i3 Verticals Stock (NASDAQ:IIIV), Trade Ideas

i3 Verticals

i3 Verticals Inc offers integrated payment and software solutions to small and medium-sized businesses and organizations in strategic vertical markets. Its operating segment includes Merchant Services and Software and Services. The company generates maximum revenue from the Software and Services segment. The company's strategic vertical market includes schools, the public sector, not-for-profit organizations, healthcare and others. It provides various solutions such as, gateway, payment processing, online payment, Document management, and ERP among others.

Analyst Color

Equities

Large Cap

Mid Cap

News

Price Target

Initiation

Small Cap

Markets

Analyst Ratings

Trading Ideas

AVDX

IIIV

RELY

RPAY

BMO Capital Markets analyst Rufus Hone initiated coverage on several fintech stocks.

Strategic Analysis By Analyst: Diverse Outcomes For Fintech Stocks In Current Market Conditions

Pre-Market Outlook

ARHS

DBTX

DCPH

NVEI

OSPN

TERN

VRDN


	Keybanc cut the price target for  i3 Verticals, Inc.  (NASDAQ: IIIV) from $28 to $26. Keybanc analyst Josh Beck maintained an Overweight rating. i3 Verticals shares fell 2.9% to close at $22.76 on Wednesday.


Global Payments To Rally Around 17%? Here Are 10 Other Analyst Forecasts For Thursday

Long Ideas

Penny Stocks

Upgrades

Downgrades

HOOD

PYPL

Fintech investors had a brutal year in 2022 as rising interest rates and crypto winter weighed on growth rates and investor sentiment. On Monday, one Wall Street analyst adjusted his coverage of several top fintech industry stocks and named his top three fintech stock picks for 2023.

KeyBanc Upgrades Visa And Downgrades PayPal, Names Top Fintech Stock Picks For 2023

i3 Verticals Inc

FINANCIAL&nbsp;GUIDANCE
Based on its current operating plans, argenx expects its combined Research and development and Selling, general and administrative expenses in 2024 to be less than&nbsp;$2 billion. argenx expects to utilize up to&nbsp;$500 million&nbsp;of net cash in 2024 on these anticipated operating expenses as well as working capital and capital expenditures.

Earnings

Guidance

ARGX

For 2024 argenx Expects Combined Research And Development And Selling, General And Administrative Expenses To Be Less Than $2B

argenx (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARGX#NASDAQ">ARGX</a>) reported quarterly losses of $(0.52) per share which beat the analyst consensus estimate of $(0.74) by 29.73 percent. This is a 50 percent increase over losses of $(1.04) per share from the same period last year. The company reported quarterly sales of $398.283 million which missed the analyst consensus estimate of $405.776 million by 1.85 percent. This is a 82.68 percent increase over sales of $218.022 million the same period last year.

Earnings Beats

Earnings Misses

argenx Q1 2024 GAAP EPS $(0.52) Beats $(0.74) Estimate, Sales $398.283M Miss $405.776M Estimate

FVRR

Fiverr Updates 2024 Outlook: Now Sees Revenue $381M-$387M (Prior $379M- $387M) Vs. $382.799M Consensus And Adjusted EBITDA Of $67M-$73M (From $65M-$73M)

Financial&nbsp;Outlook
Our&nbsp;Q2&#39;24&nbsp;outlook&nbsp;and updated full year 2024&nbsp;guidance&nbsp;reflects the recent trends on our marketplace and is largely consistent with our prior expectations.
<table>
<tbody>
<tr>
<td>&nbsp;</td>
<td>Q2&nbsp;2024</td>
<td>FY 2024</td>
</tr>
<tr>
<td>Revenue</td>
<td>$93.5&nbsp;-&nbsp;$95.5 million</td>
<td>$381.0&nbsp;-&nbsp;$387.0 million</td>
</tr>
<tr>
<td>y/y growth</td>
<td>5%&nbsp;-&nbsp;7%&nbsp;y/y growth</td>
<td>5%&nbsp;-&nbsp;7%&nbsp;y/y growth</td>
</tr>
<tr>
<td>Adjusted EBITDA(1)</td>
<td>$16.0&nbsp;-&nbsp;$18.0 million</td>
<td>$67.0&nbsp;-&nbsp;$73.0 million</td>
</tr>
</tbody>
</table>

Fiverr Expects Q2 Revenue Of $93.5M-$95.5M Vs. $94.448M Consensus And Adjusted EBITDA Of $16M-$18M

