Latest news for Newpath Resources (OTC:RDYFF) Stock

Newpath Resources Inc is in the business of acquiring, exploring, and evaluating mineral resource properties in Canada. . Its property include Northshore property, Schreiber Area, and Orefield project.

Newpath Resources Inc

ATLANTIC CITY, N.J. (AP) — Boyd Interactive has purchased Resorts Digital, the online gambling arm of Atlantic City's Resorts casino, for an undisclosed amount.
Mark Giannantonio, president of Resorts, said Monday that the transaction was finalized on Sept. 1. Neither company would reveal the purchase price.
Resorts Digital has outperformed the physical Resorts casino for years; it has taken in five times the amount of money from gamblers over the first eight months of this year as the physical casino did.
Over that period, Resorts Digital won over $573 million, compared to $109 million for the physical Resorts casino, according to the New Jersey Division of Gaming Enforcement.
In terms of profitability, Resorts Digital posted a gross operating profit of $9.6 million in the first half of this year, up 5.6% from the same period a year ago. In contrast, the physical Resorts casino had a gross operating profit of $355,000 in the first half of this year, down almost 89% from a year earlier.
Boyd Interactive, part of Las Vegas-based Boyd Gaming, received ResortsCasino.com and MoheganSunCasino.com in the deal, along with one unused sports betting skin, or online identity.
<a href="https://apnews.com/article/resorts-digital-boyd-gaming-casino-gambling-betting-de31ed28b4e754fbd36b36b489d2a158" title="https://apnews.com/article/resorts-digital-boyd-gaming-casino-gambling-betting-de31ed28b4e754fbd36b36b489d2a158">https://apnews.com/article/resorts-digital-boyd-gaming-casino-gambling-betting-de31ed28b4e754fbd36b36b489d2a158</a>

News

'Boyd Gaming buys Resorts Digital online gambling operation' - AP

Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares are trading lower Monday amid the expiration of a major lockup period that prevented large shareholders, including Donald Trump, from selling shares. Also, Trump has rejected a second debate with <a href="https://www.benzinga.com/news/24/09/40971448/kamala-harris-ready-to-face-off-in-second-debate-but-donald-trump-says-its-too-late">Vice President Kamala Harris</a>.
The Details:
TMTG shares have fallen more than 25% following last week's expiration of the lockup period for many large shareholders of the stock. Trump has indicated on multiple occasions that he will not be selling his shares. However, other large investors, including ARC Global registered shares for sale back in April, may now sell shares if they so choose.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/earnings/24/09/40948948/homebuilder-lennar-reports-better-than-expected-q3-results-details">Homebuilder Lennar Reports Better-Than-Expected Q3 Results: Details</a>
Additionally, Vice President Harris accepted CNN's invitation for a second debate over the weekend, while Trump reiterated his previous position that there would not be another debate before voters go to the polls in November. 
Trump appears to be <a href="https://www.benzinga.com/news/24/09/40971721/voters-warm-to-kamala-harris-as-election-nears">losing his lead</a> in the Presidential race, as a slew of recent polls show former Vice President Harris gaining in several key states.&nbsp;
According to data from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Trump Media &amp; Technology shares are trading well-below the stock&#8217;s 50-day moving average of $24.80 and have dropped more than 75% since the stock's debut in March.&nbsp;
<h3 class="wp-block-heading">DJT Stock Prediction 2024: </h3>
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Trump Media &amp; Technology, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Trump Media &amp; Technology, the 200-day moving average sits at $33.96, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, which is above the current price of $12.71. For more on charts and trend lines, <a href="https://pro.benzinga.com/">see a description here.</a>
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
DJT Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Trump Media &amp; Technology Group shares are down 6.17% at $12.71 at the time of publication Monday.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/09/40957779/shipping-giants-fedex-ups-stocks-slip-friday-whats-going-on">Shipping Giants FedEx, UPS Stocks Slip Friday: What&#8217;s Going On?</a></li>
</ul>
Image: Shutterstock

Movers

What's Going On With Trump Media & Technology Stock?

Melius Research analyst Karen Short initiates coverage on Costco Wholesale (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) with a Hold rating and announces Price Target of $950.

