Why Is Sprout Social (SPT) Stock Down 32% Today?

InvestorPlace

Helius Medical Technologies

+1.90%

Sprout Social stock is falling on Friday after the social media management company announced earnings results for the first quarter of 2024.

Holding back Sprout Social stock this morning is its revenue of $96.78 million. That didn’t reach Wall Street’s estimate of $97.2 million for the quarter. This is despite it increasing 29% from the $75.21 million reported in the same period of the year prior.

That’s unfortunate as the company’s adjusted EPS came in at 10 cents. That’s well above the flat earnings analysts were expecting. It’s also above the 6 cents per share reported in the first quarter of 2023.

Sprout Social Chief Financial Officer Joe Del Preto said this in the earnings report.

“We underestimated the magnitude of enterprise seasonality that now comes with our business mix, while also self-inducing sales execution headwinds during Q1 that we believe were important to position us for future success. We have factored Q1 underperformance and tightened strategic focus into our reduced 2024 revenue forecast, though we believe we’re now positioned for greater long- term success.”

SPT Stock Guidance 2024

Sprout Social’s outlook for 2024 includes adjusted EPS of 45 cents to 46 cents alongside revenue ranging from $405 million and $406 million. These are mixed next to Wall Street’s estimates of 23 cents per share and revenue of $425.57 million for the year.

SPT stock is down 32.2% as of Friday morning.

There are plenty more stock market stories worth reading about on Friday!

Luckily, we have them all ready to go without coverage of the market today. A few examples include what’s happening with shares of Vaxxinity and Helius Medical Technology stock today as well as the biggest pre-market stock movers this morning. You can dive into that news down 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 Is Vaxxinity (VAXX) Stock Up 39% Today?

InvestorPlace

Vaxxinity

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Helius Medical Technologies

+1.90%

Vaxxinity stock is up on Friday with heavy pre-market trading of the biotechnology company’s shares.

That has more than 21 million shares of VAXX stock changing hands as of this writing. This is well above its daily average trading volume of about 1 million shares.

Investors will also note that VAXX stock was down 9.1% on Thursday. That also came with heavy trading as some 8.9 million shares of the company’s stock were traded during normal hours.

What’s Behind the VAXX Stock Movement?

This recent Vaxxinity volatility comes as the company prepares to delist its shares next week. That will result in its shares no longer trading on the Nasdaq Exchange when markets open on May 9.

It provided the following reasons for the decision in a letter to shareholders.

“Being a public company is very expensive and incredibly time-consuming. Choosing to go public is a path many pursue primarily to obtain access to greater institutional pools of capital.”

After this delisting, shares of VAXX stock will start trading on the OTC Market exchange. The company notes it doesn’t guarantee this listing will remain.

VAXX stock is up 38.6% as of Friday morning.

Investors can find more of the most recent stock market news ready to go below!

We offer all of the latest stock market stories for Friday! Among that is why shares of Helius Medical Technology stock are up, the biggest pre-market stock movers this morning and more. All of that info is good to go at the following links!

More Stock Market News for Friday

Why Is Helius Medical Technology (HSDT) Stock Up 47% Today?
Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
Should You Buy Palantir (PLTR) Stock Before May 6?

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Why Vaxxinity (VAXX) Shares Are Volatile Today

Benzinga

Vaxxinity

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Vaxxinity Inc shares are trading lower by 10% to $0.24 during Tuesday’s session. The stock is trading lower on continued volatility after the company announced its intention to voluntarily delist and deregister its Class A common stock .

What Else?

Vaxxinity has decided to delist from Nasdaq due to non-compliance with the minimum bid price requirement. This move aims to tackle low trading activity, which the company says has been an obstacle in raising capital and attracting investors. By delisting and deregistering, the company says it can concentrate its resources on research and development without being distracted by stock price fluctuations.

The delisting is set to occur around May 9, followed by potential trading on over-the-counter markets. Vaxxinity will file the required forms with the SEC to finalize these changes and suspend reporting obligations.

According to data from Benzinga Pro, VAXX has a 52-week high of $3.10 and a 52-week low of $0.19.

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S&P 500 Rises Over 1%; Zions Bancorp Shares Gain After Q1 Earnings

Benzinga

U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining more than 1% on Monday.

The Dow traded up 1.02% to 38,373.22 while the NASDAQ rose 1.45% to 15,503.89. The S&P 500 also rose, gaining, 1.22% to 5,027.92.

Check This Out: Alphabet To Rally Around 14%? Here Are 10 Top Analyst Forecasts For Monday

Leading and Lagging Sectors

Financial shares climbed by 1.3% on Monday.