In a recent development, Informa, a U.K.-based publishing and exhibitions company, has partnered with Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) valued at over $10 million. The deal will grant Microsoft access to Informa&#8217;s data, aiming to bolster its artificial intelligence systems.
What Happened: The data access agreement, active from 2024 to 2027, is anticipated to broaden the application of AI within Informa&#8217;s operations, underlining the unique worth of the company&#8217;s intellectual property, Financial Times <a href="https://www.ft.com/content/3ed7737e-3649-4afb-9071-caa13e7394d9">reported</a> on Wednesday. This collaboration is the latest in a string of partnerships between media groups and AI developers, providing new tools for Informa and assisting Microsoft in training its models on specialist data.
This deal is a significant step for Informa as it will enhance its operational performance and align the company with the higher end of its market guidance on revenues, adjusted operating profit, and free cash flow. 
See Also: <a href="https://www.benzinga.com/news/24/05/38689467/elon-musk-isnt-sure-apples-showed-its-entire-30b-r-d-prowess-with-new-ipads-maybe-they-have-some-sec?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Isn&#8217;t Sure If Apple Showed Its Entire $30B R&amp;D Prowess With New iPads: &#8216;Maybe They Have Some Se</a>
Analysts suggest that this deal will likely boost investor confidence, underlining the value of relevant data in specialist areas and the recurring nature of Microsoft&#8217;s payments. Informa, which has experienced a post-Covid surge in global events, reported strong performance across all major regions and anticipates revenues to reach nearly £3.5 billion ($4.37 billion) in the current financial year.
Why It Matters: This partnership follows a series of strategic moves by Microsoft, <a href="https://www.benzinga.com/government/24/05/38698335/joe-biden-set-to-unveil-microsofts-3b-ai-data-center-plan-on-same-wisconsin-land-where-trump-tried-t">including a $3.3 billion investment</a> in an AI data center in Wisconsin, the <a href="https://www.benzinga.com/markets/equities/24/05/38678153/microsoft-introduces-isolated-ai-for-us-intelligence-to-analyze-secret-data-report">introduction of an isolated AI model</a> for U.S. intelligence, and the development of a new <a href="https://www.benzinga.com/markets/equities/24/05/38651075/microsoft-takes-on-google-and-openai-with-new-ai-model-report">AI language model to compete</a> with Google and OpenAI.
Price Action: On the stock front, Microsoft&#8217;s shares closed at $410.54 on Wednesday, marking a slight increase of 0.29% from the previous close, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>. The company also reported a positive earnings surprise in the third quarter of 2024, with an EPS of $2.94 against an estimated $2.82.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38660790/is-apple-back-in-the-ev-game-tech-giant-reportedly-eyes-rivian-partnership?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Is Apple Back In The EV Game? Tech Giant Reportedly Eyes Rivian Partnership</a>
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Tech

General

MSFT

Microsoft Signs $10M Deal With UK-Based Exhibitions Company To Boost AI Capabilities

Fiverr International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FVRR#NYSE">FVRR</a>) reported quarterly earnings of $0.52 per share which beat the analyst consensus estimate of $0.44 by 18.18 percent. This is a 44.44 percent increase over earnings of $0.36 per share from the same period last year. The company reported quarterly sales of $93.524 million which beat the analyst consensus estimate of $92.417 million by 1.20 percent. This is a 6.33 percent increase over sales of $87.956 million the same period last year.

Fiverr International Q1 2024 Adj EPS $0.52 Beats $0.44 Estimate, Sales $93.524M Beat $92.417M Estimate

Teekay Tankers (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNK#NYSE">TNK</a>) reported quarterly earnings of $3.86 per share which beat the analyst consensus estimate of $3.73 by 3.49 percent. This is a 24.76 percent decrease over earnings of $5.13 per share from the same period last year. The company reported quarterly sales of $338.343 million which beat the analyst consensus estimate of $221.550 million by 52.72 percent. This is a 14.27 percent decrease over sales of $394.657 million the same period last year.

Teekay Tankers Q1 2024 Adj EPS $3.86 Beats $3.73 Estimate, Sales $338.343M Beat $221.550M Estimate

Teekay (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TK#NYSE">TK</a>) reported quarterly earnings of $0.44 per share. This is a 15.38 percent decrease over earnings of $0.52 per share from the same period last year. The company reported $365.05 million in sales this quarter. This is a 12.81 percent decrease over sales of $418.70 million the same period last year.