Price Target

Initiation

Analyst Ratings

COST

Melius Research Initiates Coverage On Costco Wholesale with Hold Rating, Announces Price Target of $950

REE Automotive Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REE#NASDAQ">REE</a>) shares are trading higher on Monday after the company announced it selected Roush Industries to assemble REE&#8217;s P7 vehicles at Roush&#8217;s Detroit-area factory, which has an annual capacity of up <a href="https://www.benzinga.com//node/40981413">to 5,000 vehicles</a>.
The Details: Assembly of the P7 electric trucks will begin in the 2024 fourth quarter. The vehicles feature a flat vehicle base that offers up to 35% more space for cargo, passengers and batteries. In addition, the truck has the industry&#8217;s lowest step-in height.
&#8220;We chose to work with Roush because of their proven capabilities and expertise in the commercial EV market, their capacity to scale production, and their understanding of our unique business model, which is to build our vehicles to order, not for inventory,&#8221; said Josh Tech, COO of REE. 
&#8220;We want to get our trucks in the hands of our customers as soon as possible, while not sacrificing on quality, making sure our customers can count on us as they build their electric commercial fleets. By partnering with Roush, we can concentrate on our core technology and production of the REEcorners while optimizing production costs and reducing go to market times benefiting from their nearly 40-year track record of engineering and manufacturing spans from NASCAR, to lunar terrain vehicles, to the most innovative EVs.&#8221;&nbsp;
How To Buy REE Automotive Shares
By now you're likely curious about how to participate in the market for REE Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REE#NASDAQ">REE</a>) &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of REE Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REE#NASDAQ">REE</a>), which is trading at $6.15 as of publishing time, $100 would buy you 16.26 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
See Also: <a href="https://www.benzinga.com/news/24/09/40971831/putin-ally-who-unveiled-tesla-cybertruck-with-machine-gun-last-month-now-says-elon-musk-remotely-dis">Putin Ally Who Unveiled Tesla Cybertruck With Machine Gun Last Month Now Says Elon Musk &#8216;Remotely Disabled&#8217; The Militarized EV</a>
REE Price Action: At the time of writing, REE Automotive stock is trading 4.86% lower at $6.04 per data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Image: Image via Pexels

What's Going On With REE Automotive Shares Monday?

Melius Research analyst Karen Short initiates coverage on Walmart (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) with a Buy rating and announces Price Target of $95.

Melius Research Initiates Coverage On Walmart with Buy Rating, Announces Price Target of $95

Melius Research analyst Karen Short initiates coverage on Five Below (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) with a Hold rating and announces Price Target of $100.

FIVE

Melius Research Initiates Coverage On Five Below with Hold Rating, Announces Price Target of $100

Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) shares are trading higher Monday. The Biden administration on Monday proposed a ban on the import and sale of Chinese-made vehicles due to <a href="https://www.benzinga.com/news/24/09/40981404/us-proposes-ban-on-vehicles-equipped-with-chinese-software-as-team-biden-cracks-down-on-foreign-adve">national security concerns.</a>
What To Know:
Rivian shares are recovering from Friday's steep losses, possibly aided by the newly proposed ban on Chinese-made vehicles. The proposed ban comes on the heels of last week's steep tariffs on Chinese goods, including a 100% tax on EVs.&nbsp;&nbsp;
Rivian could stand to benefit from the newly imposed tariffs and <a href="https://www.benzinga.com/markets/asia/24/09/40981254/chinese-vehicle-tech-faces-biden-administration-ban-over-national-security-concerns-china-ev-stocks">proposed ban</a> of Chinese auto-tech. Both initiatives will limit, if not completely eliminate, cheaper Chinese EVs from the U.S. market, and significantly reduce pressures on Rivian from such competition.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/earnings/24/09/40948948/homebuilder-lennar-reports-better-than-expected-q3-results-details">Homebuilder Lennar Reports Better-Than-Expected Q3 Results: Details</a>
Rivian also stands to benefit from reduced <a href="https://www.benzinga.com/news/24/09/40961732/whats-going-on-with-rivian-rivn-stock">borrowing costs</a> due to last week's federal interest rate cut. Rivian remains in its growth phase and has yet to turn a profit, relying on borrowed funds to continue production.&nbsp;
<h3 class="wp-block-heading">Will RIVN Stock Go Up?</h3>
When trying to assess whether or not Rivian Automotive will trade higher from current levels, it's a good idea to take a look at analyst forecasts. 
Wall Street analysts have an average 12-month price target of $17.47 on Rivian Automotive. The Street high target is currently at $30 and the Street low target is $13. Of all the analysts covering Rivian Automotive, 21 have positive ratings, 14 have neutral ratings and one has a negative rating.
In the last month, 6 analysts have adjusted price targets. Here's a look at recent price target changes <a href="https://www.benzinga.com/quote/RIVN/analyst-ratings">[Analyst Ratings]</a>. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Rivian Automotive have performed in recent history. 
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Rivian Automotive is 43.32% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Rivian Automotive, visit <a href="https://www.benzinga.com/quote/RIVN">here</a>. If you want to go above and beyond, there's no better tool to help you do just that than <a href="https://pro.benzinga.com/">Benzinga Pro</a>. Start your free trial today.
RIVN Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Rivian shares are up 1.32% at $11.87 at the time of publication Monday.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/09/40957779/shipping-giants-fedex-ups-stocks-slip-friday-whats-going-on">Shipping Giants FedEx, UPS Stocks Slip Friday: What&#8217;s Going On?</a></li>
</ul>
Image: Courtesy of Rivian Automotive, Inc.

