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Shopify (SHOP) +12%, Blink Charging (BLNK) +13% during Friday’s trading
Shopify (SHOP) and Blink Charging (BLNK) were the big winners on the stock market on Friday, but Nvidia (NVDA) was flat after a rating downgrade.
Shopify (SHOP) and Blink Charging (BLNK) were among the companies making notable share gains during trading in the US on Friday after positive updates on performance.
Shopify closed 11.79% higher at $1,666.02 in New York after fintech company Affirm (AFRM) revealed that the number of active merchants on its platform surged twelvefold to 102,000 thanks to Shopify tech.
Blink Charging also jumped 12.67% to $40.01 on the Nasdaq as investors reacted favourably to what appeared to be a mixed Q3 report at first glance.
While the electric car company’s $0.36 per share loss was wider than the -$0.28 Wall Street consensus and -$0.12 figure from a year ago, a 600% spike in revenue to $6.4m handily beat the $4.7m forecasts.
Elsewhere, DoorDash (DASH) climbed 8.16% to $245.97 on the news that it was partnering with Dollar General (DG) to deliver household essentials via its app following a successful summer trial.
While those companies were trading up, Nvidia (NVDA) shares were flat after Wedbush downgraded the semiconductor company’s rating to neutral due to what it perceives to be an overinflated valuation.
However, analyst Matt Bryson followed up by adding $80 to a new, higher $300 price target.
Bryson said that Wedbush is currently “very bullish on both Nvidia’s near term prospects and longer term opportunities (particularly around Artificial Intelligence)”.
The sticking point for Wedbush is the “multiple” that it uses to justify its price target for stocks, which in this instance did not match up to a higher rating.
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