Stocks In The News: TYDE, PGY, ENPH
2:55 pm Wednesday, July 27th, 2022
With the rise of cryptocurrencies over the trailing year-and-a-half period sparking interest in decentralized protocols, shares of Web 3.0 specialist Cryptyde (NASDAQ:TYDE) have generated some niche interest. However, TYDE stock skyrocketed around 60% this morning before settling into a rise of about 41% in early afternoon trading. The catalyst? Most signs point to a massive short squeeze. To quickly recap, bearish traders can profit from declines in equity prices by shorting them or selling borrowed securities in the hopes of recouping them at a lower cost than the initial transaction price, thus pocketing the difference. Shorting can present powerful tools of profitability, though the risk is always that the underlying securities can rise in value, theoretically creating unlimited liability.
Pagaya Technologies (NASDAQ:PGY) stock is rocketing higher on Wednesday despite a lack of news from the artificial intelligence (AI) credit analysis company. PGY stock has seen massive gains over the last week with shares currently trading at about $21.65 as of Wednesday afternoon. To put that in perspective, the company’s stock was only valued at $5.35 per share when markets closed last Thursday. So what’s behind the major increase in PGY share prices? The company filed a prospectus last week for a stock offering. That sent off speculation that a potential takeover of the company was in the works.
Long relevant for its ability to facilitate savings, the shifting conditions associated with climate change may continue to undergird solar energy specialist Enphase Energy (NASDAQ:ENPH). ENPH stock is up 18% heading into the afternoon session on strong results associated with the company’s Q2 2022 earnings report. Beating expectations for the top and bottom lines, Enphase is one of the rare companies with an encouraging outlook this year. Specifically developing microinverters, battery storage systems and energy generation monitoring software, Enphase is indeed a company to watch. In Q2, it delivered earnings per share (EPS) of $1.07. This beat the consensus estimate of 83 cents. Furthermore, the latest tally compares very favorably to the EPS of 53 cents posted in the year-ago quarter. Per Zacks Equity Research, Enphase surpassed consensus EPS estimates four times over the last four quarters.
