Here’s Why SAP, Pegasystems, Magnite Dominated Retail Chatter On Stocktwits Among Tech Stocks

SAP saw retail chatter surge 2,650% in 24 hours after the company reported better-than-expected second-quarter earnings.

The tech-heavy Nasdaq Composite Index broke its six-day run of gains and closed just below its record level.

Here are the top three tech companies that saw the highest retail chatter on Stocktwits in the last 24 hours.

1. SAP (SAP): The German software giant saw retail chatter surge 2,650% in 24 hours after the company reported better-than-expected second-quarter (Q2) earnings.

Retail sentiment around SAP shifted to ‘neutral’ (46/100) from ‘bullish’ territory the previous day. Message volume jumped to the highest level year-to-date, to ‘extremely high’ (91/100) from ‘high’ levels in the last 24 hours.

A Stocktwits user believes the stock is overvalued.

The company’s Q2 revenue increased 9% year-over-year (YoY) to Є9.02 billion ($10.58 billion), slightly below the analysts' consensus estimate of Є9.08 billion, according to Fiscal AI data. 

The earnings per share (EPS) of Є1.45 matched the consensus.

SAP stock traded over 4% lower in Wednesday’s premarket. The stock has gained over 24% year-to-date and over 42% in the last 12 months.

2. Pegasystems Inc. (PEGA): The workflow automation platform saw retail message count explode by 900% in 24 hours after better-than-expected Q2 earnings.

Retail sentiment toward Pegasystems improved to ‘extremely bullish’ (94/100) from ‘bullish’ territory the previous day. Message volume levels jumped as well to ‘extremely high’ (82/100) from ‘normal’ levels in the last 24 hours.

Both retail sentiment and message volume reached a month-high.

The company’s Q2 revenue climbed 9% YoY to $384.5 million, surpassing the analysts' consensus estimate of $363.13 million, as per Fiscal AI data. Earnings per share (EPS) of $0.28 also beat the consensus estimate of $0.24.

Pegasystems stock traded over 3% lower in premarket on Wednesday. The stock gained over 9% year-to-date and 62% in the last 12 months.

3. Magnite Inc. (MGNI): The online advertising firm witnessed retail chatter increase 650% in 24 hours. Retail sentiment toward the stock remained in ‘bearish’ territory amid ‘normal’ message volume levels.

The company on Wednesday partnered with Dentsu in the Europe, the Middle East and Africa (EMEA) region to enhance media supply chain innovation. 

Dentsu will utilize Magnite’s video-focused technology to improve its Total TV strategy and advance its goal of a data-driven, automated advertising approach.

Magnite stock traded over 1% higher in Wednesday’s premarket.

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