Teekay Q1 EPS $0.44 Down From $0.52 YoY, Sales $365.05M Down From $418.70M YoY

Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) head of product launches has resigned from the company, joining the long list of senior executives to leave as company CEO&nbsp;Elon Musk&nbsp;seeks to&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38244436/breaking-tesla-said-to-be-laying-off-over-14-000-employees" rel="noreferrer noopener">downsize the company's workforce.</a>
What Happened:&nbsp;Rich Otto&nbsp;took to LinkedIn to announce his departure from the electric vehicle giant.&nbsp;
Otto&#8217;s departure adds him to a growing list of senior executives who have left Tesla in recent weeks, including Senior Director of Charging Infrastructure Rebecca Tinucci, Director of New Product Introduction Daniel Ho, Senior Vice President of Powertrain and Energy Engineering Drew Baglino, and Vice President of Public Policy and Business Development Rohan Patel.
&#8220;Why leave? It's a company I love and that has given me so&nbsp;much,&nbsp;but has also taken its pound of flesh,&#8221; Otto wrote in his post. He&#8217;s been with Tesla for about seven years, since 2017.
&#8220;Great companies are made up of equal parts great people and great products, and the latter are only possible when its people are thriving,&#8221; Otto wrote.&nbsp;
&#8220;The recent layoffs that are rocking the company and its morale have thrown this harmony out of balance and it&#8217;s hard to see the long game. It was time for a change.&#8221;&nbsp;
Otto expressed hope that both the company and the laid-off employees can recover.
Why It Matters:&nbsp;Late last month, Tesla announced plans to cut costs through a&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38516190/elon-musk-cracks-whip-harder-2-more-senior-tesla-execs-reportedly-exit-as-ceo-demands-absolutely-har" rel="noreferrer noopener">10% workforce reduction</a>, impacting an estimated 14,000 employees. These layoffs reflect broader challenges facing the company, including declining sales and pricing pressures.
For the first quarter, Tesla reported revenue of $21.3 billion, down from the $23.33 billion reported a year earlier. This is the first time the company&#8217;s quarterly&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38398667/tesla-bulls-praise-musks-q1-earnings-call-see-ev-giant-on-collision-course-with-ube" rel="noreferrer noopener">revenue has fallen</a>&nbsp;since the pandemic in 2020. Tesla&#8217;s net profit stood at $1.13 billion, falling 55% from $2.51 billion a year earlier.
Price Action:&nbsp;Tesla stock closed 1.7% lower on Wednesday at $174.72 and dropped 0.2% after hours. The stock is down nearly 30% year-to-date, according to data&nbsp;<a target="_blank" href="https://pro.benzinga.com/dashboard" rel="noreferrer noopener">from Benzinga Pro.</a>
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/05/38694651/rivian-aims-to-churn-out-215k-evs-from-illinois-factory-with-r2-leading-charge-and-save-over-2b" target="_blank" rel="noreferrer noopener">Rivian Aims To Churn Out 215K EVs From Illinois Factory, With R2 Leading Charge, And Save Over $2B</a>
Image via Shutterstock

TSLA

Tesla's Head Of Product Launches Departs After Feeling EV Giant Took 'Pound Of Flesh' Amid Mass Firings: 'It's Hard To See The Long Game'