RIVN

What's Going On With Rivian Automotive Stock?

Melius Research analyst Karen Short initiates coverage on Lowe's Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) with a Buy rating and announces Price Target of $290.

Melius Research Initiates Coverage On Lowe's Companies with Buy Rating, Announces Price Target of $290

STLA

Stellantis NV Says Stands By Position That It Has Honored Commitments Under 2023 Collective Bargaining Agreement With UAW

Lael Brainard, the director of the National Economic Council, visited Detroit on Monday to discuss how the Biden administration's policies aim to protect the U.S. auto industry from China's growing influence in electric vehicles, focusing on tariffs and domestic investment <a href="https://www.benzinga.com/markets/asia/24/09/40986319/chinese-stocks-defy-bidens-auto-import-ban-concerns-rally-to-4-month-highs-as-central-bank-unexpecte">in EV battery production.</a> Brainard outlined funding and policies through bills like the Inflation Reduction Act that are driving private-sector investments into sourcing and manufacturing for EV batteries in America. By investing in America's ability to produce lithium-powered batteries domestically, companies will be less reliant on China. Right now, China is one of the three largest exporters of lithium for EVs, along with Australia and Chile. Brainard said that Americans should be able to drive whatever kind of car they want, whether that be a gas-powered, hybrid or electric, but she wants to ensure that consumers have the choice to buy an American-made EV. "If someone wants to drive an EV, we want to make sure it was made in America and not in China," Brainard said. 
Also Read: <a href="https://www.benzinga.com/news/24/09/40985825/tesla-and-chinese-ev-startups-outpace-toyota-volkswagen-in-critical-software-race-report">Tesla And Chinese EV Startups Outpace Toyota, Volkswagen In Critical Software Race: Report</a> The Biden administration recently announced a 100% tariff on Chinese-imported electric vehicles, a policy that Brainard supported and highlighted in her speech on Monday. Other countries followed suit by announcing higher tariffs on Chinese cars. Brainard worries that China, if unchecked, could undermine the U.S. auto industry by flooding the market with underpriced electric vehicles. BYD, a Chinese auto manufacturer, offers a budget EV that is less than $10,000 brand new. Brainard identified two significant potential risks from China's influence on American roads: fair competition and national security issues. The administration hopes that investments in America's domestic supply chain and methods like tariffs will help ensure that American companies can compete with Chinese ones. Brainard highlighted national security risks in terms of newer "connected cars" that use and collect massive amounts of data from drivers. She pointed out that President Joe Biden recently signed a law aimed at protecting American drivers, particularly by restricting the transfer of sensitive data to foreign adversaries like China. "It basically says that we will not allow cars driving on U.S. roads if they are using Chinese software and hardware systems," Brainard said. "We think this is very important from a national security point of view."
Read Next:
<ul>
<li><a href="https://www.benzinga.com/m-a/24/09/40983591/qualcomm-takeover-of-intel-is-logically-unlikely-in-face-of-regulatory-challenges-analyst-says">Qualcomm Takeover Of Intel Is &#8216;Logically Unlikely&#8217; In Face Of Regulatory Challenges, Analyst Says</a></li>
</ul>
Image created using a photo from Wikimedia and Midjourney.

