5 Investors Betting on MicroAlgo (MLGO) Stock in Q1

InvestorPlace

Shares of MicroAlgo stock are surging higher by over 650% after the company announced that it would establish a micro-consciousness quantum research center in collaboration with WiMi , its parent company. The research center will combine several disciplines, including physics, polymer chemistry and philosophy, in order to advance the study of consciousness.

“The micro-consciousness quantum research center builds a bridge between basic science and applied technology, closely connecting the theoretical research of basic science and the practice of applied technology,” said MicroAlgo.

The center’s research will focus on four aspects: the Quantum computing and consciousness model, brain-computer interface technology, big data artificial intelligence (AI) and quantum consciousness and quantum-driven generative consciousness.

MicroAlgo and WiMi’s research center will also collaborate with Chinese universities and research institutions on shared research, laboratory building and training.

MicroAlgo did not provide any further details, such as the costs to build such a center and any potential revenue impact. As a result, the move in MLGO is highly unusual and likely to reverse, echoing previous unusual moves in Chinese companies like AMTD Digital and Magic Empire Global . It’s also worth noting that MLGO’s float of 1.87 million shares is extremely small, making the stock susceptible to sudden, volatile movements.

MicroAlgo’s website is also bare-bones and does not provide much information about the company.

5 Investors Betting Big on MLGO Stock in Q1

Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. However, MicroAlgo’s institutional ownership is almost nonexistent, likely due to its status as a penny stock, falling sales and a lack of profitability.

As of the first quarter, only four 13F filers disclosed a stake in MLGO stock, a decline of nine filers compared to the prior quarter. These filers own a total of 10,862 shares, down by 77.52% from 48,313 shares during Q4. In addition, zero hedge funds reported a stake in the company.

The message from the Q1 13F data is quite clear: no one really cares or knows about MicroAlgo. With that in mind, let’s take a look at its top shareholders as of Q1:

WiMi: 3.69 million shares. WiMi Q1 13D filing showed that it added 800,000 shares.
Chairman Jie Zhao: 1.85 million shares, accurate as of Dec. 31. These shares are owned by WiMi, while Zhao owns 100% of its Class A ordinary shares.
UBS Group : 9,444 shares. UBS added 9,298 shares during Q1.
Tower Research Capital: 967 shares. Tower Research added 821 shares during Q1.
Morgan Stanley : 450 shares. Morgan Stanley sold 204 shares during Q1.

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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

Sector Update: Tech Stocks Mixed in Late Afternoon Trading

MT Newswires

Tech stocks were mixed late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 0.1% and the SPDR S&P Semiconductor ETF (XSD) falling 1.5%.

The Philadelphia Semiconductor index dropped 0.9%.

In corporate news, Alphabet's Google's Chief Privacy Officer Keith Enright will leave later this year, Forbes reported. Matthew Bye, Google's head of competition law, will also depart, and the company doesn't plan to replace the executives, the report said. Alphabet shares were little changed.

MicroAlgo shares surged 611% after the company said Tuesday it launched a collaboration with WiMi Hologram Cloud to set up a micro-consciousness quantum research center. WiMi shares soared 24.4%.

CoreWeave has made an offer to buy Core Scientific for $5.75 per share, Bloomberg reported Tuesday. Core Scientific shares spiked 40%.

Snowflake's Sridhar Ramaswamy is on the lookout for deals in artificial intelligence to gain an edge over competitors, Bloomberg reported Tuesday, citing an interview with the new chief executive. Snowflake shares were fractionally higher.

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Dow Surges 200 Points; Designer Brands Shares Plunge Following Q1 Earnings

Benzinga

U.S. stocks turned higher toward the end of trading, with the Dow Jones gaining around 200 points on Tuesday.

The Dow traded up 0.53% to 38,774.55 while the NASDAQ rose 0.29% to 16,877.87. The S&P 500 also rose, gaining, 0.25% to 5,296.54.

Check This Out: Top 3 Financial Stocks You’ll Regret Missing This Quarter

Leading and Lagging Sectors

Real estate shares rose by 1.3% on Tuesday.

