Twitter Stands to Benefit from Digital Ad SalesĮlsewhere in its note, Bank of America stated that Twitter has significant room for improvement in monetizing its user base, leaving it with more upside than its chief competitor in the social media market, Facebook. That made it the second-best performer in the S&P 500, which was down 0.74 percent to 2,565.78. “Nine percent of users indicated they planned to use Twitter more next year, up from 6 percent in our 2Q survey.”Īs of 9:44 am ET on Thursday, Twitter shares were trading at $32.88, representing a 1.94 percent increase from Wednesday’s close. “Churn remains elevated, but improving metrics in the 18-29 demographic suggest more younger users are turning to Twitter,” Bank of America analysts stated the Thursday note to clients, according to a CNBC report. Twitter shares, already in an uptrend, popped at Thursday’s opening bell after analysts turned bullish on the social media firm. TWITTER TICKER CONFUSION UPGRADEBank of America Gives Twitter Stock Double Upgrade to ‘Buy’Ĭiting improving metrics among the coveted 18-29 demographic, Bank of America Merrill Lynch gave Twitter shares a double upgrade to “buy” from “underperform.” Analysts set a price target of $39, which is up from their previous mark of $31 and represents a 20.8 percent increase from Wednesday’s close at $32.25. However, shares of social media giant Twitter posted strong gains during pre-market trading on Thursday in response to strong analyst forecasts and consolidated them after the opening bell. On Tuesday, the company nearly doubled its annual revenue forecast after a blowout first quarter in which customers with more than 10 employees jumped 354 per cent compared with the same period a year ago.The Dow Jones Industrial Average and other US stock market indices opened to moderate losses on Thursday. The stock has gained 27 per cent since Friday, when it was added to the MSCI World Index. Meanwhile, Zoom Video shares continue to chug higher. Its stock rallied to a four-month high in April but has since fallen about 14 per cent. It’s unclear whether Zoom Corporation, a Japanese seller of video and sound recording devices, has also benefited from name confusion. The Vancouver, Washington-based company has about 202,000 paying users, $293 million (Dh1 billion) in revenue last year and is backed by Carlyle Group, according to a filing. Of course, ZoomInfo has little in common with Zoom Technologies aside from its name. “I think it’s just going to be left to ‘buyer beware,’” Mr Ericksen said. Ultimately Zoom Technologies changed its ticker symbol from ZOOM to ZTNO. The regulator cited concerns about ticker confusion and a lack of public disclosures since 2015. That volatility captured the attention of the Securities and Exchange Commission, which halted trading in Zoom Technologies for two weeks on March 25. Things were quieter until the coronavirus started to spread rapidly across the US this spring, sparking a surge in Zoom video chats and sending shares of its doppelganger up more than 10-fold. Zoom’s daily volume soared from about 30,000 shares on April 10, 2019, to nearly 1 million shares eight days later, while the stock price rose about five-fold over three trading days. Zoom’s chief executive admits to security flaws but vows to win back users’ trust The retail investors start typing in ‘Zoom’ and get that.” “So you’ll get some that sound alike and it gets even worse when you start with tickers - which was a big problem with Zoom Technologies. Ericksen, corporate partner at Baker Botts, in an interview. ”The challenging part is we’re just running out of names that are distinctive,” said A.J. That stock traded under the symbol ZOOM and had been moribund for years before Zoom Video’s IPO in April 2019 helped revive it. But for a brief time, it caused even bigger spikes in the shares of Zoom Technologies, a Beijing-based company with few operations to speak of. The surging popularity of Zoom Video, used daily by millions of people for remote face-to-face interactions, has fueled a three-fold rally in its stock this year. TWITTER TICKER CONFUSION SOFTWAREIt will join three other publicly traded companies globally whose names begin with Zoom, the most well-known of which is the maker of video-conferencing software that has become a household name during the coronavirus pandemic. ZoomInfo, which provides data on sales prospects, is expected to price its initial public offering on June 3 and begin trading under the ticker symbol ZI the following day. Investors could face more name confusion this week when ZoomInfo Technologies joins Zoom Video Communications on the Nasdaq Stock Market.
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