Asia

Politics

Global

General

Biggest Risk For US Autos? Biden Advisor Outlines Steps To Counter Chinese Influence On The Industry

Melius Research analyst Karen Short initiates coverage on Tractor Supply (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSCO#NASDAQ">TSCO</a>) with a Buy rating and announces Price Target of $315.

TSCO

Melius Research Initiates Coverage On Tractor Supply with Buy Rating, Announces Price Target of $315

Melius Research analyst Karen Short initiates coverage on Home Depot (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) with a Buy rating and announces Price Target of $420.

Melius Research Initiates Coverage On Home Depot with Buy Rating, Announces Price Target of $420

WIIM

VSEE

VSee Health shares are trading higher after the company reported a year-over-year increase in Q2 financial results.

Melius Research analyst Karen Short initiates coverage on Sprouts Farmers Market (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SFM#NASDAQ">SFM</a>) with a Hold rating and announces Price Target of $105.

Melius Research Initiates Coverage On Sprouts Farmers Market with Hold Rating, Announces Price Target of $105

Melius Research analyst Karen Short initiates coverage on Best Buy Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) with a Hold rating and announces Price Target of $100.

Melius Research Initiates Coverage On Best Buy Co with Hold Rating, Announces Price Target of $100

Melius Research analyst Karen Short initiates coverage on Floor &amp; Decor Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FND#NYSE">FND</a>) with a Sell rating and announces Price Target of $80.

Melius Research Initiates Coverage On Floor & Decor Hldgs with Sell Rating, Announces Price Target of $80