Jim Cramer, the host of CNBC&#8217;s &#8220;Mad Money,&#8221; has emphasized the significance of a company&#8217;s guidance in the current market environment, stating that it can significantly impact stock performance.
What Happened: Cramer, in his recent show, highlighted the crucial role of a company&#8217;s future guidance in determining its stock&#8217;s fate, <a href="https://www.cnbc.com/2024/05/08/cramer-says-guidance-really-matters-as-wall-street-senses-a-slowdown.html">reported</a> CNBC on Wednesday. 
"Welcome back to a very skittish market, one where investors aren't interested in how you did, they only care about what you say you'll do in the future," he said. "So, if you aren't offering a healthy, sharply better-than-expected forecast, well, your stock is instant roadkill."
He noted that even companies with strong quarterly results, such as Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), Datadog Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDOG#NASDAQ">DDOG</a>), Uber Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), and Upstart Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>), experienced stock declines due to less-than-ideal guidance.
Disney&#8217;s shares dropped by around 10% after its finance chief, Hugh Johnston, mentioned a &#8220;global moderation from peak post-Covid travel&#8221; during the company&#8217;s earnings call. 
Cramer suggested that investors could consider buying these stocks if the Federal Reserve were to start cutting interest rates, but he also stressed the current significance of soft guidance on stock performance.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38654240/bitcoin-ethereum-dogecoin-lose-ground-cannot-back-up-fridays-etf-flows-inflows-bitcoin-is-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Lose Ground, Cannot Back Up Friday&#8217;s ETF Flows Inflows: &#8216;Bitcoin Is The Escape Hatch&#8217;</a>
&#8220;Now, there are times when I think we need to take all of these forecasts with a grain of salt,&#8221; he said. &#8220;You need to understand that in this market, even though the guidance is just the guidance, right now the guidance is all that matters.&#8221;
Why It Matters: Earlier this week, Cramer <a href="https://www.benzinga.com/news/24/05/38691510/jim-cramer-advises-investors-to-brace-for-economic-slowdown-shares-tips-to-maintain-balanced-portfol">advised investors to brace for an economic slowdown</a> and suggested strategies to navigate the challenging period. He emphasized the importance of maintaining a balanced portfolio amid the ongoing economic slowdown and urged investors to be prepared for potential losses.
Meanwhile, investment strategist Ed Yardeni warned about a potential <a href="https://www.benzinga.com/news/24/05/38720656/feds-rate-cut-could-trigger-stock-market-melt-up-warns-investment-strategist">stock market &#8220;melt-up&#8221;</a> driven by Federal Reserve rate cuts. Yardeni highlighted the re-emergence of the &#8220;Fed Put&#8221; concept, suggesting that the Fed will intervene with interest rate cuts to prevent economic downturns, potentially leading to a stock market melt-up.
On the other hand, Tom Lee, the head of research at Fundstrat, suggested that the <a href="https://www.benzinga.com/markets/equities/24/05/38659544/jim-cramer-suggests-end-of-market-sell-off-points-to-big-tech-recovery-stop-waiting-for-a-correc">recent inflation figures</a> for March have been higher than expected for the third consecutive month. He attributed the elevated readings to delays in official statistics, pointing out that real-time home and rent prices are stabilizing. He advised investors to consider purchasing stocks this month, citing a forthcoming significant decline in inflation.
Read Next: <a href="https://www.benzinga.com/partner/markets/24/05/38581492/how-can-small-investors-access-private-deals-with-big-potential?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How Can Small Investors Access Private Deals With Big Potential?</a>
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Global

DDOG

UBER

UPST

'Welcome Back To A Very Skittish Market,' Says Jim Cramer, Highlighting Importance Of Company Guidance Amid Volatile Market

Wedbush analyst Dan Ives has emphasized the significance of China in Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) growth trajectory. This comes after reports of the company&#8217;s plans to test its robotaxis in China.
What Happened: Ives, in an interview with CNBC, referred to China as the &#8220;heart and lungs of Tesla growth story.&#8221; He highlighted the importance of the Chinese market, especially in light of the company&#8217;s robotaxi plans.
Chinese state media disclosed that Tesla would be conducting trials of its robotaxis in China. Although the Chinese government has not given the green light for a full rollout of Tesla&#8217;s Full Self-Driving functions, it has reportedly <a href="https://www.benzinga.com/news/24/05/38692792/tesla-robotaxis-hitting-chinas-streets-soon-ev-giant-reportedly-welcomed-to-do-some-trials-but-no-fu">welcomed the company to conduct some robotaxi tests</a> in the country.
CEO &#8220;Elon Musk continues to play well in that sandbox in Beijing,&#8221; says Ives. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;China, in my opinion, is the heart and lungs of the Tesla growth story,&quot; says <a href="https://twitter.com/DivesTech?ref_src=twsrc%5Etfw">@DivesTech</a> after Chinese state media reported that Tesla plans to test its robotaxis in China. &quot;<a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> continues to play well in that sandbox in Beijing. <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> <a href="https://t.co/OraDhM7drF">pic.twitter.com/OraDhM7drF</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1788354312772485351?ref_src=twsrc%5Etfw">May 8, 2024</a></blockquote>
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China has been a key focus for Tesla in recent months. In April, the company teamed up with Baidu to introduce its <a href="https://www.benzinga.com/markets/asia/24/04/38481213/breaking-tesla-reportedly-teams-up-with-baidu-to-roll-out-fsd-in-china">driver assistance features</a> in China. This partnership was aimed at providing high-precision, lane-level mapping and navigation data for China, which is essential for deploying Tesla&#8217;s FSD software in the East Asian market.
See Also: <a href="https://www.benzinga.com/news/24/05/38662140/elon-musk-rofls-over-lucids-ginormous-q1-loss-and-ceo-rawlinsons-claims-about-what-really-sets-tesla?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk ROFLs Over Lucid&#8217;s Ginormous Q1 Loss And CEO Rawlinson&#8217;s Claims About What Really Sets Tesla Rival Apart</a>
Why It Matters: Tesla&#8217;s focus on China is not new. The company has been making significant strides in the region, with analysts predicting that its <a href="https://www.benzinga.com/news/24/04/38531925/tesla-set-to-boost-revenue-and-margins-with-china-breakthrough-analyst-predicts">revenue and margins will be boosted</a> by its China breakthrough. The company&#8217;s success in China is seen as a crucial factor in its global growth strategy.
Moreover, the recent developments in China coincide with a <a href="https://www.benzinga.com/news/24/05/38662366/heir-apparent-departs-elon-musks-rumored-tesla-successor-leaves-north-america-to-sharpen-focus-on-ch">broader executive shake-up at Tesla</a>, with several top officials stepping down. The return of Tom Zhu, long rumored to be Musk&#8217;s successor at Tesla, to his role in China also underscores the company&#8217;s focus on the region.
Read Next: <a href="https://www.benzinga.com/news/24/05/38663810/lucid-ceo-throws-down-the-gauntlet-with-48k-ev-plan-to-take-on-teslas-dominance-wait-until-our-midsi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Lucid CEO Throws Down The Gauntlet With $48K EV Plan To Take On Tesla&#8217;s Dominance: &#8216;Wait Until Our Midsize Comes Out In Late 2026&#8217;</a>
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Tesla's China Expansion Is 'Heart And Lungs' For EV Maker's Growth Story, 'Elon Musk Continues To Play Well,' Says Analyst Amid Robotaxi Plans

