Key Stock Losers: PLUG, GME, HKIB
3:42 pm Monday, January 24th, 2022
Plug Power (NASDAQ:PLUG) plunges within a few cents of a 52-week low amid broad weakness in residential solar and alternative energy stocks, as Truist slashes its price target to $27 from $44 and cuts PTs on several solar stocks, citing U.S. policy uncertainty and a shift in investor risk premiums for all alt energy names in the current interest rate environment. While the alternative energy space tends to see seasonal strength around this time, Truist analyst Tristan Richardson says the rising rate environment, which is making growth stocks less attractive, and risks associated with supply chain dynamics are weighing on the sector.
GameStop (NYSE:GME) is down 14.47% in morning trading amid widespread selling in some of retail investors’ favorite stocks of 2021. GameStop is now down more than 38% in 2022 and trades more than 80% below its 52-week high. Volume on GameStop (GME) after two hours of trading is 2.5M shares. Looking ahead, the retailer is not expected to report earnings until at least the middle part of March. Investors will be watching for more specific details from GameStop (GME) management on the plan to enter the NFT market and become involved in blockchain technologies.
AMTD International (NYSE:HKIB) signs share purchase agreements to raise its equity interest in AMTD Digital to 97.1%, up from its current holding of 14.4%. Hong Kong’s investment holding company, AMTD International said Monday it will purchase a total of 31.73M Class A ordinary shares and 24.20M Class B ordinary shares, priced at $17.75 per AMTD Digital share. That represents a company valuation of $1.2B for AMTD Digital, which is a subsidiary of AMTD Group operating as a one-stop digital solutions platform in Asia.
