VNET, Trident Digital, MicroAlgo, HUBC, BigCommerce: These 5 IT Services Stocks Saw The Biggest Jump In Weekly Retail Chatter
Synopsis
Some IT services stocks managed to keep retail investors buzzing last week despite a downturn in the broader markets.
VNET Group Inc. (300% Jump In Message Volume)
The company had a mixed fourth quarter, with earnings missing expectations while revenue topped estimates.
VNET posted a loss of $0.01 per share, while Wall Street expected earnings per share (EPS) of $0.03. Its revenue stood at $310.37 million, surpassing an estimate of $284.04 million.
This prompted analysts at Citi to hike the price target for VNET to $20 from $16.10, according to The Fly. The brokerage maintained a ‘Buy’ rating on the stock and noted that the $43 million bond issuance should remove the overhang from the stock.
VNET’s stock has gained nearly 146% year-to-date (YTD).
Trident Digital Tech Holdings Ltd. (100% Jump In Message Volume)
The company’s stock was in focus last week after it signed an implementation pact with the Democratic Republic of the Congo.
Under this agreement, Trident will deploy a national digital identity system, allowing the government to render certain services to its citizens.
Apart from developing this system, Trident will also be responsible for creating and implementing an authentication system to ensure the government has a secure service delivery infrastructure.
The stock is down over 55% YTD.
MicroAlgo Inc. (52% Jump In Message Volume)
The company announced that it has developed a quantum neural network-based intelligent search system that promises to make data searches with large databases faster and more efficient.
The technology uses feature extraction and pattern recognition to make data search and retrieval more accurate, the company said.
The stock is up nearly 8% YTD.
Hub Cyber Security Ltd. (50% Jump In Message Volume)
The company received an extension of 14 days to be in compliance with Nasdaq’s minimum bid price requirement to remain listed on the Nasdaq stock market.
Hub Cyber Security offers encrypted computing technologies and data theft prevention to its clients. It now has until Apr. 14, 2025 to be in compliance with Nasdaq’s requirements, which mandate that the stock should trade at $1.00 or higher for 10 consecutive trading days.
The stock is down nearly 38% YTD.
BigCommerce Holdings Inc. (17% Jump In Message Volume)
Ellen Siminoff, one of the company’s directors, acquired $1.18 million in common stock last week, ahead of the company’s investor day event.
Its management was also scheduled to meet brokerage firm Oppenheimer to lay out the company’s recent performance and future outlook, among other things.
Analysts at Needham maintained a price target of $10 and a ‘Buy’ rating on the BigCommerce stock, according to Investing.com, implying an upside of nearly 67% from Friday’s closing price.
The stock is down 2% YTD.
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