Macro Economic Events

Econ #s

Economics

Reported Earlier, China Trade Balance (USD) For April 72.35B Vs. 81.40B Est.; 58.55B Prior

Reported Earlier, China Imports (YoY) For April 8.4% Vs. 5.4% Est.; -1.9% Prior

Reported Earlier, China Exports (YoY) For April 1.5% Vs. 1.0% Est.; -7.5% Prior

Reported Earlier, Australia Building Approvals (MoM) 1.9% Vs. 1.9% Est.; -0.9% Prior

Reported Earlier, U.K. RICS House Price Balance For April -5% Vs. -2% Est.; -5% (Revised) Prior

Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>), the tenth-largest cryptocurrency by market cap, defied the broader market downturn to post impressive gains in the 24-hour timeframe.
What Happened: ADA spiked 4.23% in the last 24 hours to trade at $0.463 at the time of publication, according to data <a href="https://pro.benzinga.com/dashboard">from Benzinga Pro</a>. The rally made ADA the third-best-performing digital asset in the market over the last 24 hours.&nbsp;
The outperformance helped ADA, often dubbed an Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) killer, attract eyeballs. Socially-driven engagements such as likes, comments, and reposts for the coin surged, according to social analytics firm LunarCrush. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">On a very tough day across the crypto market, which assets are standing out with strong combined social and market activity? Let&#39;s take a look&#8230; Cardano <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> Tellor <a href="https://twitter.com/search?q=%24TRB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRB</a> DOG•GO•TO•THE•MOON <a href="https://twitter.com/search?q=%24DOG&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOG</a> FTX Token <a href="https://twitter.com/search?q=%24FTT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FTT</a> Binance Coin <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BNB</a> Velo <a href="https://twitter.com/search?q=%24VELO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$VELO</a> Frontier <a href="https://twitter.com/search?q=%24FRONT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FRONT</a> PepeFork <a href="https://twitter.com/search?q=%24PORK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PORK</a>… <a href="https://t.co/hyM3OVioRI">pic.twitter.com/hyM3OVioRI</a>
&mdash; LunarCrush (@LunarCrush) <a href="https://twitter.com/LunarCrush/status/1788361484306944127?ref_src=twsrc%5Etfw">May 9, 2024</a></blockquote>
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Prominent on-chain analytics firm IntoTheBlock <a href="https://app.intotheblock.com/">flashed </a>"Mostly Bullish" signal for ADA, in contrast to "Mostly Bearish" and "Mostly Neutral" signals for other blue-chip currencies.&nbsp;
Why It Matters: ADA has seen a notable increase since the week began, climbing to $0.47 on May 6. Th uptick followed by a hypothetical proposal by Cardano founder Charles Hoskinson, asking the community's views on partnering with Bitcoin Cash.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hypothetical Poll: Would you like to see Bitcoin Cash become a Cardano Partnerchain upgraded with Useful Proof of Work Leios, NiPoPoWs, and Ergo tech, thus being the fastest and most useful proof of work chain ever built?
&mdash; Charles Hoskinson (@IOHK_Charles) <a href="https://twitter.com/IOHK_Charles/status/1786771177588871586?ref_src=twsrc%5Etfw">May 4, 2024</a></blockquote>
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Nearly 69% of the respondents have voted in favor of the proposal as of this writing, with two days still left before the poll ends.
Moreover, the community was eagerly awaiting the Chang Hard Fork, a major technical upgrade aimed at boosting the network's scalability and transaction speeds. The hard fork was tentatively slated for the second quarter. 
Based on historical movements, noted cryptocurrency analyst Ali Martinez had predicted a "parabolic bull run" for ADA. He said that last month's 50% price decline was a golden opportunity to stack up the asset. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">History doesn&#39;t repeat itself, but it often rhymes! If that is the case for <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a>, we should be positioning ourselves for what&#39;s coming, understanding that the recent price correction might just be one of the last buy-the-dip opportunities <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> will give you. <a href="https://t.co/wlKs7fNhb8">pic.twitter.com/wlKs7fNhb8</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1786323548534984840?ref_src=twsrc%5Etfw">May 3, 2024</a></blockquote>
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Photo by Dennis Diatel on Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38699483/dogecoin-down-6-time-to-play-it-safe-suggests-trader">Dogecoin Down 6%: Time To &#8216;Play It Safe,&#8217; Suggests Trader</a>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

