Shares of Marathon Patent Group (MARA), QuantumScape (QS), Kosmos Energy (KOS) were among top moving stocks on the day. We have highlighted the reasons for their movement to aid your investing decisions.
Marathon Patent Group (MARA)
Marathon Patent Group shares traded higher amid recent strength in Bitcoin prices and after the company completed a capital raise. The stock rose 23.43% with its opening price at $10.70 to close at $13.59 on the trading day.
QuantomScape Corp. (QS)
Shares of QuantumScape rose 19.09% despite trading on its normal range. It opened the market from $48.81 to close at $59.50 on the day. It started 2021 by dropping from more than $84 per share to less than $50 in just one trading session. Company CEO Jagdeep Singh appeared on CNBC Monday evening, and the topic of the steep stock decline came up. And while Singh didn’t pinpoint one single reason for the drop, his comments were reasonable. “We can’t predict short-term stock market volatility,” he said, but he believes not a lot has changed for the company.
Kosmos Energy Ltd (KOS)
Shares of several oil companies traded on a high as oil prices gained on supply concerns after Iran seized a South Korean Vessel. Investors also continue to watch output cut talks between OPEC+ producers. Kosmos started Tuesday’s trading at $2.36 and closed at $2.71
Kosmos was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports. According to Zacks, “Kosmos Energy Ltd. operates as an oil and gas exploration and production company focused on under-explored regions in Africa. Kosmos Energy Ltd. is based in Hamilton, Bermuda. ”
Ideanomic Inc. (IDEX)
Ideanomics shares traded higher after the company signed a definitive agreement to acquire Utah-based wireless charging provider WAVE for cash and stock consideration. Its opening price was $2.15 to close at $2.34 on the day.
FuboTV Inc. (FUBO)
Shares of FuboTV traded higher after the company reported Q4 preliminary sales and subscriber results both above analyst estimates. At the same time, the stock also got another bullish analyst note from Needham.
Needham analyst Laura Martin reiterated her buy rating and $60 price target on the stock, saying that the recent sell-off, which knocked off more than 60% of its value in just two weeks, was due to the expiration of an insider lockup period on Dec. 30, which released 88 million shares. Martin believes that the stock has now bottomed out and fundamentals should resume driving the price action.