<a href="https://www.marijuanamoment.net/dea-calls-for-massive-increases-in-psilocybin-ibogaine-and-thc-manufacturing-this-year-to-meet-research-demands/">https://www.marijuanamoment.net/dea-calls-for-massive-increases-in-psilocybin-ibogaine-and-thc-manufacturing-this-year-to-meet-research-demands/</a>
The Drug Enforcement Administration (DEA) is proposing a dramatic increase in its 2023 production quotas for marijuana compounds and psychedelics like psilocybin and ibogaine to "support research and clinical trials" into the substances.
DEA wants to nearly double the amount of psilocybin, psilocyn and delta-9 THC that's manufactured compared to initial levels set for this year, while quintupling how much ibogaine is produced. It also wants 23 times as much of "other tetrahydrocannabinol," raising the quota from 15,000 grams to 350,000 grams for 2023.
The agency had already increased its initial quota for various controlled substances, including cannabis and psychedelics, late last year when it finalized the numbers. But now, in a notice published in the Federal Register on Tuesday, DEA said that more significant changes are warranted.
For psilocybin, the proposed new quota is 15,000 grams, rather than 8,000 grams as previously set for 2023. DEA also wants 24,000 grams of the psychedelic compound psilocyn, double its prior 12,000-gram quota.
The now-increased initial 2023 levels for both of the "magic mushroom" components already represented significant increases from those set for prior years, demonstrating the ongoing heightened level of interest in researching psychedelics over time.
DEA is also proposing to manufacture 150 grams of ibogaine—five times the amount it called for in December 2022.
While the agency didn't change its 6.7 million-gram quota for marijuana for the year, it is now calling for the manufacturing of 628,460 grams of delta-9 THC, rather than 384,460 grams—a 63 percent increase.
For all other tetrahydrocannabinol, DEA wants 350,000 grams, a notable increase from its prior 15,000-gram quota—a massive 2,233 percent increase.
The proposed increases, which are subject to a 30-day public comment period starting on Tuesday, comes in the context of an ongoing administrative review into the scheduling status of cannabis that DEA is actively carrying after receiving a recommendation from the U.S. Department of Health and Human Services (HHS) to <a href="https://www.marijuanamoment.net/top-federal-health-agency-releases-highly-redacted-marijuana-scheduling-recommendation-letter-to-dea/">move marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA)</a>.
It also comes as experts await a <a href="https://www.marijuanamoment.net/after-latest-clinical-trial-mdma-therapy-for-ptsd-is-on-track-for-fda-consideration-next-year/">potential federal approval for certain psychedelics like psilocybin and MDMA</a> as therapeutics for the treatment of serious mental health conditions.
The updated quotas reflect "the estimated medical, scientific, research, and industrial needs of the U.S., for lawful export requirements, and for the establishment and maintenance of reserve stocks," DEA <a href="https://www.federalregister.gov/public-inspection/2023-23931/proposed-adjustments-to-the-aggregate-production-quotas-for-schedule-i-and-ii-controlled-substances">said</a> in its new quota increase notice.
"DEA is proposing increases to the [aggregate production quotas] for the following schedule I substances: all other tetrahydrocannabinol, delta-9-tetrahydrocannabinol, ibogaine, psilocybin, and psilocyn," it said. "These proposed increases are to support research and clinical trials by DEA-registered schedule I researchers. These proposed increases demonstrate DEA's support for research with schedule I controlled substances."
 DEA's prior "final" quotas that were published late last year already <a href="https://www.marijuanamoment.net/dea-proposes-dramatic-increases-in-marijuana-and-psychedelics-production-in-2023-for-research/">contained increases compared to its initial proposal</a>, with <a href="https://www.marijuanamoment.net/dea-proposes-even-higher-2023-production-quotas-for-psychedelics-like-mdma-and-psilocyn/">the agency calling for the manufacturing of more psychedelic compounds</a> such as MDMA, psilocyn and 5-MeO-DMT.