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$ETH

This Ethereum Killer Is Defying Gravity Amid Downturn In Major Crypto Prices —  Are We Getting Ready For A 'Parabolic Bull Run?'

The CEO of Arm Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) has suggested that NVIDIA Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) Grace Blackwell could lead to a <a href="https://www.benzinga.com/news/24/03/37809836/nvidia-reveals-blackwell-gpu-highlights-partnerships-with-top-companies-at-gtc-the-whole-industry-is">significant uptick in the adoption</a> of ARM technology in data centers for AI applications.
What Happened: &#8220;I think now with NVIDIA&#8217;s most recent announcement, Grace Blackwell, you are going to see an acceleration of ARM of the data center in these AI applications,&#8221; ARM CEO Rene Haas said during the <a href="https://www.benzinga.com/news/earnings/24/05/38714412/chipmaker-arm-holdings-reports-better-than-expected-q4-results-record-royalty-revenue-strong-licens">company&#8217;s fourth-quarter earnings call</a> on Wednesday. 
He went on to explain that the integration of ARM CPUs with NVIDIA GPUs in designing the chips like Grace Blackwell, allows for a more efficient interconnect between the CPU and the GPU, resulting in significantly higher memory access. 
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
&#8220;In a conventional system where you might connect to an X86 externally, you have to do that over a PCI bus, which is much slower. So by using a custom bus in the NVIDIA example like NVLink, you get much higher memory bandwidth,&#8221; Haas stated. 
The CEO of ARM Holdings concluded by suggesting that the increased integration of ARM architecture in data centers for AI applications will likely lead to a faster adoption rate than initially projected, although official confirmation is currently unavailable.
Why It Matters: The Grace Blackwell chip, which was unveiled by NVIDIA earlier this year, has been <a href="https://www.benzinga.com/news/24/03/37829588/nvidias-blackwell-gpus-spark-analyst-excitement-predicted-to-drive-next-wave-of-ai-innovation">predicted to drive the next wave of AI innovation</a>. Previously, NVIDIA CEO Jensen Huang <a href="https://www.benzinga.com/news/24/03/37810823/google-cloud-teams-up-with-nvidia-to-harness-chip-makers-grace-blackwell-platform-for-ai-breakthroug">informed that tech giants</a> like Alphabet Inc., Amazon.com Inc., Microsoft Corporation, and Oracle Corp are also &#8220;gearing up for Blackwell.&#8221; 
Meanwhile, Arm Holdings reported better-than-expected fourth-quarter results, with a record royalty revenue and strong license revenue. The company announced quarterly earnings of 36 cents per share, surpassing the analyst consensus estimate of 30 cents by 20%. Quarterly sales amounted to $928 million, exceeding the analyst consensus estimate of $875.59 million by 5.99%.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/38638286/tesla-investor-ross-gerber-calls-warren-buffett-tough-as-nails-businessman-after-berkshire-hathaway?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Investor Ross Gerber Calls Warren Buffett &#8216;Tough As Nails Businessman&#8217; After Berkshire Hathaway Dumps Apple: &#8216;Don&#8217;t Let That Soft Mid Western Demeanor Fool You&#8217;</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

NVDA

Nvidia's Grace Blackwell Chip Could Spark Accelerated ARM Adoption In Data Centers For AI Applications: CEO Rene Haas

