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Upstart Holdings, Inc. UPST shares rallied 7.3% in the last trading session to close at $37.69. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 13.2% loss over the past four weeks.
The optimism surrounding the stock can be attributed to Upstart’s growing partner network. The company’s artificial intelligence (AI)-based lending platform has been selected by several banks and credit unions, which is contributing well to the top line. Investors seem to be also very optimistic about recent launches across Upstart’s product portfolio powered by generative AI and machine learning, which might favor the company’s performance in the long run.
This company is expected to post quarterly loss of $0.14 per share in its upcoming report, which represents a year-over-year change of -180%. Revenues are expected to be $150.14 million, up 11.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Upstart, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on UPST going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy).
Upstart belongs to the Zacks Computers - IT Services industry. Another stock from the same industry, Stem, Inc. STEM, closed the last trading session 4.3% higher at $0.45. Over the past month, STEM has returned -23.5%.
Stem's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.18. Compared to the company's year-ago EPS, this represents a change of -5.9%. Stem currently boasts a Zacks Rank of #3 (Hold).
Zacks Investment Research
Financial stocks were edging higher premarket Tuesday as the Financial Select Sector SPDR Fund advanced by 0.2% recently.
The Direxion Daily Financial Bull 3X Shares was up 0.6% and its bearish counterpart Direxion Daily Financial Bear 3X Shares was 0.5% lower.
Upstart Holdings shares were up more than 1% after the company priced a private placement to eligible purchasers of $375 million of 2% convertible senior notes due 2029.
TPG's investor group TPG Angelo Gordon and other partners, including Stadium Capital said they have agreed to acquire a Dutch residential portfolio from European Residential REIT for about 695 million euros ($773.8 million). TPG shares were up 0.7% pre-bell.
Bank of America said it will redeem the $1.75 billion principal amount outstanding of 3.093% fixed/floating rate senior notes due October 2025 on Oct. 1. Bank of America shares advanced by 0.5% premarket.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust was up 0.2% and the actively traded Invesco QQQ Trust was 0.4% higher in Tuesday's premarket activity, ahead of the US Federal Reserve's two-day monetary policy-setting meeting starting today.
US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.4% before the start of regular trading.
The August retail sales bulletin will be released at 8:30 am ET, followed by the August industrial production release at 9:15 am ET.
The business inventories July report and the Housing Market Index for September are due at 10 am ET.
In premarket activity, bitcoin was up by 2.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF was 2.3% higher.
Power Play:
Industrial
Industrial Select Sector SPDR Fund , the Vanguard Industrials Index Fund , and the iShares US Industrials ETF were inactive.
Draganfly stock was up 5% before the opening bell after the company said an oil and gas company had selected Draganfly and Nightingale Security to develop an automated drone system for infrastructure monitoring.
Winners and Losers:
Health Care
The Health Care Select Sector SPDR Fund advanced 0.1%. The Vanguard Health Care Index Fund was inactive while the iShares US Healthcare ETF slipped 0.2%. The iShares Biotechnology ETF was inactive.
Nuvalent shares were down nearly 2% premarket after the company said late Monday it priced an underwritten public offering of 5 million Class A common shares at $100 apiece for expected gross proceeds of $500 million.
Energy
The iShares US Energy ETF was inactive, while the Energy Select Sector SPDR Fund was up by 0.1%.
Greenfire Resources shares were up 3.3% before Tuesday's opening bell after Waterous Energy Fund Management said Monday that it agreed to acquire a more than 43% stake in Greenfire from Allard Services, Annapurna and Modro Holdings for 327.8 million Canadian dollars ($241.1 million).
Technology
Technology Select Sector SPDR Fund advanced 0.8%, and the iShares US Technology ETF was flat, while the iShares Expanded Tech Sector ETF was up 1.9%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF was inactive, while the iShares Semiconductor ETF rose by 1%.
