Midday Brief: High-Potential $10 & EV Stocks

Stocks had a mixed start on Tuesday, with large technology firms like Nvidia leading the gains.

As of 11:33 AM ET, the Dow was down -262.8203 points, or -0.6669%, at $39148.39. The Nasdaq Composite added 200.9961 points, or 1.0321%, at $19675.615. The S&P 500 rose 16.4897 points, or 0.3027%, at $5464.36. Among the 11 major S&P 500 sectors, 6 showed positive movement, with Communication Services leading the way with a 1.67% increase.

The yield on the 2-year Treasury note rose to 4.74%, while the 10-year yield increased to 4.24%.

Federal Reserve Governor Michelle Bowman made hawkish remarks in London this morning, but according to Andrew Brenner, head of international fixed income at NatAlliance Securities, these comments didn't significantly impact the markets.

Additionally, the Conference Board is set to release consumer confidence data at 10 a.m. ET, and traders are closely watching the auction of 2-year Treasury notes.

Top Movers: Under $10

La Rosa Holdings Corp (LRHC) is up 44.67% today to trade at the current level of $2.17. This comes after the company announced that it intends to white label its proprietary artificial intelligence system, JAEME. JAEME, part of La Rosa’s My Agent Account, was launched in October 2023.

Bit Digital Inc (BTBT) zoomed 34.32% in today’s trade to $3.26 after announcing that it has finalized an agreement to supply an existing customer with an additional 2,048 GPUs over a three-year term commencing upon deployment.

In current trading, Soluna Holdings Inc (SLNH) stock is at $8.52 following news that it has successfully raised a credit facility of $12.5 million at its new subsidiary Soluna Cloud, Inc., marking the completion of the first tranche in a larger fundraising effort led by BitOoda Technologies and Imperial Capital.

Kaival Brands Innovations Group Inc (KAVL) rose 16.53% in the early hours of today's trading to move at $1.41. The company recently announced the closing of a $6.0 million public offering.

In the current trading session, Core Scientific Inc (CORZ) jumped 8.53% to $9.48 over a previous close of $8.73 after announcing new contract with CoreWeave for delivery of approximately 70 MW of additional infrastructure to host high-performance computing operations.

Ex-Dividends Stocks

Mercer International Inc. (MERC) is about to trade ex-dividend tomorrow, meaning that investors who buy the stock after tomorrow will not be eligible for the next dividend payment. The company's next dividend payment will be $0.07 per share. It has fixed June 26 as the record date for the same and will pay the actual dividend on July 03. Last year, the company distributed a total of $0.30 to its shareholders. Based on the last year's worth of payments, MERC has a trailing yield of 3.48% on the current stock price of $8.63.

Another stock that is shelling out dividends tomorrow is Prospect Capital Corp (PSEC), having a market capitalization of $2.33B. It will pay a dividend of $0.06 per share, the payment date of which is July 18. Currently, the stock is trading at a trailing dividend yield of 12.90%.

Shares of Zimmer Biomet Holdings Inc (ZBH) will be the talk of the stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.24 per share, and in the last 12 months, it paid a total of $0.72 per share. Last year's total dividend payments show that ZBH has a trailing yield of 0.67% on the current share price of $108.13.

Armada Hoffler Properties Inc (AHH) is also set to go ex-dividend tomorrow. The next dividend payment from AHH will amount to $0.2 per share. June 26 has been designated as the record date for this dividend, with the actual payout scheduled for July 05. In the previous year, AHH distributed a total of $0.79 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for AHH stands at 7.24% based on the current stock price of $10.91.

Bank First Corp (BFC) will be paying out a dividend of $0.35 per share to shareholders holding their shares as of the close of the business hours on the record date of June 26. Over the past 12 months, BFC has paid out a total of $0.95 per share in dividends. Based on the total dividends paid out last year, BFC boasts an impressive trailing yield of 1.20% on the current share price of $79.22.

