Stocks In News: SE, MMAT, TWST
3:31 pm Tuesday, November 15th, 2022
Though one of the worst-hit publicly traded companies of the year so far, Singapore-based Sea Limited (NYSE:SE) encouraged embattled stakeholders with a remarkable single-day performance. Essentially, losses for its third-quarter earnings report came in conspicuously lower than analysts initially anticipated. Combined with management’s renewed focus on profitability rather than outright growth, SE stock jumped as much as 40%, extending gains dramatically throughout the day. According to the company’s press release, Sea generated revenue of $3.2 billion, representing a year-over-year (YOY) lift of 17.4%. Total gross profit came out to $1.2 billion, up 21.7% YOY. On the bottom line, total net loss amounted to $569.3 million, flat against the year-ago period but improved 38.9% quarter-over-quarter sequentially.
Meta Materials (NASDAQ:MMAT) stock is on the move Tuesday as investors react to a couple of pieces of news about the company. To start with, there’s been talk among traders that MMAT stock could be in the sights of retail traders. This has many expecting a short squeeze to take place. Today’s movement could be the start of that and may lead to additional gains. Backing up this idea is MMAT stock seeing heavy trading today. As of this writing, more than 19 million shares of the company’s stock have changed hands. For the record, its daily average trading volume is closer to 7.9 million shares.
Today, we’re witnessing an example of how a short report can impact a stock. Reportedly, activist short seller Scorpion Capital just published a report about Twist Bioscience (NASDAQ:TWST). You might be shocked to discover the price target that Scorpion has placed on TWST stock, along with the accusations in the short report. California-based Twist Bioscience provides synthetic DNA-based products. This might sound intriguing to prospective investors. However, not everyone is convinced that Twist Bioscience is deploying synthetic biology in a way that will benefit all stakeholders.
