Bright Minds Biosciences Stock (NASDAQ: DRUG)

Bright Minds Biosciences Stock (NASDAQ:DRUG), Trade Ideas

Bright Minds Biosciences

Bright Minds Biosciences Inc is focused on developing novel transformative treatments for neuropsychiatric disorders, epilepsy, and pain. The company has a portfolio of next-generation serotonin agonists designed to target neurocircuit abnormalities that are responsible for difficult to treat disorders such as resistant epilepsy, treatment resistant depression, PTSD, and pain. The company's drugs have been designed to potentially retain the powerful therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing the side effects, thereby creating superior drugs to first-generation compounds, such as psilocybin.

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Psyched: DEA Revisits Ban On Two Psychedelics, Farewell Russell Newcombe, Podcast Episode On Kanna &amp; More

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Psyched: 5-MeO-DMT For Depression, Utah Hospitals Providing Therapy, Elon Musk And Meta&#39;s Influence

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Psyched: LSD, Psilocybin As Breakthrough Therapies, $14M Fed Grant For Ibogaine, Indiana&#39;s Research And More

Bright Minds Biosciences Inc. - common stock

Bright Minds Biosciences Inc

DRUG FREE SOLUTION INC by Drug Free Solution Inc.

Drug Free Solution Inc

Providing a diverse range of perspectives from bullish to bearish, 9 analysts have published ratings on Mid-America Apartment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAA#NYSE">MAA</a>) in the last three months.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $140.06, with a high estimate of $152.00 and a low estimate of $126.00. This current average represents a 2.33% decrease from the previous average price target of $143.40. 
<img src="https://www.benzinga.com/files/images/story/2024/1714406420_0.png" alt="price target chart" />
<h2>Decoding Analyst Ratings: A Detailed Look</h2>
An in-depth analysis of recent analyst actions unveils how financial experts perceive Mid-America Apartment. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Richard Anderson</td>
<td>Wedbush</td>
<td>Maintains</td>
<td>Neutral</td>
<td>$135.00</td>
<td>-</td>
</tr>
<tr>
<td>Michael Lewis</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$148.00</td>
<td>$152.00</td>
</tr>
<tr>
<td>Alexander Goldfarb</td>
<td>Piper Sandler</td>
<td>Maintains</td>
<td>Neutral</td>
<td>$140.00</td>
<td>-</td>
</tr>
<tr>
<td>Wesley Golladay</td>
<td>Baird</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$145.00</td>
<td>$147.00</td>
</tr>
<tr>
<td>Michael Lewis</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$152.00</td>
<td>$158.00</td>
</tr>
<tr>
<td>Vikram Malhotra</td>
<td>Mizuho</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$126.00</td>
<td>$132.00</td>
</tr>
<tr>
<td>Adam Kramer</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$129.50</td>
<td>$128.00</td>
</tr>
<tr>
<td>Chandni Luthra</td>
<td>Goldman Sachs</td>
<td>Announces</td>
<td>Buy</td>
<td>$149.00</td>
<td>-</td>
</tr>
<tr>
<td>Brad Heffern</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Sector Perform</td>
<td>$136.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Mid-America Apartment. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Mid-America Apartment compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for Mid-America Apartment's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
Capture valuable insights into Mid-America Apartment's market standing by understanding these analyst evaluations alongside pertinent financial indicators. Stay informed and make strategic decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/MAA/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Mid-America Apartment analyst ratings.</a>
<h2>Unveiling the Story Behind Mid-America Apartment</h2>
Mid-America Apartment Communities Inc, or MAA, is a real estate investment trust engaged in the acquisition, operation, and development of multifamily apartment communities located in southeastern and southwestern United States. Company operates two reportable segments; Same Store includes communities that the Company has owned and have been stabilized for at least a full 12 months as of the first day of the calendar year and Non-Same Store and Other includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have experienced a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Key revenue comes from the Same Store.
<h3>Mid-America Apartment's Financial Performance</h3>
Market Capitalization Highlights: Above the industry average, the company's market capitalization signifies a significant scale, indicating strong confidence and market prominence.
Revenue Growth: Mid-America Apartment's remarkable performance in 3 months is evident. As of 31 December, 2023, the company achieved an impressive revenue growth rate of 2.71%. This signifies a substantial increase in the company's top-line earnings. When compared to others in the Real Estate sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: Mid-America Apartment's net margin excels beyond industry benchmarks, reaching 29.41%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 2.6%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): Mid-America Apartment's financial strength is reflected in its exceptional ROA, which exceeds industry averages. With a remarkable ROA of 1.4%, the company showcases efficient use of assets and strong financial health.
Debt Management: Mid-America Apartment's debt-to-equity ratio is below the industry average. With a ratio of 0.75, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<h2>Analyst Ratings: What Are They?</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

