{
}
Insiders sold 455,911 shares of ACV Auctions stock valued at $7.48 million in the last three months, with insiders owning 8.50% of the company. Institutional investors hold 88.55% of the stock, with Wellington Management increasing its stake by 61.3% to 1.7 million shares. JPMorgan Chase & Co. cut its price target for ACV Auctions from $24 to $20, suggesting a potential upside of 37.19%. The stock currently has a "Moderate Buy" rating, with an average target price of $23.14, while trading at $14.58.
Darden Restaurants' CFO sold shares at an average price of $181.71, reducing their ownership by 41.33% to 10,262 shares valued at approximately $1.86 million. Insiders sold a total of 52,926 shares worth $9.85 million last quarter, with institutional investors holding 93.64% of the stock. Analysts have raised Darden's price targets, with a consensus rating of "Moderate Buy" and an average target of $201.36.
IAC (NASDAQ:IAC) has received an "overweight" rating from JPMorgan Chase & Co., with a price target of $60, indicating a potential upside of 23.61%. Analysts have mixed views, with a "Moderate Buy" average rating and a price target of $64.31, while institutional investors hold 88.90% of the stock. The company's market cap stands at $3.76 billion, with shares trading at $48.54.
Baupost Group LLC MA increased its stake in Eagle Materials by 46.2%, owning 500,273 shares valued at $143.9 million. Other institutional investors, including Advantage Alpha Capital Partners LP and Natixis Advisors LLC, also expanded their positions. Eagle Materials operates in heavy construction materials, with a current market cap of $7.19 billion and a recent earnings miss of $3.59 per share.
Dogecoin surged 10% and Shiba Inu rose 6% amid positive market sentiment, with Dogecoin's price holding above $0.26, suggesting potential for further gains. Shiba Inu's burn rate skyrocketed by over 2,200%, and large transaction volumes increased significantly, indicating heightened investor interest. Elon Musk's recent comments and Bitcoin's bullish trend may have also fueled enthusiasm for these cryptocurrencies.
UBS has cut its iPhone sales forecast for December, citing declining demand and a drop in market share in China, where Apple now holds 15.6% compared to Huawei's 15.3% and Vivo's 18.6%. The revision has led to a 2% decrease in revenue estimates and a lower EPS forecast, while competition intensifies with Huawei's New Year discounts. Despite challenges, analysts maintain a consensus 'buy' rating for Apple, with price targets ranging from $184 to $325, driven by anticipated AI upgrades through 2025.
Michael Zinn, a senior portfolio manager at UBS Global Wealth Management, noted that the Santa Claus rally is experiencing a pause after a significant post-election surge, describing it as "indigestion." He highlighted concerns over the market's narrow breadth, with only 40% of S&P stocks above their 50-day moving average, despite rising indexes. However, Zinn remains optimistic about long-term prospects due to factors like AI advancements and economic growth, supported by strong consumer demand reflected in November retail sales hitting an 11-month high.
PlutoChain ($PLUTO) aims to enhance Bitcoin's capabilities through a hybrid Layer-2 blockchain, addressing scalability and high transaction fees while introducing smart contract functionality. This innovation could position Bitcoin as a hub for decentralized applications, bridging it with Ethereum's ecosystem. With top-notch security validated by audits, PlutoChain represents a significant step towards expanding Bitcoin's utility in the DeFi space.
Benzinga
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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