Upcoming IPOs: Midday Winners Under $10

Stocks edged lower Monday after Moody’s downgraded the U.S. credit rating late Friday, sending Treasury yields sharply higher and rattling investor sentiment. The agency cut its rating one notch to Aa1 from Aaa, citing the mounting federal deficit and rising risks associated with refinancing U.S. debt in a high-interest-rate environment, bringing Moody’s in line with other major ratings firms.

As of 11:30 AM ET, the Dow was down -65.52 points, or -0.1536%, at $42589.22. The Nasdaq Composite lost -84.35 points, or -0.39%, at $21343.58. The S&P 500 declined -17.2 points, or -0.29%, at $5941.18. Among the 11 major S&P 500 sectors, 10 showed positive movement, with Utilities leading the way with a 1.77% increase.  

While equities initially sold off, losses narrowed as yields pulled back from their session highs. With borrowing costs in focus, traders now see the prospect of new trade deals as essential to sustaining the market’s recent rebound, provided rising yields don’t derail investor appetite.

Top Movers: Under $10 

Protagenic Therapeutics Inc (PTIX) is up 274.26% today to trade at the current level of $11.34. This comes after the company announced a definitive share exchange agreement with Phytanix Bio Inc.

DigiAsia Corp (FAAS) zoomed 110.21% in today’s trade to $0.41 after announcing its strategic decision to establish a Bitcoin (BTC) treasury reserve as approved by its Board of Directors.

In current trading, NWTN Inc (NWTN) stock is at $2.96 following the announcement of the appointment of Mr. Benjamin Zhai as Executive Director of the Board and Global Chief Executive Officer.

SRX Health Solutions Inc (SRXH) rose 23.22% in the early hours of today's trading to move at $0.59 after announcing further diversifying its treasury strategy with the purchase of Ethereum (ETH).

In the current trading session, Brainstorm Cell Therapeutics, Inc (BCLI) jumped 17.42% to $1.55 over a previous close of $1.32 after announcing that the FDA has cleared the company to initiate its Phase 3b clinical trial of NurOwn® (autologous MSC-NTF cells) for the treatment of amyotrophic lateral sclerosis (ALS).

Ex-Dividends Stocks

Bloomin Brands Inc (BLMN) 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 $0.15 per share. It has fixed May 20 as the record date for the same and will pay the actual dividend on June 04. Last year, the company distributed a total of $0.87 to its shareholders. Based on last year's worth of payments, BLMN has a trailing yield of 10.45% on the current stock price of $8.32.

Another stock that is shelling out dividends tomorrow is Iradimed Corp (IRMD), having a market capitalization of $682.16M. It will pay a dividend of $0.17 per share, the payment date of which is May 30. Currently, the stock is trading at a trailing dividend yield of 1.16%.

Shares of Regeneron Pharmaceuticals, Inc (REGN) will be the talk of the stock market on Tuesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.88 per share, and in the last 12 months, it paid a total of $0.88 per share. Last year's total dividend payments show that REGN has a trailing yield of 0.15% on the current share price of $588.75.

Fidelity D&D Bancorp, Inc (FDBC) is also set to go ex-dividend tomorrow. The next dividend payment from FDBC will amount to $0.4 per share. May 20 has been designated as the record date for this dividend, with the actual payout scheduled for June 10. In the previous year, FDBC distributed a total of $1.56 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for FDBC stands at 3.72% based on the current stock price of $41.98.

Hennessy Advisors Inc (HNNA) will be paying out a dividend of $0.14 per share to shareholders holding their shares as of the close of the business hours on the record date of May 20. Over the past 12 months, HNNA has paid out a total of $0.55 per share in dividends. Based on the total dividends paid out last year, HNNA boasts an impressive trailing yield of 5.28% on the current share price of $10.42.

Crypto Market Highlights

• Chinese printer maker Procolored reportedly distributed Bitcoin-stealing malware via its official drivers, according to local media. 

• Strategy (formerly MicroStrategy) purchased nearly $765 million in Bitcoin last week amid an ongoing class-action lawsuit. 

• Revolut plans to invest over €1 billion ($1.1 billion) in France and is applying for a local banking license. 

• Dubai’s crypto regulator has set a June 19 deadline for licensed digital asset firms to comply with updated Rulebooks aimed at boosting market integrity and risk oversight. 

• Tether has surpassed Germany in U.S. Treasury bill holdings, highlighting its diversified reserve strategy amidst crypto market volatility. 

Most Shorted Stocks

Rocket Companies Inc (RKT) was one of the most shorted stocks as of the latest short interest figures, with 31.58% 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 4.7. This represents a change of 17930000 shares, which corresponds to a +69.71% increase in short interest. The total value of the shares held short is estimated to be around $560.9 million. The average daily volume stands at 12.46M shares, and the market capitalization of the company is $25.71B.

The Solaredge Technologies Inc with the symbol SEDG currently has a short interest of 31.34%. The short interest has changed by -2680000 shares. The days to cover ratio stands at 4.6. The estimated value of the shares held short is approximately $386.96 million. On an average day, 4.57M shares are traded, with the company's market capitalization totaling $1.27B.

For the stock American Rebel Holdings Inc (AREB), the current short interest is at 34.25%. This represents a significant short interest change of 321400 shares, corresponding to a short interest percentage increase of +76.18%. The days needed to cover the short positions amount to 0.1. The approximate worth of the shares held short is $1.84 million.

With the symbol CLSK, the stock currently has a short interest of 31.76%. The short interest change is -3900000 shares, compared with a short interest percentage change of -4.30%. It would take approximately 3.4 days to cover all the short positions. The shares short value is estimated to be around $7.23 million. The company boasts an average daily volume of 25.45M shares, contributing to a market capitalization of $2.73B.

The stock OMH has a current short interest of 54.51%. The short interest percentage has experienced an increase of +1,528.10% while there was a change of 690700 shares in short interest. The ratio indicating the time required to cover short positions is 0.5. The calculated worth of the shorted shares amounts to around $154.52 million. Trading activity averages at 1.54M shares per day, while the company's market capitalization stands at $4.26M.

Upcoming IPOs

Pelican Acquisition Corporation (PELI) is all set for its debut on the NASDAQ exchange on May 20. The shares will be offered at a fixed price of $10.00 per share. With a total of 7,500,000 shares available, the company aims to raise approximately $75.00M through this IPO.

OFA Group (OFAL) will be entering the market with its IPO on May 21, on the NASDAQ exchange. The shares will be offered at a fixed price of $4.50 per share. They plan to offer 3,360,000 shares, targeting a deal size of $15.12M.

Hinge Health, Inc. (HNGE) is also scheduled to make its debut on the NYSE exchange on May 22. They are offering shares in the price range of $28.00 to $32.00. The IPO includes 13,666,000 shares, aiming for a deal size of $409.98M.

MNTN, Inc. (MNTN) is set to join the NYSE on May 22. They are offering shares in the price range of $14.00 to $16.00. They are offering 11,700,000 shares, with an estimated deal size of $175.50M.

Kandal M Venture Limited (FMFC) is preparing for its IPO launch on the NASDAQ exchange on May 23. The company is offering shares at a price range of $4.00 to $5.00. With 2,000,000 shares up for grabs, FMFC aims to raise approximately $9.00M from the offering.

That's it for today. Thanks for reading. Good luck out there!

Best Regards,

Stocks Telegraph Team

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