Evaluating Mid-America Apartment: Insights From 9 Financial Analysts

Howmet Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HWM#NYSE">HWM</a>) has outperformed the market over the past 5 years by 19.81% on an annualized basis producing an average annual return of 31.43%. Currently, Howmet Aerospace has a market capitalization of $27.12 billion. 
Buying $100 In HWM: If an investor had bought $100 of HWM stock 5 years ago, it would be worth $401.18 today based on a price of $66.42 for HWM at the time of writing.
<h3>Howmet Aerospace's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1714406421_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

News

Trading Ideas

$100 Invested In This Stock 5 Years Ago Would Be Worth $400 Today

Vistra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) has outperformed the market over the past 5 years by 11.73% on an annualized basis producing an average annual return of 23.36%. Currently, Vistra has a market capitalization of $26.57 billion. 
Buying $100 In VST: If an investor had bought $100 of VST stock 5 years ago, it would be worth $279.45 today based on a price of $76.16 for VST at the time of writing.
<h3>Vistra's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1714406415_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $100 In This Stock 5 Years Ago, You Would Have $300 Today

SoFi Technologies Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) shares reversed their gains after the company reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38485008/sofi-technologies-reports-q1-2024-net-revenue-of-645-million-and-net-income-of-88-million-marking-" rel="noreferrer noopener">fiscal&nbsp;first-quarter 2024 results</a>&nbsp;on Monday.
Adjusted revenue increased 26% year-on-year to $580.648 million, beating the consensus of $555.997 million. The adjusted EPS of $0.02 beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $0.01</a>.&nbsp;
SoFi added 622,000 new members in the quarter, bringing its total member count to over 8.1 million (+44% Y/Y).&nbsp;
SoFi also added over 989,000 new products in the quarter,&nbsp;for&nbsp;a total&nbsp;of&nbsp;over 11.8 million&nbsp;products (+38% Y/Y) at the end of the quarter.
In the Financial Services segment, total products rose by 42% Y/Y to 10.1 million.&nbsp;
SoFi Money (including Checking and Savings and cash management accounts) rose 61% Y/Y to 3.9 million products.&nbsp;
SoFi Relay grew 64%&nbsp;year-over-year&nbsp;to 3.6 million products, and SoFi Invest grew 1%&nbsp;year-over-year&nbsp;to 2.2 million products.&nbsp;When adjusted to exclude the accounts of its now-closed digital assets business, total products increased 24% year-over-year.
Adjusted EBITDA rose by 91% Y/Y to $144.39 million, representing a 57% incremental EBITDA margin.
Total deposits grew 16%&nbsp;year over year&nbsp;to $21.6 billion at the end of the quarter, with more than 90% of SoFi Money deposits (including Checking and Savings and cash management accounts) coming from direct deposit members.
Outlook: SoFi projects second-quarter adjusted net revenue of $555 million—$565 million (versus&nbsp;consensus of $580.73 million) and adjusted EBITDA of $115 million—$125 million.
For the full year 2024, SoFi&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/01/36823192/why-is-sofi-technologies-stock-shooting-upwards-monday" rel="noreferrer noopener">reiterated that the Tech Platform</a>&nbsp;and Financial Services segments combined&nbsp;will&nbsp;grow at least 50%, and Lending revenue will&nbsp;be 92% to 95% of 2023 levels.&nbsp;
It projects an adjusted EBITDA margin of approximately 25% by year-end (down from&nbsp;prior&nbsp;30%), which equates to a range of $590 million &#8211; $600 million (prior $580 million – $590 million) for the year. It expects GAAP EPS of $0.08 &#8211; $0.09 (prior $0.07 – $0.08) (versus&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of $0.08</a>).
SoFi Technologies stock gained 44% in the last 12 months. Investors can gain exposure to the stock via&nbsp;VanEck Social Sentiment ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUZZ#NYSE">BUZZ</a>) and&nbsp;Schwab Strategic Trust Schwab Crypto Thematic ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STCE#NYSE">STCE</a>).
Price Action: SOFI shares are down 10% at $7.08 at the last check Monday.
Photo via Shutterstock

Earnings

Guidance

BUZZ

SOFI

STCE

What's Going On With SoFi Technologies Stock Monday?