ARM Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) is making a bold move to expand its presence in the automotive industry. The company has introduced its first autonomous driving solutions based on the powerful ARMv9 architecture.
What Happened: During its fourth-quarter earnings call, ARM CEO Rene Haas announced the introduction of automotive-enhanced ARMv9 CPU profiles specifically designed for self-driving cars. These new products incorporate functional safety features critical for autonomous systems.
&#8220;We announced our very first autonomous solutions based on v9. This is very, very significant as we&#8217;re now bringing v9 performance to the automotive sector with automotive-enhanced features such as functional safety, and we expect huge growth around this area,&#8221; Haas told analysts.
ARMv9 represents a major leap in performance and capabilities compared to previous ARM architectures. Its advanced computing power, power efficiency, and enhanced security make it an ideal fit for the intensive computational demands of autonomous driving workloads.
&#8220;We&#8217;ve had incredible engagement with lots of different OEMs across this level,&#8221; said Haas about ARM&#8217;s autonomous driving solutions. &#8220;We&#8217;re very, very confident that the kind of demand that we&#8217;ve seen for compute subsystems in our other businesses will be there in automotive.&#8221;
See Also: <a href="https://www.benzinga.com/partner/news/24/05/38615211/airship-ai-awarded-contract-with-doj-agency-marking-second-big-government-contract-win-since-decembe?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Airship AI Awarded Contract With DOJ Agency, Marking Second Big Government Contract Win Since December IPO</a>
Why It Matters: ARM&#8217;s move into the automotive sector comes on the heels of the company&#8217;s <a href="https://www.benzinga.com/news/earnings/24/05/38714412/chipmaker-arm-holdings-reports-better-than-expected-q4-results-record-royalty-revenue-strong-licens">better-than-expected Q4 results</a>, which included record royalty revenue and strong license revenue. This indicates a strong financial position for the company, providing a solid foundation for its expansion into new markets.
Moreover, this development aligns with the broader trend of technological advancement in the automotive industry. As analyst Dan Ives pointed out, the world is in the early stages of <a href="https://www.benzinga.com/news/24/05/38720217/wedbush-analyst-dan-ives-says-the-world-is-in-early-stages-of-a-fourth-industrial-revolution-and-it">a fourth industrial revolution</a>, driven by artificial intelligence. ARM&#8217;s new autonomous driving solutions position the company at the forefront of this revolution, potentially accelerating its growth trajectory.
ARM Price Action:&nbsp;According to&nbsp;<a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, Arm Holdings shares are down 8.99% after-hours at $96.53&nbsp;at the time of publication Wednesday.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38660535/expert-slams-starbucks-ceos-response-to-falling-stock-performance-you-got-to-be-on-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Expert Slams Starbucks CEO&#8217;s Response To Falling Stock Performance: &#8216;You Got To Be On Drugs To Say Something Like That On National Television&#8217;</a>
Photo Via Wikimedia Commons
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

ARM CEO Rene Haas Bets Big On Automotive With ARMv9 Autonomous Driving Solutions: 'This Is Very, Very Significant'