In trading on Tuesday, materials shares fell by 1.4%.

Top Headline

Shares of Designer Brands Inc dipped more than 22% on Tuesday after the company reported worse-than-expected first-quarter earnings.

The company reported first-quarter FY24 sales growth of 0.6% year-on-year to $746.596 million, beating the analyst consensus estimate of $741.630 million. Total comparable sales decreased by 2.5%. Adjusted EPS of 8 cents missed the analyst consensus estimate of 21 cents.

Equities Trading UP

MicroAlgo Inc shares shot up 558% to $10.26 after the company announced that it will jointly establish a micro-consciousness quantum research center with WiMi.
Shares of Sobr Safe Inc got a boost, surging 96% to $0.52 after the company announced SOBRsure device purchases from two new customers.
Annexon, Inc. shares were also up, gaining 28% to $5.88 after the company’s Phase 3 trial of ANX005 met its primary endpoint.

Equities Trading DOWN

ENDRA Life Sciences Inc shares dropped 64% to $0.0788 after the company announced pricing of $8.0 million public offering.
Shares of Equillium Inc were down 24% to $1.12 after the company announced topline data from its Phase 2 study of EQ101 in alopecia areata.
Designer Brands Inc was down, falling 22% to $8.56 following first-quarter earnings.

Also Check This Out: Wall Street’s Most Accurate Analysts’ Views On 3 Utilities Stocks With Over 4% Dividend Yields

Commodities

In commodity news, oil traded down 1% to $73.46 while gold traded down 0.9% at $2,348.30.

Silver traded down 3.6% to $29.68 on Tuesday, while copper fell 2.7% to $4.5395.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 0.54%, Germany's DAX dipped 1.09% and France's CAC 40 fell 0.75%. Spain's IBEX 35 Index declined 0.97%, while London's FTSE 100 fell 0.37%.

German jobless rate came in unchanged at 5.9% for the sixth straight month in May. Retail sales in the UK gained 0.4% from a year ago in May following a 4.4% decline in the prior month.

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan's Nikkei falling 0.22%, China's Composite Index gaining 0.14%, Hong Kong's Hang Seng Index climbing 0.22% and India's S&P BSE Sensex dipping 5.74%.

Australia reported a current account deficit of AUD 4.9 billion in the first quarter, versus a revised surplus of AUD 2.7 billion in the fourth quarter. Retail sales in Australia increased by 0.1% month-over-month in April compared to a 0.4% decline in the previous period.

Economics

The Logistics Manager's Index rose to 55.6 in May from a reading of 52.9 in April.
The RealClearMarkets/TIPP Economic Optimism Index declined to 40.5 in June compared to 41.8 in May.
U.S. factory orders increased by 0.7% from the prior month to $588.2 billion in April.
The number of job openings fell by 296,000 from the prior month to 8.059 million for April.

Now Read This: Nvidia To Rally Around 11%? Here Are 10 Top Analyst Forecasts For Tuesday

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Top Midday Gainers

MT Newswires

MicroAlgo shares soared 537% amid heavy trading after the company unveiled Tuesday a collaboration with WiMi Hologram Cloud (WIMI) to set up a micro-consciousness quantum research center.

Over 146 million shares traded intraday versus a daily average of roughly 760,000.

SOBR Safe said it signed hardware/software agreements with recovery services Hired Power and the Firm and disclosed that both providers have made "initial device purchases."

Shares surged 81% as intraday trading volume shot to more than 239 million from a daily average of about 4.2 million.

CoreWeave has offered to acquire Core Scientific for $5.75 per share, Bloomberg reported Tuesday, citing a person with knowledge of the matter.

Shares soared 41% as intraday trading volume catapulted to over 53 million versus the stock's daily average of about 3.7 million.

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Cucumber Recall 2024: 14 States Hit With Cucumber Recalls Over Salmonella Concerns

InvestorPlace

WiMi Hologram Cloud

-3.00%

A cucumber recall is in effect as consumers in 14 states are in danger of contracting salmonella from potentially infected vegetables.