Loop Capital analyst Alan Gould maintains Charter Communications (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) with a Hold and lowers the price target from $335 to $285.

Price Target

CHTR

Loop Capital Maintains Hold on Charter Communications, Lowers Price Target to $285

The U.S. Supreme Court declined to review Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk&#8217;s appeal regarding a securities fraud settlement with the Securities and Exchange Commission (SEC).
The court upheld the 2018 SEC settlement following Musk&#8217;s social media statement about Tesla, involving a $20 million fine, according to a report from <a href="https://www.reuters.com/legal/us-supreme-court-wont-hear-elon-musk-dispute-over-sec-settlement-2024-04-29/">Reuters</a>.
The settlement stemmed from Musk&#8217;s claim of having &#8220;funding secured&#8221; to privatize Tesla, which the SEC deemed false, leading to accusations of defrauding investors.
Musk&#8217;s appeal argued against the SEC&#8217;s prior restraint on his speech, citing First Amendment constraints, but the court upheld the lower court&#8217;s decision.
Despite Musk&#8217;s attempt to challenge the pre-approval mandate for his social media posts, the court ruled against him, emphasizing his initial agreement to allow screening.
Also Read: <a href="https://www.benzinga.com/news/24/04/38490345/tesla-to-spend-10b-in-training-and-inference-ai-in-2024-says-billionaire-elon-musk">Tesla To Spend $10B In Training And Inference AI In 2024, Says Billionaire Elon Musk</a>
This decision marks a setback for Musk&#8217;s efforts to overturn the restrictions imposed by the SEC, maintaining the terms of the 2018 settlement.
The conflict between the two parties dates back to when Musk tweeted he had secured funding to take <a href="https://www.benzinga.com/news/24/02/37173544/elon-musk-is-fighting-the-court-order-in-secs-x-case-reportedly-seeks-review-amid-twitter-acquisitio">Tesla private at a price of $420</a>.
As per Musk's settlement with the SEC, he and Tesla each paid $20 million in fines and agreed to allow a Tesla <a href="https://www.benzinga.com/news/24/03/37907697/biden-administration-tells-supreme-court-to-dismiss-musk-appeal-in-taking-tesla-private-sec-dispute">lawyer to approve some of his posts on Twitter</a>.
The SEC filed a lawsuit against Musk in October 2023, seeking his testimony regarding his Twitter stock purchases and the <a href="https://www.benzinga.com/news/24/02/37061910/us-judge-orders-elon-musks-testimony-in-sec-probe-of-44b-twitter-acquisition">subsequent rebranding of the platform to X</a>.
The Biden administration also recommended that the Supreme Court not entertain Musk's appeal which was filed in in December 2023 after a lower court upheld his consent decree with the SEC.
Tesla stock gained over 17% in the past 12 months. Investors can gain exposure to the stock via Vanguard Consumer Discretionary ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VCR#NYSE">VCR</a>) and T-Rex 2x Long Tesla Daily Target ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLT#NASDAQ">TSLT</a>).
TSLA Price Action: TSLA shares are trading higher by 15.52% at $193.99 at publication Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/news/24/04/38491516/teslas-model-3-and-model-y-clear-chinas-data-security-hurdle-fsd-software-deployment-nears">Tesla&#8217;s Model 3 And Model Y Clear China&#8217;s Data Security Hurdle, FSD Software Deployment Nears</a>
Photos: Shutterstock

Government

General

TSLT

Supreme Court Rejects Elon Musk's Bid To Overturn SEC Decision: Report

Wedbush analyst Richard Anderson reiterates Mid-America Apartment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAA#NYSE">MAA</a>) with a Neutral and maintains $135 price target.

Reiteration

Wedbush Reiterates Neutral on Mid-America Apartment, Maintains $135 Price Target

Barclays analyst David Anderson maintains TechnipFMC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTI#NYSE">FTI</a>) with a Overweight and raises the price target from $33 to $34.