On Wednesday, Cathie Wood&#8217;s Ark Invest made some significant trades. The most prominent among these were the purchases of Shopify Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) and Reddit Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), and the selling off of Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) shares.
The Shopify Trade
Ark Invest&#8217;s Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>), ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>), and ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) bought a combined total of 482,042 shares of Shopify. The trade was valued at $30.24 million. For the day, Shopify shares plunged 18.59% to $62.73 in the regular session.
This move came despite the company&#8217;s stock plunging after it reported its quarterly results. According to a <a href="https://www.benzinga.com/news/earnings/24/05/38703997/shopify-stock-plunges-after-q1-print-as-sale-of-logistics-business-weigh">Benzinga report</a>, Shopify&#8217;s revenue grew by 23% year-over-year to $1.86 billion, beating the consensus estimate of $1.845 billion. However, the company reported a loss of $(273) million after a profit of $68 million a year ago.
The Reddit Trade
Ark Invest&#8217;s ETFs ARKF and ARKW also bought a combined total of 115,394 shares of Reddit. The transaction amounted to $5.93 million. On Wednesday, Reddit shares closed 4.05% higher at $51.40.
 The social media platform&#8217;s shares soared soon after it reported its <a href="https://www.benzinga.com/news/earnings/24/05/38683061/reddit-shares-soar-on-first-post-ipo-q1-results-strong-q2-guidance">first-quarter financial results</a> and gave strong Q2 guidance. Reddit&#8217;s quarterly sales were $242.963 million, beating the analyst consensus estimate of $212.83 million by 14.16%.
The Coinbase Trade
Ark Invest&#8217;s ETFs ARKF and ARKW sold a total of 41,964 shares of Coinbase Global Inc. The amount of shares purchased was worth $8.89 million. Coinbase shares closed 1.46% lower at $211.20 for the day.
Ark&#8217;s move was made amidst a softening Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) price, as reported by <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38720330/bitcoin-ethereum-dogecoin-continue-to-slip-analyst-says-king-crypto-network-fundamentals-i">Benzinga</a>. Coinbase&#8217;s shares closed at $211.2 on Wednesday, marking a decrease of 1.46%.
Other Key Trades:
<ul>
<li>Ark Invest&#8217;s ARKF sold shares of Global-E Online Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GLBE#NASDAQ">GLBE</a>). ARKF also sold shares each of Twilio Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWLO#NYSE">TWLO</a>) and StoneCo Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STNE#NASDAQ">STNE</a>). </li>
<li>ARKK sold shares of Draftkings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) and shares of Twist Bioscience Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TWST#NASDAQ">TWST</a>). ARKQ sold shares of AeroVironment Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>) and those of of 2U Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TWOU#NASDAQ">TWOU</a>) but bought stock of Rocket Lab USA Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>). </li>
</ul>
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38635874/elon-musk-is-astonished-by-warren-buffetts-berkshire-hathaway-amassing-as-much-cash-as-tesla-ceo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Is Astonished By Warren Buffett&#8217;s Berkshire Hathaway Amassing As Much Cash As Tesla CEO&#8217;s Wealth: &#8216;Wow&#8217;</a>
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ETFs

$BTC

ARKF

ARKK

ARKW

AVAV

COIN

DKNG

GLBE

RDDT

RKLB

SHOP

STNE

TWLO

TWOU

TWST

Cathie Wood's Ark Invest Purchases Over $30M of Shopify Shares Amid Q1 Numbers-Driven Plunge; Adds Reddit Shares To Kitty — Offloads Coinbase Stock As Bitcoin Declines

There's a lot to be optimistic about in the Technology sector as 3 analysts just weighed in on I3 Verticals (IIIV – Research Report), Axcelis Techn...

Analysts' Top Technology Picks: I3 Verticals (IIIV), Axcelis Technologies (ACLS)

Analyst Matthew VanVliet of BTIG maintained a Buy rating on I3 Verticals (IIIV – Research Report), with a price target of $28.00. Matthew VanVliet ...

Buy Rating Affirmed for i3 Verticals Amid Strategic Shift and Strong Fundamentals

Verticals, Inc. (IIIV) Q1 2024 Earnings Call Transcript

I3 Verticals (IIIV) has disclosed a new risk, in the Corporate Activity and Growth category. I3 Verticals faces significant uncertainty as it inves...

A New Cause for Concern: I3 Verticals Adds a New Corporate Activity and Growth Risk

There's a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on FLEETCOR Technologies (FLT – Research Report) and I3...

Analysts Offer Insights on Technology Companies: FLEETCOR Technologies (FLT) and I3 Verticals (IIIV)

I3 Verticals (IIIV) has released an update. i3 Verticals, Inc. successfully convened its 2024 Annual Meeting with over 81% of stockholders particip...

I3 Verticals Stockholders Approve Key Proposals at Annual Meeting

There's a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on I3 Verticals (IIIV – Research Report) and The Descar...

Analysts Are Bullish on Top Technology Stocks: I3 Verticals (IIIV), The Descartes Systems Group (DSGX)

Warning: IIIV is at high risk of performing badly

In a report released today, Peter Heckmann from D.A. Davidson maintained a Buy rating on I3 Verticals (IIIV – Research Report), with a price target...

D.A. Davidson Sticks to Their Buy Rating for I3 Verticals (IIIV)

ACLS

CVLT

DSGX

Press Releases

i3 Verticals Announces Earnings Release and Conference Call Dates for Third Quarter of Fiscal 2023

i3 Verticals Reports Third Quarter 2023 Financial Results

i3 Verticals Announces Earnings Release and Conference Call Dates for Fourth Quarter of Fiscal 2023

i3 Verticals Reports Fourth Quarter and Full Fiscal Year 2023 Financial Results

i3 Verticals Announces Earnings Release and Conference Call Dates for First Quarter of Fiscal 2024

i3 Verticals Reports First Quarter 2024 Financial Results

i3 Verticals Announces Earnings Release and Conference Call Date for Second Quarter of Fiscal 2024