Crypto Market Highlights

• Solana’s Colosseum closed a $60 million funding round to develop its accelerator program for startups.
  

• Over half of institutional investors in Japan plan to invest in the crypto sector within the next three years, according to a survey by Nomura Holdings and Laser Digital.
  

• Bybit exchange has overtaken Coinbase to become the world’s second-largest cryptocurrency exchange by trading volume. 
  

• The Solana Foundation introduced Solana Actions and blockchain links (“blinks”), enabling any website to perform Solana transactions via a shareable link.
  

• MakerDAO announced a $1.35 million audit contest, the largest of its kind, for its decentralized finance lending protocol.

Most Shorted Stocks

Beyond Meat Inc (BYND) was one of the most shorted stocks as of the latest short interest figures, with 39.81% short interest. The days to cover ratio, a measure of how long it would take for all the short positions to be covered based on average trading volume, is 9.7. This represents a change of -660000 shares, which corresponds to a -2.66% decrease in short interest. The total value of the shares held short is estimated to be around $161.32 million. The average daily volume stands at 2.45M shares, and the market capitalization of the company is $433.33M.

The Arbor Realty Trust Inc. with the symbol ABR currently has a short interest of 37.77%. The short interest has changed by -3140000 shares. The days to cover ratio stands at 18.4. The estimated value of the shares held short is approximately $1.01 billion. On an average day, 3.75M shares are traded, with the company's market capitalization totaling $2.67B.

For the stock Trupanion Inc (TRUP), the current short interest is at 38.78%. This represents a significant short interest change of -250000 shares, corresponding to a short interest percentage decrease of -2.12%. The days needed to cover the short positions amount to 15.8. The approximate worth of the shares held short is $316.15 million.

With the symbol CUTR, the stock currently has a short interest of 36.67%. The short interest change is -80000 shares, compared with a short interest percentage change of -1.07%. It would take approximately 8.3 days to cover all the short positions. The shares short value is estimated to be around $16.14 million. The company boasts an average daily volume of 770.51K shares, contributing to a market capitalization of $28.14M.

The stock MPW has a current short interest of 34.28%. The short interest percentage has experienced a decrease of -0.23% while there was a change of -480000 shares in short interest. The ratio indicating the time required to cover short positions is 10.9. The calculated worth of the shorted shares amounts to around $34.79 million. Trading activity averages at 16.86M shares per day, while the company's market capitalization stands at $2.83B.

Top EV Stocks

According to our ST Score evaluation, Enersys (ENS) emerges as a high-quality stock in the EV industry, attaining an impressive score of 55.0. The stock's profitability, stock sentiment, and Piotroski Score are strong. However, its growth and financial strength are weak. Additionally, it is neutral in terms of value, performance, and forecast.

Our ST Score also classifies Niu Technologies ADR (NIU) as a high-quality EV stock today, presenting a Score of 49.0. The stock has strong fundamentals in terms of valuation, and profitability. However, it has a weak Piotroski Score. The performance, growth, financial strength, stock sentiment, and forecast are neutral.

Another stock in the category, Baidu Inc ADR (BIDU) has the ST Score of 50.0, which means that the stock carries the potential for higher returns. The stock is strong in valuation, profitability, and Piotroski Score but weak in growth, and financial strength. Performance, stock sentiment, and forecast suggest a neutral outlook.

Kandi Technologies Group Inc (KNDI) stock has the ST Score of 47.0 which implies that the EV company has a high probability of beating the market. The stock's strengths lie in its financial strength, but its weaknesses are in its Piotroski Score. However, it shows a neutral outlook in value, profitability, performance, growth, stock sentiment, and forecast.

Toyota Motor Corporation ADR (TM) currently has the ST Score of 51.0, which signifies a huge upward potential. The EV stock's strong points are its profitability, and Piotroski Score, while its weak points are its growth, and financial strength. The stock's value, performance, stock sentiment, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team