Barclays Maintains Overweight on TechnipFMC, Raises Price Target to $34

ANVS

Annovis Bio Shares Halted On Circuit Breaker To The Downside, Stock Now Down -65.3%

UMB Financial Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UMBF#NASDAQ">UMBF</a>) shares are trading lower after it inked an acquisition deal, priced an underwritten offering, and reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38485845/umb-financial-corporation-reports-first-quarter-2024-net-income-of-110-3-million-and-net-operating" rel="noreferrer noopener">first-quarter FY24 results</a>.
M&amp;A: The company inked a definitive merger&nbsp;deal to acquire&nbsp;Heartland Financial, USA Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTLF#NASDAQ">HTLF</a>) in an all-stock transaction valued at around $2.0 billion.
As per the terms, Heartland shareholders will receive a fixed exchange ratio of 0.55 shares of UMB common shares for each share of HTLF stock they hold.&nbsp;
The per-share&nbsp;price&nbsp;consideration&nbsp;is valued&nbsp;at $45.74 per share based on UMB&#8217;s closing price of $83.17 on April 26.&nbsp;
This transaction, the largest in UMB&#8217;s 111-year history, will result in the company having $64.5 billion in assets, increase private wealth management&#8217;s AUM/AUA by 31%&nbsp;and&nbsp;nearly double its retail deposit base.&nbsp;
The transaction is subject to customary closing conditions, including regulatory approvals and approval by UMB shareholders and HTLF stockholders, and&nbsp;is expected&nbsp;to close in the first quarter of 2025.
First-quarter Earnings: UMB Financial reported revenue of $398.7 million, beating the consensus of $368.0 million, and adjusted EPS of $2.47, surpassing <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">the consensus of $1.76</a>. 
The Board approved a share repurchase of up to 1 million shares and declared a quarterly cash dividend of $0.39 per share, payable on July 1, to shareholders of record on&nbsp;June 10.
Mariner Kemper, chairman&nbsp;and&nbsp;chief executive&nbsp;officer,&nbsp;said, &#8220;Our 2024 is off to a great start, with strong first quarter financial results driven by balance sheet and net interest income growth, net interest margin expansion, double-digit growth in our fee income revenue, and stable credit metrics.&#8221;&nbsp;
&#8220;While indications suggest the economy is on reasonably stable footing, persistently high inflation, an upcoming presidential election cycle, and a potential &#8216;No Landing&#8217; scenario may dictate a constrictive Federal Reserve monetary policy that could pose economic challenges.&#8221;
Public Offering Pricing: UMB Financial disclosed that it priced an underwritten public offering of 2.80 million shares of its common stock for around net <a href="https://www.benzinga.com/pressreleases/24/04/b38485887/umb-financial-corporation-announces-pricing-of-an-underwritten-offering-of-2-800-000-shares-of-com" target="_blank" rel="noreferrer noopener">proceeds of $201.6 million</a>.
Price Action: UMBF shares are down 4% at $79.83, while HTLF is up 19% at $42.54 at the last check Monday.
Photo via Shutterstock

Equities

Mid Cap

Offerings

Movers

HTLF

UMBF

UMB Financial Is Down After Largest Acquisition In Its 111-Year History - Here's Why

Addentax Group Corp. ("Addentax" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATXG#NASDAQ">ATXG</a>), an integrated service provider focusing on garment manufacturing, logistics services, property management, and subleasing, has announced that it has entered into Private Placement Agreements (the "Agreements") with two investors (the "Investors"), who are independent third parties. Under the Agreements, the Company will sell to each of the investor 330,000 shares of common stock at a purchase price of $0.98 per share, resulting in aggregate gross proceeds of $646,800. The Agreement includes customary representations, warranties, covenants, conditions, and indemnities typical for agreements of this nature.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of any securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The rights offering will be made only by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

ATXG

Addentax Group Corp. Announces $646,800 Private Placement Of Its Common Stock; Company Will Sell To Each Of The Investor 330,000 Shares Of Common Stock At A Purchase Price Of $0.98/Share

Barclays analyst John Coffey maintains StoneCo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STNE#NASDAQ">STNE</a>) with a Equal-Weight and lowers the price target from $18 to $17.

STNE

Barclays Maintains Equal-Weight on StoneCo, Lowers Price Target to $17

Fitch Assigns Boeing's New Notes 'BBB-'; Could Stabilize Outlook If Boeing Liquidates Over 100 Of Its Pre-2023 Built 737max & Half Of Its 787 Inventories By Early 2025; Could Stabilize Outlook If Boeing 737max Production Increases Toward 38 Per Month; Negative Outlook Reflects Boeing's Heightened Execution Risks Over Next 12-24 Months As It Eliminates Legacy Inventory

Barclays analyst John Coffey maintains PagSeguro Digital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAGS#NYSE">PAGS</a>) with a Overweight and raises the price target from $17 to $18.

