogecoin and other cryptocurrencies using its Robinhood Crypto platform.
Robinhood Markets’ expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings has improved 38.2% over the last 60 days. Robinhood Markets currently carries a Zacks Rank #2.
CME Group Inc.
CME Group Inc.’s options give the buyer of the call/put the right to buy/sell cryptocurrency futures contracts at a specific price at some future date. CME offers Bitcoin and ether options based on the exchange's cash-settled standard and micro-Bitcoin and Ethereum futures contracts.
CME Group’s expected earnings growth rate for the current year is 6.4%. The Zacks Consensus Estimate for current-year earnings has improved 1.5% over the last 60 days. CME presently has a Zacks Rank #3.
BlackRock, Inc.
BlackRock, Inc. is one of the world’s largest investment managers and is publicly owned. BLK was one of the first companies from the traditional market to join the Bitcoin ETF race back in June 2023.
BlackRock’s expected earnings growth rate for the current year is 9.5%. The Zacks Consensus Estimate for current-year earnings has improved 10.3% over the last 60 days. BlackRock currently carries a Zacks Rank #3.
NVIDIA Corporation
NVIDIA Corporation is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit, or GPU. Over the years, NVDA’s focus has evolved from PC graphics to artificial intelligence-based solutions that now support high-performance computing, gaming and virtual reality platforms.
NVIDIA has an expected earnings growth rate of more than 100% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 4.1% over the last 60 days. NVDA presently carries a Zacks Rank #3.
Zacks Investment Research
September Market Volatility is Likely
In my recent commentary, I discussed how investors will likely have to deal with increased volatility. To summarize, the back half of September is historically the weakest part of the year and produces negative returns on average. Meanwhile, uncertainty looms ahead of Wednesday’s FOMC decision. Jerome Powell and the Federal Reserve will cut rates for the first since 2020. However, the market’s expectations are relatively split between whether Powell will cut interest rates by 25 or 50 bps.
'Triple Witching' Day is Upon Us Friday
Further, after waiting several months for a change to a “dovish” Fed policy, typical market psychology might mean that the Fed rate cuts are a classic “Sell the news event.” Finally, triple-witching, the phenomenon where stock options, stock index futures, and stock index options expire on the same day occurs Friday.
Triple witching often induces short-term volatility because traders and investors are forced to make decisions about expiring positions.
How to Handle Known Market Volatility Events
Most investors and traders’ profit when stocks are steadily trending higher with low volatility. However, how each individual handles volatility separates the professionals from the amateurs on Wall Street is. Below are five ways to prepare for market volatility:
1. Raise Cash
The old Wall Street adage “Cash is king” is paramount during volatile markets. Investors don’t need to be fully in cash, but it makes sense to get off margin ahead of volatile events. A perfect metaphor for cash and markets is hamburgers and the degree of cooking. If you undercook a burger, you can always throw it back on the grill and cook it longer. Conversely, if you overcook a burger, there’s no saving it.
Cash and portfolio management are the same. If you have cash on hand during volatile market environments, you give yourself flexibility and are empowered to take advantage of new opportunities with your cash on hand. The degree of cash will vary based on each individual’s investing framework, but it’s important for aggressive, short-term traders to remember that they can always buy positions back when the dust settles.
2. Position Size is Critical
Savvy investors have a “risk-first” mindset. In other words, instead of thinking, “How much can I make on this trade?” investors should instead think, “How much will I lose if this trade goes against me?” Position sizing is akin to a volume dial on a trader’s emotions. Smaller position sizing allows investors to think clearer and avoid knee-jerk decisions. It’s also important to remember that if the S&P 500 Index ETF (SPY) or Nasdaq 100 ETF (QQQ) moves 1% in a day, individual high beta stocks like Nvidia (NVDA), Palantir (PLTR), and Tesla (TSLA) will likely move 3-4x that.
3. Let the Dust Settle
Unlike poker there is no ante (mandatory bet) that investors must place to watch the market. Patience and the ability to let the smoke clear are superpowers.
4. Plot Key Price Levels
Rather than reacting in real-time, prepare ahead of time by plotting important support and resistance levels. It’s critical that investors conduct this exercise outside of market hours so that they are not swayed by the intraday price noise.
5. Know your Time Frame / Implications
A long-term investor is likely to do less during volatile markets, while a short-term trader may be more active. In either case, knowing your time frame in advance stops you from making emotional decisions.
Bottom Line
With FOMC, seasonality, and triple-witching ahead, the second half of September is likely to be volatile. Understanding how to navigate volatile markets is integral to investing success.
Zacks Investment Research
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