Today’s Top Performers
Top stock gainers
Robinhood Markets (NASDAQ:HOOD) shares rose over 10% after posting a surprise Q4 profit as trading activity returned and MAUs exceeded forecasts. Management also noted faster deposit growth than last year. Vlad Tenev, the CEO, said, “We’re off to an even better start in 2024, as we’ve already brought in more Funded Customers and Net Deposits through the first half of Q1 than we did in all of Q4 2023.” The business anticipates FY2024 operating expenses between $1.85B and $1.95B, below the Visible Alpha consensus of $1.95B.
Lyft (NASDAQ:LYFT) shares rose 15% on Wednesday after closing 2% down after a 60% jump on Tuesday due to an error in the company’s quarterly earnings report that overestimated 2024 Adjusted EBITDA margin improvement by 10 times. In a call with investors and analysts, CFO Erin Brewer clarified that the rise will be 50 bps, not 500 bps.Lyft expected 1Q24 gross bookings of $3.5B to $3.6B and adjusted EBITDA of $50M to $55M. The corporation also stated that 2024 would be its first year with positive free cash flow.
Top stock losses
Upstart Holdings (NASDAQ:UPST) plummeted 18% as its revenue guidance missed market expectations despite topping consensus in Q4. The AI-driven bank and credit union lending platform predicts Q1 revenue of $125M, below the $151.3M average. We estimate $133M in fees and $8M in net interest losses. From 63% in Q4, the company’s contribution margin is expected to be 61% in Q1.
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