PAGS

Barclays Maintains Overweight on PagSeguro Digital, Raises Price Target to $18

BNTC

Benitec Biopharma 13G Filing Shows Steven Oliveira Reported A 8.89% Passive Stake In The Co As Of April 22

This week&rsquo;s Chart of the Week explores the relationship between market cap., liquidity, and valuation.&nbsp;
In the current capital-constrained environment, a logical hypothesis would be that valuation metrics should be higher for companies with more robust liquidity, as they have less apparent need for near-term capital raises. Similarly, the Valuation Gap graph in the Viridian Deal Tracker shows that larger cap companies consistently trade at high valuation multiples.
<img alt="market.png" src="https://www.benzinga.com/files/images/2024/April/29/market.png" style="height:518px; width:624px" />
Viridian broke the twenty analyst-covered U.S. Cultivation and retail companies into those with less than $500M market cap on the left and those with more than $500M market cap on the right. We then further separated the companies in each size group into quartiles based on Viridian&rsquo;s free cash flow adjusted current ratio, which modifies the standard current ratio to account for annualized free cash flow.
The blue bars (measured on the left axis) show median Enterprise Value/consensus 2024 EBITDA estimates. The yellow bars (measured on the right axis) show the median liquidity ratio.
As expected, the median EV/EBITDA ratio for the larger companies on the right was 8.86x, approximately 270 bp above the 6.16x multiple of the smaller companies.
Our intuition for the positive relationship between liquidity and valuation proves true for the under $500M group. The relationship is not perfect, but valuation ratios do rise as liquidity improves.
The relationship, however, is reversed in the larger cap group, with valuation metrics trending downward as liquidity increases. We found a similar reversal when we last explored this topic in the Viridian Chart of the Week on January 24, 2021. At that time, valuations were close to all-time highs; the large-cap group was trading at over 20x NTM EBITDA with unprecedented access to capital.&nbsp;
Why has the relationship not changed to reflect today&rsquo;s capital constraints and lower valuations?
<ul>
<li>
Perhaps the smaller cap group is more dependent on balance sheet liquidity, whereas the larger caps are still viewed as having sufficient financing availability.
</li>
<li>
Perhaps the four-fold complex of potential catalysts (rescheduling, SAFER, BOIES, and Garland memo has convinced the market that Something is bound to happen.
</li>
<li>
Perhaps positioning in states likely to turn Rec trumps liquidity as a valuation consideration?
</li>
<li>
Investors should continue to monitor the relatively tight liquidity exhibited by many of the companies on the graph.
</li>
</ul>
The Viridian Capital Chart of the Week highlights key investment, valuation and M&amp;A trends taken from the Viridian Cannabis Deal Tracker.
The <a href="https://viridianca.us1.list-manage.com/track/click?u=078ead34a8bbcfd77b0486326&amp;id=c89a19f9ee&amp;e=2699f9b787">Viridian Cannabis Deal Tracker</a> provides the market intelligence that cannabis companies, investors, and acquirers utilize to make informed decisions regarding capital allocation and M&amp;A strategy. The Deal Tracker is a proprietary information service that monitors capital raise and M&amp;A activity in the legal cannabis, CBD, and psychedelics industries. Each week the Tracker aggregates and analyzes all closed deals and segments each according to key metrics:
<ul>
<li>
Deals by Industry Sector (To track the flow of capital and M&amp;A Deals by one of 12 Sectors - from Cultivation to Brands to Software)
</li>
<li>
Deal Structure (Equity/Debt for Capital Raises, Cash/Stock/Earnout for M&amp;A) Status of the company announcing the transaction (Public vs. Private)
</li>
<li>
Principals to the Transaction (Issuer/Investor/Lender/Acquirer) Key deal terms (Pricing and Valuation)
</li>
<li>
Key Deal Terms (Deal Size, Valuation, Pricing, Warrants, Cost of Capital)
</li>
<li>
Deals by Location of Issuer/Buyer/Seller (To Track the Flow of Capital and M&amp;A Deals by State and Country)
</li>
<li>
Credit Ratings (Leverage and Liquidity Ratios)
</li>
</ul>
Since its inception in 2015, the Viridian Cannabis Deal Tracker has tracked and analyzed more than 2,500 capital raises and 1,000 M&amp;A transactions totaling over $50 billion in aggregate value.
The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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