Microsoft shares were up 1.8% in recent Tuesday premarket activity after the company said late Monday the board increased its quarterly dividend by 10% to $0.83 per share and approved a new stock repurchase plan for up to $60 billion.
Consumer
The Consumer Staples Select Sector SPDR Fund was down 0.4%, while the Vanguard Consumer Staples Fund slipped 0.2%. The iShares US Consumer Staples ETF was flat. The Consumer Discretionary Select Sector SPDR Fund and the VanEck Retail ETF were inactive, while the SPDR S&P Retail ETF was 0.5% higher.
Polestar shares were up 1.7% pre-bell after the company said it has regained compliance with Nasdaq's minimum bid price rule for continued listing on the stock exchange.
Financial
Financial Select Sector SPDR Fund advanced 0.1%. Direxion Daily Financial Bull 3X Shares was up 0.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares was down 0.1%.
Upstart Holdings shares were up 1.4% pre-bell after the company priced a private placement to eligible purchasers of $375 million of 2% convertible senior notes due 2029.
Commodities
Front-month US West Texas Intermediate crude oil gained 0.1% to reach $70.17 per barrel on the New York Mercantile Exchange. Natural gas was up 0.2% at $2.38 per 1 million British Thermal Units. United States Oil Fund retreated by 0.1%, while the United States Natural Gas Fund advanced by 0.7%.
Gold futures for December were down 0.1% at $2,605.20 an ounce on the Comex, while silver futures slipped 0.1% to reach $31.10 an ounce. SPDR Gold Shares declined by 0.2%, and iShares Silver Trust was 0.1% higher.
U.S. stock futures were mixed this morning, with the Dow futures gaining around 100 points on Monday.
Shares of iTeos Therapeutics, Inc. fell sharply in today's pre-market trading.
The company announced follow-up interim data from GALAXIES Lung-201.
iTeos Therapeutics shares dipped 13.7% to $14.40 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
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The robotics market is booming, with projections calling for a 15.1% CAGR to $169.8 billion by 2032. As a major player, in the global market, the U.S. is expected to rake in $784.6 billion from robotics in 2024 alone, largely due to advancements in artificial intelligence (AI) and automation - and especially generative AI, which has been making headlines.
Money is pouring into robotics companies, too. In July, investments totaled $1.3 billion across 47 deals. One standout example is Serve Robotics , whose stock jumped over 300% in a month after NVIDIA invested $3.7 million.
But if you're thinking about making a robotics investment of your own, it's not necessary to speculate on individual stocks. There are ETFs (exchange-traded funds) that offer broader exposure to the robotics and AI theme, allowing investors to benefit from this megatrend over time. Let's look at three top funds that each take a slightly different approach to investing in robotics.
ROBO Global Robotics & Automation Index ETF (ROBO)
The ROBO Global Robotics & Automation Index ETF is a solid choice for investors seeking exposure to the robotics and automation sectors. Launched in 2013, ROBO is one of the largest and most established robotics ETFs, with $1.07 billion in assets under management.
ROBO tracks the ROBO Global Robotics and Automation Index, which measures the performance of companies in the global robotics and automation industry. The fund holds a diverse portfolio of 79 stocks, with no single holding accounting for more than 2.2% of the ETF's value.
The fund's top holdings include well-known names in the robotics and automation field. Intuitive Surgical , the maker of the da Vinci surgical robot, is among the top five holdings at 2.20%. Other notable companies in the top 5 include wireless sensor specialist Samsara (2.20%), ServiceNow Inc. (2.13%), motion control tech company Novanta Inc. (1.99%), and automation firm Zebra Technologies Corp. (1.99%).
ROBO's performance has been mixed in recent years. While it has shown promise in capturing the growth potential of the robotics and automation sector, it has underperformed the broader S&P 500 Index since its inception. ROBO is down 8.1% on a year to date basis, though the stock's roughly 12% pullback from its annual high may provide an appealing entry point.