The cucumber recall was announced by Fresh Start Produce Sales of Delray, Fla., after testing showed the bacteria on a sample in Pennsylvania. However, the company notes that these cucumbers are unlikely to have made it to store shelves.

Just to be on the safe side, customers in 14 states will want to check with retailers about where their customers came from. They are as follows.

Cucumber Recall: States Affected

Alabama
Florida
Georgia
Illinois
Maryland
New Jersey
New York
North Carolina
Ohio
Pennsylvania
South Carolina
Tennessee
Virginia
West Virginia

To help narrow this down further, Fresh Start Produce Sales includes dates for when the cucumbers in the recall were shipped. The affected vegetables in the cucumber recall were shipped from May 17 to May 21.

Consumers will also want to keep an eye out for signs of salmonella. The illnesses’ symptoms include diarrhea, fever and stomach cramps. The illness is more serious for adults over 65, children under five and those with weakened immune systems.

The Food and Drug Administration (FDA) is also conducting tests on the infected cucumbers. It’s performing whole-genome sequencing to ascertain if these cucumbers are connected to a larger salmonella outbreak.

There are plenty of other stories that are worth checking out below!

We have all of the hottest news on Tuesday that are of interest to stock market traders. A few examples include why stocks are down today, the latest news on WiMi Hologram Cloud stock and more. All of this info is readily available at the links below!

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Why Core & Main Shares Are Trading Lower By 11%? Here Are Other Stocks Moving In Tuesday's Mid-Day Session

Benzinga

Shares of Core & Main Inc fell sharply during Tuesday's session after the company reported mixed first-quarter financial results.

Core & Main posted quarterly earnings of 49 cents per share, missing market expectations of 52 cents per share. The company's quarterly sales came in at $1.74 billion versus estimates of $1.72 billion, according to data from Benzinga Pro.

Core & Main shares dipped 11.4% to $49.77 on Tuesday.

Here are some other stocks moving in today’s mid-day session.

Gainers

MicroAlgo Inc shares jumped 284% to 5.99 after the company announced that it will jointly establish a micro-consciousness quantum research center with WiMi.
Sobr Safe Inc surged 112% to $0.56 after the company announced SOBRsure device purchases from two new customers.
Annexon, Inc. climbed 40% to $6.44 after the company’s Phase 3 trial of ANX005 met its primary endpoint.
WiMi Hologram Cloud Inc – ADR shares gained 37.3% to $1.18 after the company announced that the company and MicroAlgo will jointly establish a micro-consciousness quantum research center.
Core Scientific Inc shares rose 29% to $6.28. Core Scientific announced the signing of a series of 12-year contracts with CoreWeave, the AI Hyperscaler.
Oblong Inc gained 25% to $0.32 after the company announced that it signed a non-binding letter of intent to acquire Dwellwell Analytics.
Captivision Inc shares climbed 22.7% to $4.16 after dipping 28% on Monday.
Marin Software Inc gained 21.2% to $2.97. Marin Software announced expanded Amazon integration to unlock channel for all advertisers.
Moving Image Technologies Inc gained 20.2% to $0.67.
Alset Inc shares climbed 19.4% to $1.23
CareCloud Inc shares gained 18.2% to $3.54.
Saia Inc shares climbed 12.3% to $452.00 after the company reported an 18% increase in LTL shipments per workday in April.
Terawulf Inc gained 12% to $2.30 after the company issued May 2024 production and operations update.
SINTX Technologies Inc gained 11.8% to $7.28.
Zai Lab Ltd – ADR shares rose 9.9% to $19.78.
Hillevax Inc gained 9.7% to $13.60.
Agenus Inc shares rose 9.3% to $18.55.
SkyWest Inc gained 5.6% to $83.87.
Forward Air Corp gained 3.9% to $17.88.