This year's 6.7 million-gram quota for marijuana is more than double DEA's final <a href="https://www.marijuanamoment.net/dea-again-boosts-2022-production-goals-for-psychedelics-like-psilocybin-mdma-and-dmt/">cannabis quota for 2022, which was 3.2 million grams.</a>&nbsp;<a href="https://www.marijuanamoment.net/dea-boosts-psilocybin-mdma-and-dmt-production-levels-again-in-final-quotas-for-2021/">It was 2 million grams for 2021</a>.
Growing millions of grams of cannabis may be easier since&nbsp;<a href="https://www.marijuanamoment.net/dea-finally-breaks-federal-marijuana-grower-monopoly-with-two-new-companies-harvesting-cannabis-approved-by-agency/">DEA finally authorized additional manufacturers</a>&nbsp;at the beginning of the year. Those approved cultivators are now able to apply for&nbsp;<a href="https://www.marijuanamoment.net/top-federal-drug-agency-seeking-marijuana-grower-able-to-cultivate-and-analyze-4-million-grams-of-cannabis/">a contract to be federal marijuana suppliers</a>&nbsp;for study purposes under the National Institute on Drug Abuse (NIDA).
The agency has touted its Schedule I drug production quotas as evidence that is supports rigorous research into the substances, but it's faced criticism from advocates and scientists over actions that are viewed as antithetical to promoting studies.
Following pushback, DEA recently retreated on&nbsp;<a href="https://www.marijuanamoment.net/dea-abandons-proposal-to-ban-two-more-psychedelics-after-being-challenged-by-scientists/">a proposed ban on psychedelic compounds</a>&nbsp;that scientists say have research value.
That marked another win for scientific community, coming just one month after DEA&nbsp;<a href="https://www.marijuanamoment.net/dea-cancels-proposed-ban-of-five-psychedelics-giving-scientists-more-time-to-research-therapeutic-benefits/">abandoned separate plans to place five tryptamine psychedelics in Schedule I</a>.
Meanwhile, a federal appeals court recently ruled against DEA in a <a href="https://www.marijuanamoment.net/federal-appeals-court-rules-against-dea-in-psilocybin-rescheduling-lawsuit-brought-by-doctor-who-wants-to-give-psychedelic-to-cancer-patients/">lawsuit over a Washington State doctor's petition to reschedule psilocybin</a>. The court said DEA failed to explain its reasoning when it denied the petition, and it ordered the agency to provide a more complete justification.
With respect to the agency's marijuana scheduling review, a coalition of 31 bipartisan House lawmakers has sent a letter to DEA Administrator Anne Milgram, urging her to <a href="https://www.marijuanamoment.net/31-bipartisan-house-lawmakers-push-dea-to-consider-merits-of-marijuana-legalization-as-it-completes-scheduling-review/">take into account congressional and state marijuana legalization efforts</a> as it completes that assessment. They also criticized the limitations of simple rescheduling as they push for complete a complete removal of marijuana from the CSA.
The letter serves as a counterbalance to other recent messages DEA has received from congressional opponents of reform and former DEA and White House drug czars who&nbsp;<a href="https://www.marijuanamoment.net/marijuana-rescheduling-would-supersize-the-industry-former-dea-heads-and-white-house-drug-czars-warn-biden-administration/">argue that even moving marijuana to Schedule III would go too far</a>.
A coalition of 14 Republican congressional lawmakers recently&nbsp;<a href="https://www.marijuanamoment.net/14-gop-congressional-lawmakers-tell-dea-to-keep-marijuana-in-schedule-i-and-reject-top-health-agencys-recommendation/">urged DEA to "reject" the top federal health agency's recommendation to reschedule marijuana</a>&nbsp;and instead keep it in the most restrictive category under the CSA.
Meanwhile, two GOP senators, including the lead Republican sponsor of&nbsp;<a href="https://www.marijuanamoment.net/watch-live-a-u-s-senate-committee-is-voting-on-a-marijuana-banking-bill/">a marijuana banking bill that cleared a key committee last month</a>, recently filed new legislation to&nbsp;<a href="https://www.marijuanamoment.net/gop-senators-file-bill-to-block-biden-marijuana-rescheduling-effort-without-congressional-approval/">prevent federal agencies from rescheduling cannabis&nbsp;without tacit approval from Congress</a>.

