Market Pulse: Promising EV stocks to Watch & $10 Winners

The S&P 500 and Dow Jones Industrial Average retreated from record highs on Tuesday after consumer confidence data fell short of expectations. Consumer confidence dropped to 98.7 in September, marking its steepest one-month decline in over three years, well below the 104 forecasted by economists.

As of 11:24 AM ET, the Dow was up 109.043 points, or 0.2589%, at $42233.69. The Nasdaq Composite added 36.0293 points, or 0.1815%, at $19888.227. The S&P 500 rose 3.6 points, or 0.063%, at $5722.18. Among the 11 major S&P 500 sectors, 7 showed negative movement, with Energy leading the way with a -1.25% decrease.

However, China stocks outshined the market, with shares of U.S.-listed Alibaba and JD.com surging 5% and 8%, respectively, after Beijing announced new stimulus measures to spur economic growth. Industrial giant Caterpillar also saw a notable gain, rising over 3%.

Despite Tuesday's pullback, the major indexes remain on track for solid monthly gains. The Dow was up 1.4% in September, while the S&P 500 and Nasdaq rose 1% and 1.2% respectively, as investors remained optimistic that lower interest rates from the Federal Reserve would fuel economic growth and corporate profits.

Top Movers: Under $10

Seelos Therapeutics Inc (SEEL) is up 98.42% today to trade at the current level of $0.38. This comes after the company announced that it has partnered with the U.S. Army to supply SLS-002 for a Department of Defense trial assessing its effectiveness for PTSD treatment.

Maison Solutions Inc. (MSS) zoomed 83.22% in today’s trade to $1.31 after announcing financial results for the first quarter ended July 31, 2024.

In current trading, Banzai International Inc (BNZI) stock is at $8.41 following news that the company has reached agreements to write off up to $5.6 million in liabilities and restructure $19.2 million in debt, improving its financial position by amending credit terms and extending debt maturities.

XChange Tec.Inc. ADR (XHG) rose 112.27% in the early hours of today's trading to move at $1.32 after announcing entry into $25.0 million committed equity facility with VG Master Fund SPC.

In the current trading session, Wave Life Sciences Ltd. (WVE) jumped 47.75% to $7.89 over a previous close of $5.34. The company announced positive interim data from the ongoing Phase 2 FORWARD-53 study of WVE-N531, which is an exon skipping oligonucleotide being investigated in boys with Duchenne muscular dystrophy (DMD) who are amenable to exon 53 skipping.

Ex-Dividends Stocks

Armada Hoffler Properties Inc (AHH) 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 $0.2 per share. It has fixed September 25 as the record date for the same and will pay the actual dividend on October 03. Last year, the company distributed a total of $0.80 to its shareholders. Based on the last year's worth of payments, AHH has a trailing yield of 6.60% on the current stock price of $12.12.

Shares of Bank First Corp (BFC) will be the talk of stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.4 per share, and in the last 12 months, the company paid a total of $1.00 per share. Last year's total dividend payments show that BFC has a trailing yield of 1.11% on the current share price of $90.68.

Tomorrow, Flexsteel Industries, Inc. (FLXS) is also set to go ex-dividend tomorrow. The next dividend payment from FLXS will amount to $0.17 per share. September 25 has been designated as the record date for this dividend, with the actual payout scheduled for October 07. In the previous year, FLXS distributed a total of $0.60 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for FLXS stands at 1.39% based on the current stock price of $43.06.

Mercer International Inc. (MERC) will be paying out a dividend of $0.07 per share to shareholders holding their shares as of the close of the business hours on the record date of September 25. Over the past 12 months, MERC has paid out a total of $0.30 per share in dividends. Based on the total dividends paid out last year, MERC boasts an impressive trailing yield of 4.64% on the current share price of $6.46.

Crypto Market Highlights

• Crypto exchange Bybit introduces new products designed to meet the needs of Muslim investors in accordance with Islamic law. 

• Kraken finalizes its acquisition of Coin Meester, one of the oldest registered crypto brokers in the Netherlands, to bolster its European expansion.

• The Swedish Police Authority and FIU label cryptocurrency exchanges as “professional money launderers,” linking them to criminal activities based on their analysis of illegal service providers. 

• Green United LLC lost its attempt to dismiss an SEC lawsuit accusing its executives of running an $18 million fraudulent crypto mining scheme.

• Bitfarms and Riot Platforms resolve a governance conflict, leading to board changes, including Andrés Finkielsztain's resignation and Amy Freedman's appointment.

Most Shorted Stocks

Capricor Therapeutics Inc (CAPR) was one of the most shorted stocks as of latest short interest figures, with 23.36% 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 19.5. This represents a change of 470000 shares, which corresponds to a +6.71% increase in short interest. The total value of the shares held short is estimated to be around $60.88 million. The average daily volume stands at 425.35K shares, and the market capitalization of the company is $265.36M.

The Anavex Life Sciences Corporation with the symbol AVXL currently has a short interest of 22.91%. The short interest has changed by -360000 shares. The days to cover ratio stands at 17.8. The estimated value of the shares held short is approximately $106.06 million. On an average day, 984.49K shares are traded, with the company's market capitalization totaling $463.86M.

For the stock Designer Brands Inc (DBI), the current short interest is at 29.16%. This represents a significant short interest change of -320000 shares, corresponding to a short interest percentage decrease of -2.49%. The days needed to cover the short positions amount to 4.9. The approximate worth of the shares held short is $87.85 million.

With the symbol AI, the stock currently has a short interest of 22.71%. The short interest change is 2970000 shares, compared with a short interest percentage change of +11.71%. It would take approximately 7.0 days to cover all the short positions. The shares short value is estimated to be around $290.78 million. The company boasts an average daily volume of 3.86M shares, contributing to a market capitalization of $2.94B.

The stock EDIT has a current short interest of 21.90%. The short interest percentage has experienced increase of +6.57% while there was a change of 1110000 shares in short interest. The ratio indicating the time required to cover short positions is 9.4. The calculated worth of the shorted shares amounts to around $100.89 million. Trading activity averages at 1.79M shares per day, while the company's market capitalization stands at $293.63M.

EV Stocks to Watch

According to our ST Score evaluation, Cirrus Logic, Inc. (CRUS) emerges as a high-quality stock in the EV industry, attaining an impressive score of 59. The stock's profitability, financial strength, stock sentiment, and Piotroski Score are strong. However, its growth are weak. Additionally, it is neutral in terms of performance, and forecast.

Our ST Score also classifies Enersys (ENS) as a high-quality EV stock today, presenting a Score of 56. The stock has strong fundamentals in terms of profitability, performance, stock sentiment, and Piotroski Score. However, it has weak growth. The financial strength, and forecast are neutral.

Another stock in the category, Hyliion Holdings Corporation (HYLN) has the ST Score of 54, which means that the stock carries the potential for higher returns. The stock is strong in performance, and financial strength but weak in profitability, and forecast. Growth, stock sentiment, and piotroski score suggest a neutral outlook.

Skyworks Solutions, Inc. (SWKS) stock has the ST Score of 51 which implies that the EV company has a high probability of beating the market. The stock's strengths lie in its profitability, financial strength, and Piotroski Score, but its weaknesses are in its performance, and growth. However, it shows neutral outlook in stock sentiment, and forecast.

Freeport-McMoRan Inc (FCX) currently has the ST Score of 50, which signifies a huge upward potential. The EV stock's strong points are its profitability, stock sentiment, and Piotroski Score, while its weak points are its performance. The stock's growth, financial strength, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team