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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
Technology and innovation are the backbone of the global economy and the U.S. stock market. While there are times when commodity stocks, old economy companies, and value-oriented stocks can outperform, history teaches us that the most robust gains come from disruptive companies within the technology sector. For example, Meta Platforms (META) unique social media platforms caught fire in the 2000s and led to breathtaking profits for investors. Though Alphabet (GOOGL) was not first in the search engine arena, the company mastered search and later video with its YouTube platform. Jeff Bezos proved that e-commerce could be scaled through Amazon (AMZN).
It would take years for me to list even a portion of America’s success stories. The good news for investors who missed these moves is that the wheels of America’s top tech innovators are constantly turning. As investors, our job is to identify megatrends, uncover the top innovators, and ride the trends as long as possible. Below are my top two megatrends to watch over the next decade:
Space Stocks
Technological advancements (such as rocket reusability), efficiency gains, and the evolution of public-private partnerships are rapidly transforming the space industry from pipedream to reality. Though getting to this level has been a long and frustrating road, the “final frontier” promises fruitful rewards for successful space companies. McKinsey estimates that “the global space economy will be worth $1.8 trillion by 2035, up from $630 billion in 2023.”
Space Industry: Satellites and Defense
While accessibility to space has increased dramatically, profitability is still mainly prevalent in two areas: satellites and defense.
· Satellites: Intuitive Machines (LUNR) rocketed more than 50% today after NASA awarded the company a deal valued up to $4.82 billion to provide satellites to NASA’s Artemis program. Meanwhile, AST SpaceMobile (ASTS), a company building a space-based cellular broadband network, is up nearly 500% year-to-date.
· Defense: U.S. defense spending jumped from $320 billion in 2000 to over $800 billion in 2024.The trend of higher defense spending is highly unlikely to subside, especially as the world’s superpowers jockey for dominance in space. As a result, defense contractors like Lockheed Martin (LMT) should continue to benefit.
AI Stocks
Artificial intelligence has been discussed by technologists for decades. However, like the space industry, until recently, the AI industry was a pipedream. However, monumental breakthroughs in the semiconductor industry, mainly from Nvidia (NVDA), have led to new possibilities and a burgeoning mega trend. Below are three AI areas to watch:
· Chatbots: OpenAI made headlines recently as news fundraising talks could value the ChatGPT operator at a mind-boggling $150 billion. Though OpenAI and its largest investor Microsoft (MSFT), have to make strides in profitability, investors should not ignore the area industry that brought industry that brought AI to the public conscience.
· Data Center & Utilities: Large, energy-sucking data centers are required to build AI models that run large language models (LLMs). Names like Vertiv (VRT), which is a leader in AI infrastructure, and utilities likeVistra (VST) are “picks and shovels” to the upcoming AI gold rush.
· Robotaxis and Robots: Autonomous driving has already proven safer than today’s distracted human drivers. Tesla (TSLA) and other autonomous vehicle makers will make the roads safer and generate revenue by cutting out the need for human drivers in ridesharing services like Uber (UBER). Meanwhile, Tesla’s visionary CEO Elon Musk promises to unveil the Tesla Bot” robot in the coming years (the robot is already completing tasks for Tesla). With labor costs increasing, robots could be a way for companies to cut costs.
Bottom Line
Technological advances are at the heart of the most significant stock market advances. As the wheels of innovation continue to turn, investors should focus their research on burgeoning megatrends in AI and space over the next decade.
Zacks Investment Research
Uber Technologies (UBER) closed the most recent trading day at $72.78, moving +1.76% from the previous trading session. The stock exceeded the S&P 500, which registered a gain of 0.03% for the day. At the same time, the Dow lost 0.04%, and the tech-heavy Nasdaq gained 0.2%.
Coming into today, shares of the ride-hailing company had lost 3.59% in the past month. In that same time, the Computer and Technology sector lost 1.2%, while the S&P 500 gained 1.54%.
Market participants will be closely following the financial results of Uber Technologies in its upcoming release. The company is forecasted to report an EPS of $0.39, showcasing a 290% upward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $11.01 billion, showing a 18.44% escalation compared to the year-ago quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.06 per share and revenue of $43.44 billion. These totals would mark changes of +21.84% and +16.53%, respectively, from last year.
Investors should also pay attention to any latest changes in analyst estimates for Uber Technologies. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.53% upward. Currently, Uber Technologies is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, Uber Technologies is currently trading at a Forward P/E ratio of 67.64. For comparison, its industry has an average Forward P/E of 30.5, which means Uber Technologies is trading at a premium to the group.
Meanwhile, UBER's PEG ratio is currently 1.27. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Internet - Services industry had an average PEG ratio of 2.16.
The Internet - Services industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 85, finds itself in the top 34% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Zacks Investment Research
Uber Technologies Inc. stock has had an impressive run this year, up a stellar 25.37% year-to-date and a whopping 57.36% in the past year.
The ride-hailing giant continues to dominate its competition, but some technical indicators suggest a potential slowdown as the stock nears a Death Cross. Yet, bulls remain undeterred, betting on Uber's unique position in the market.
Chart created using Benzinga Pro
Uber Expanding Safety Features
On the operational front, Uber has expanded its safety features, rolling out enhanced rider verification across the U.S. The new rider ID program and Record My Ride tool mark a shift in Uber's focus from riders to drivers, enhancing their safety while dealing with the ever-growing demand.
Drivers can now feel more secure knowing riders have passed additional verification steps, earning a “Verified” badge.
Uber’s scale and tech lead in a winner-take-all market, especially with partnerships like Waymo in the robotaxi space, giving the company a unique advantage. Plus, it has proven itself as a countercyclical business, with CEO Dara Khosrowshahi reaffirming during the latest earnings call that Uber can thrive even during economic downturns. However, concerns around interest rates and the potential disruption of robotaxis persist.
Read Also: Uber Stock Spikes As CEO Praises Waymo’s ‘Fully Autonomous Trips’
Uber Stock Nears A Death Cross
Technically, Uber's stock is sending mixed signals.
Chart created using Benzinga Pro
Uber stock is trading above its eight, 20, and 50-day exponential moving averages, suggesting a bullish trend. Yet, as the stock nears a Death Cross, with the 50-day moving average converging toward the 200-day moving average, traders should exercise caution.
Chart created using Benzinga Pro
With Uber stock’s price hovering around $73.32, signals are mixed. The MACD (Moving Average Convergence/Divergence) indicator stands at 0.42, pointing to a bullish sentiment, while the RSI (Relative Strength Index) is neutral at 57.54 but heading north towards overbought conditions.
Traders should keep a close eye on the Bollinger Bands and momentum, but for now, bulls seem ready to ride the wave, trusting Uber's long-term growth potential.
Read Next:
Photo: Daniel Fung/Shutterstock.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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