Biotech

AKAN

CMPS

CRON

CYBN

DRUG

ENVB

GRWG

IMCC

LFLY

MNMD

SEEL

SNDL

TLRY

'DEA Calls For Massive Increases In Psilocybin, Ibogaine And THC Manufacturing This Year To Meet Research Demands'  - Marijuana Moment

Ascendiant Capital analyst Lucas Ward reiterates Heart Test Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSCS#NASDAQ">HSCS</a>) with a Buy and maintains $15 price target.

Reiteration

HSCS

Ascendiant Capital Reiterates Buy on Heart Test Laboratories, Maintains $15 Price Target

Upstart Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/upst#NASDAQ">UPST</a>), the artificial intelligence-driven fintech, has surged by 71.1% in just three months, outpacing both the broader tech sector and the S&amp;P 500. While the Technology Select Sector SPDR Fund ETF remained relatively flat, and the S&amp;P 500 posted modest growth of 4.2%, Upstart&#39;s surge has left many wondering: Have they missed the window of opportunity, or is there more room for the stock to climb?
<h3>3-Month Price Return Performance</h3>
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/cd/78744.jpg?v=862728547" style="height:305px; width:600px" />
Image Source: Zacks Investment Research
<h2>Why Upstart Shares Have Outperformed</h2>
The fintech world is buzzing with optimism, and much of Upstart&#39;s recent success is tied to macroeconomic expectations around the U.S. Federal Reserve policy. Upstart&#39;s business model is highly sensitive to interest rates because it primarily deals in personal and auto loans. When rates are high, borrowing becomes expensive, and demand shrinks. But when rates drop, loan affordability rises, and Upstart thrives.
Over the past few years, Upstart&#39;s annual revenue run rate has halved from around $1 billion due to aggressive interest rate hikes by the Federal Reserve. These rate increases were designed to curb inflation, but they also hit Upstart&#39;s loan origination business hard, reducing demand across the board.
However, the tide is turning. The Fed, which had been hiking rates, has been signaling a shift in policy over the past few months. This instilled investors&#39; optimism about the company&#39;s turnaround in the near term. Going with market expectations, the central bank lowered the benchmark interest rate by 50 basis points to a 4.75%-5% range last week and indicated a further half-percentage point cut by the end of 2024. For UPST, this policy change is nothing short of a lifeline.
Upstart&#39;s ability to grow its institutional funding base has been crucial in turning the company around. In the second quarter of 2024, Upstart locked in multiple long-term funding partnerships, which reduced the need for the company to fund loans using its balance sheet. During the second-quarter earnings call, CEO Dave Girouard highlighted that this internal progress &mdash; driven by improvements in AI models and operational efficiency &mdash; has set the stage for Upstart&#39;s comeback.
<h2>Interest Rate Cuts: A Catalyst for UPST&#39;s Growth</h2>
The recent 50-basis-point rate cut is a game-changer for Upstart. Its platform, which leverages AI to assess creditworthiness beyond the traditional Fair Issac Corporation (&quot;FICO&quot;) score, stands to gain immensely in an environment where interest rates are falling. Upstart&#39;s model is designed to capture a wider range of borrower profiles by using unconventional data points like education and employment history to predict credit risk.
When rates are high, loan demand shrinks because borrowers either can&#39;t afford or are hesitant to take on more debt. However, in a falling-rate environment, borrowing becomes cheaper and more attractive. This dynamic is critical for Upstart, which has been working to regain its loan origination volume after years of declines due to high interest rates. In the second quarter of 2024, Upstart&#39;s revenues fell to $128 million, down from its previous highs. However, the Fed&#39;s easing policies could help the company reclaim much of its lost business.
If the Fed continues to lower rates as expected, Upstart could experience a surge in loan originations, leading to revenue growth. As the company&#39;s lending platform brings more borrowers into the fold &mdash;especially those previously priced out by high interest rates &mdash; Upstart&#39;s market share is likely to expand further.
<h2>Upstart Stands Out on AI-Powered Innovation</h2>
Upstart&#39;s success doesn&#39;t just hinge on interest rate movements. Its core strength lies in its innovative use of AI to outperform traditional lenders like SoFi Technologies (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sofi#NASDAQ">SOFI</a>) and LendingClub Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lc#NYSE">LC</a>). Upstart has enhanced its AI models over the past few years, automating the vast majority of its loan approval process. As of the second quarter of 2024, 91% of Upstart&#39;s loans were fully automated &mdash; no human intervention was required &mdash; a massive efficiency boost compared to its peers.
This level of automation allows Upstart to offer lower annual percentage rates (APRs) to riskier borrowers without compromising on credit performance. By contrast, competitors like SoFi and LendingClub still rely heavily on traditional credit assessment methods, which can be less effective at accurately predicting default risk in non-prime borrowers. While SoFi has diversified into areas like banking and investing to cushion the impact of interest rate fluctuations, it hasn&#39;t made the same strides in loan approval efficiency as Upstart.
Upstart&#39;s AI capabilities enable it to expand its loan portfolio across multiple product lines. Beyond personal loans, the company has also made substantial progress in auto loans, home equity lines of credit (HELOCs) and small-dollar relief loans. Upstart&#39;s move into these new markets provides revenue streams and solidifies its position as a comprehensive lending platform.
<h2>Upstart&#39;s Attractive Valuation: A Silver Lining</h2>
Despite the recent upswing, Upstart&#39;s current valuation presents a compelling opportunity. The stock&#39;s current forward 12-month price-to-sales (P/S) ratio indicates that it trades at a hefty discount to the Zacks Computers &ndash; IT Services industry average. Also, at the closing price of $39.74 as of Sept. 20, UPST shares have been trading way below its all-time high of $390, indicating a strong upside potential.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/d0/78745.jpg?v=633566993" style="height:305px; width:600px" />
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Upstart has been projecting strong growth in the top and bottom lines over the coming years, reinforcing the fundamental case for the stock&#39;s continued rise. In the short term, any further interest rate cuts by the Fed are likely to serve as additional catalysts for Upstart&#39;s growth.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/11/78746.jpg?v=2056824731" style="height:305px; width:600px" />
Image Source: Zacks Investment Research
<h2>Conclusion: Buy Upstart Stock Now</h2>
Upstart&#39;s 71% rally might make it seem like the stock is already fully valued, but its unique positioning in the fintech space suggests otherwise. The interest rate environment is becoming more favorable, and Upstart&#39;s AI-driven platform gives it a significant competitive edge over traditional lenders. As borrowing costs fall, the company&#39;s loan originations are poised to increase, driving revenue growth and profitability.
For growth-oriented investors, Upstart offers a compelling opportunity. Its focus on innovation, automation and expanding access to credit positions it as a leader in the rapidly evolving fintech sector. With positive macroeconomic tailwinds and the company&#39;s internal improvements, it&#39;s clear that Upstart&#39;s rally isn&#39;t over yet. Now is the time to buy this Zacks Rank #2 (Buy) stock while it&#39;s still riding the wave of momentum and before it potentially reaches new highs.
<a href="https://www.zacks.com/stock/news/2339649/upstart-soars-71-in-3-months-is-it-too-late-to-buy-the-stock?cid=CS-BENZ-FT-analyst_blog|most_popular_stocks-2339649">To read this article on Zacks.com click here.</a>

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Upstart Soars 71% in 3 Months: Is it Too Late to Buy the Stock?

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