Losers

ENDRA Life Sciences Inc shares fell 66.4% to $0.073 after the company announced pricing of $8.0 million public offering.
Avalon Globocare Corp shares fell 30.9% to $0.85 after surging 317% on Monday.
Equillium Inc fell 25.2% to $1.10 after the company announced topline data from its Phase 2 study of EQ101 in alopecia areata.
JIADE Ltd fell 21.3% to $9.81.
Designer Brands Inc shares fell 20.5% to $8.79 following first-quarter earnings.
MingZhu Logistics Holdings Ltd shares fell 17.5% to $0.38. MingZhu Logistics Holdings shares jumped 32% on Monday after the company announced an agreement to acquire Oxylus Global.
Humacyte Inc shares declined 17.1% to $6.11.
NewGenIvf Group Ltd shares fell 16.8% to $1.15. On Monday, NewGenIvf signed a non-binding $617.34 million deal for potential reverse merger with pharma company COVIRIX.
GCT Semiconductor Holding Inc shares declined 14.6% to $3.92
CalAmp Corp shares declined 14% to $0.87. CalAmp recently entered into a restructuring support agreement to take the company private and has voluntarily initiated proceedings under Chapter 11 of the United States Bankruptcy Code.
Nuscale Power Corp shares fell 12.2% to $6.70.
Amarin Corporation plc shares declined 12% to $0.75 after the company announced that it appointed Aaron Berg as President and CEO.
Cibus Inc shares declined 11.4% to $11.76.
Ivanhoe Electric Inc shares fell 10% to $9.73.
Bath & Body Works Inc fell 10.5% to $46.39 after the company reported first-quarter earnings.
ICICI Bank Ltd shares declined 10.4% to $25.38 as Indian stocks moved lower amid early results from India’s general election.
Microbot Medical Inc. shares fell 9.4% to $1.25 after jumping 38% on Monday.
Bark Inc shares declined 9.3% to $1.27 after the company reported downbeat financial results for its fourth quarter and issued FY25 revenue guidance below estimates.
HDFC Bank Ltd declined 9.2% to $55.62 as Indian stocks moved lower amid early results from India’s general election.
Hywin Holdings Ltd – ADR shares fell 9% to $0.61 after jumping 91% on Monday.
Axos Financial Inc shares fell 8.9% to $47.79 after Short seller Hindenburg Research issued a short report on the stock.
Modine Manufacturing Co shares fell 8.7% to $91.14.
Arch Resources Inc shares declined 8.4% to $164.81.
Dave Inc fell 7.5% to $35.05. Dave announced an extension of its official partnership with the Drew League, Los Angeles’ premiere Pro-Am basketball league.
GameStop Corp shares fell 5.5% to $26.45, pulling back after rallying 21% on Monday.

Now Read This: Nvidia To Rally Around 11%? Here Are 10 Top Analyst Forecasts For Tuesday

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Why Are Stocks Down Today?

InvestorPlace

Investors wondering why stocks are down today are in the right place as we have all of the details behind what’s weighing on the market on Tuesday!

The big reason why stocks are down today has to do with data from the latest jobs report. The April report shows that job openings have fallen to their lowest since February 2021 at 8.06 million jobs. This comes after a hiring spree that took place after the pandemic.

Oxford Economics lead US economist Nancy Vanden Houten said the following about this to Yahoo Finance.

“The decline in openings points to a slower pace of hiring in the months ahead. However, layoffs remain low, so net job growth should continue to be positive. The labor market remains healthy enough to allow Fed policy decisions to be primarily guided by readings on inflation.”

Investors are also anxious about upcoming decisions from the Federal Reserve. The economy may be slowing but the Fed is using inflation as its deciding factor for interest rate cuts. Until inflation has dropped enough, traders are unlikely to see those rates fall.

Let’s check out what all of this means for the major stock indices below!

Stocks Down Today: Major Indices Fall

The S&P 500 starts us off with a .23% drop as of Tuesday afternoon.
Next is the Dow Jones Industrial Average with a .03% decrease as of this writing.
Closing us out is the NASDAQ Composite with a .19% fall on Tuesday.

There are more stock market stories ready to go below!

We have all of the hottest news traders need to know about on Tuesday! That includes what’s happening with shares of WiMi Hologram Cloud , SOBR Safe and Microsoft stock today. All of that info is available at the following links!