ROBO's expense ratio is 0.95%, which is relatively high, but understandable given the fund's specialized focus. Investors also get a small dividend yield of 0.05%.
First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT)
The First Trust Nasdaq Artificial Intelligence and Robotics ETF is an attractive option for investors looking to gain exposure to the growing AI and robotics sectors. Launched on Feb. 21, 2018, ROBT tracks the Nasdaq CTA Artificial Intelligence and Robotics Index, focusing on companies involved in AI, robotics, and automation across various industries.
With around $463.7 million in AUM, ROBT is a smaller fund compared to some of its peers, but it's been steadily growing, with a net inflow of $30.56 million over the past year. This growth shows increasing investor interest in the potential of AI and robotics technologies.
The ETF holds a diverse portfolio of 114 stocks, which provides broad exposure to the sector while mitigating single-stock risk. Top holdings feature big names like new S&P 500 member Palantir Technologies (2.96%), AI fintech platform Upstart Holdings (2.51%), cloud software company ServiceNow (2.41%), cybersecurity stock SentinelOne (2.37%), and genetic testing specialist Illumina Inc. (2.25%). The ETF's passive management style aims to replicate the performance of its underlying index, giving investors a comprehensive view of the sector's potential.
ROBT is down 10% in 2024, providing an opportunity to buy the dip in this growth-focused ETF.
One of ROBT's strengths is its relatively low expense ratio of 0.65%, which is competitive for a specialized thematic ETF. This lower cost structure can help preserve returns for investors over the long term.
ROBT also offers a modest dividend yield of 0.28%, paid quarterly. While not substantial, this provides a small income stream for investors, which is uncommon among many growth-oriented tech ETFs.
For investors seeking targeted exposure to AI and robotics while tempering the risks associated with picking individual stocks, ROBT offers a balanced approach with its mix of established and emerging companies in the field.
Global X Robotics & Artificial Intelligence ETF (BOTZ)
The Global X Robotics & Artificial Intelligence ETF is a popular choice for investors seeking to capitalize on the growth potential of robotics and AI. Launched in 2016, BOTZ tracks the Indxx Global Robotics & Artificial Intelligence Thematic v2 Index, which focuses on companies that could benefit from increased adoption and utilization of robotics and artificial intelligence.
BOTZ has a significant asset base of $2.55 billion, making it one of the largest robotics ETFs. The fund holds a concentrated portfolio of 44 stocks, with a strong emphasis on large-cap companies, which account for 51.5% of its holdings.
The top five holdings include global tech industry leaders NVIDIA (11.04%), Intuitive Surgical (10.64%), Swiss automation giant ABB Ltd (9.96%), Japanese sensor specialist Keyence Corp (8.05%), and Tokyo-based automation company SMC Corp (5.79%). This diverse mix across various industries and regions helps reduce risk, while providing exposure to the key players driving innovation in robotics, AI, and automation.
Performance-wise, BOTZ has been on a slow but steady upward trend over the past year, with a 52-week gain of 15.1%. Its 2024 performance has been more modest, with a 4.8% gain, but the ETF has outperformed its rival robotics ETFs - likely due to its heavy NVDA exposure. That said, with BOTZ down 11% from its March highs, investors can still buy the dip on this ETF.
BOTZ also has a relatively low expense ratio of 0.68%, which is competitive for a thematic ETF. The fund offers a modest dividend yield of 0.16%, making it more suitable for growth-oriented investors rather than those seeking income.
Conclusion
In conclusion, with the robotics, automation, and AI industries poised for significant long-term growth, investing in ETFs like ROBO, ROBT, and BOTZ offers a smart way to tap into this exciting trend. Each fund has its own twist, from ROBO's broad market approach to BOTZ's concentrated bet on industry leaders. While the returns have been muted so far, the explosive growth potential in robotics and AI makes them worth a look for patient investors with a longer-term time frame.
On the date of publication, Ebube Jones did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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