In trading on Monday, materials shares rose by just 0.2%.

Top Headline

Shares of Zions Bancorporation, N.A. gained around 4% on Monday after the company reported upbeat earnings for its first quarter.

The company posted a first-quarter FY24 revenue decline of 11.6% year-on-year to $742 million, missing the analyst consensus estimate of $743.481 million. Adjusted EPS of $1.03 beat the analyst consensus estimate of 98 cents.

Equities Trading UP

Moolec Science SA shares shot up 63% to $2.26 after the company announced that it received USDA approval for plant-grown animal proteins.
Shares of NewGenIvf Group Limited got a boost, surging 113% to $1.56 after the company signed a non-binding term sheet for a potential reverse merger with European Wellness Investment Holdings.
Matterport, Inc. shares were also up, gaining 179% to $4.8550 after the company announced a deal to be acquired by online real estate marketplace provider CoStar Group.

Equities Trading DOWN

Vaxxinity, Inc. shares dropped 46% to $0.2569 after the company announced its intention to voluntarily delist and deregister its Class A common stock.
Shares of Hepion Pharmaceuticals, Inc. were down 28% to $1.51 after the company announced that it began wind-down activities in its Phase 2b “ASCEND-NASH Trial.
Warrantee Inc. was down, falling 34% to $0.2798 after the company announced a receipt of a Nasdaq delisting determination and a plan to appeal.

Also Check This Out: This Analyst With 85% Accuracy Rate Sees More Than 37% Upside In AMD – Here Are 5 Stock Picks For Last Week From Wall Street’s Most Accurate Analysts

Commodities

In commodity news, oil traded up 0.3% to $83.40 while gold traded down 2.9% at $2,343.90.

Silver traded down 5.7% to $27.21 on Monday, while copper fell 0.4% to $4.48.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.60%, London's FTSE 100 rose 1.62% while Spain's IBEX 35 Index climbed 1.50% The German DAX gained 0.70% French CAC 40 rose 0.38% while Italy's FTSE MIB Index fell 0.58%.

Eurozone's government deficit to GDP ratio fell to 3.6% in 2023 compared to a revised 3.7% in the prior year.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan's Nikkei 225 gaining 1%, Hong Kong's Hang Seng Index gaining 1.77%, China's Shanghai Composite falling 0.67% and India's S&P BSE Sensex gaining 0.77%.

The People’s Bank of China maintained its key lending rates at the April fixing.

Economics

The Chicago Fed National Activity Index increased to +0.15 in March versus a revised reading of +0.09 in the previous month, topping market estimates of +0.09.

Now Read This: Progressive, Q2 Holdings And 2 Other Stocks Insiders Are Selling

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Why Vaxxinity (VAXX) Shares Are Down Nearly 50%

Benzinga

Vaxxinity

0.00%

Vaxxinity Inc shares are trading lower by 47% to $0.25 during Monday’s session after the company announced its intention to voluntarily delist and deregister its Class A common stock .

This decision follows non-compliance with Nasdaq’s minimum bid price requirement and aims to address low trading value and volume, which hinder the company’s ability to raise capital and attract investor interest. By delisting and deregistering, Vaxxinity intends to focus resources on research and development efforts without the distraction of stock price fluctuations.

The delisting is expected to take effect around May 9, with potential trading on over-the-counter markets afterward. The company plans to file necessary forms with the SEC to formalize these changes and suspend reporting obligations.

According to data from Benzinga Pro, VAXX has a 52-week high of $3.10 and a 52-week low of $0.19.

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Why Vaxxinity Shares Are Trading Lower By Around 55%? Here Are Other Stocks Moving In Monday's Mid-Day Session

Benzinga

Shares of Vaxxinity, Inc. fell sharply during Monday's session after the company announced its intention to voluntarily delist and deregister its Class A common stock.

Vaxxinity shares dipped 54.8% to $0.2150 on Monday.

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

Gainers

Matterport, Inc. shares jumped 184% to $4.93. CoStar Group announced plans to acquire Matterport in a cash and stock transaction valued at $5.50 per share reflecting an estimated $1.6 billion value.
NewGenIvf Group Limited climbed 126% to $1.67 after the company signed a non-binding term sheet for a potential reverse merger with European Wellness Investment Holdings.
Moolec Science SA shares climbed 88.4% to $2.5950 after the company announced that it received USDA approval for plant-grown animal proteins.
Tungray Technologies Inc gained 48.8% to $5.95 after surging around 49% on Friday. The company priced its IPO at $4 per share.
SuperCom Ltd. shares gained 46% to $0.3212 after the company reported better-than-expected fourth-quarter results.
AGBA Group Holding Limited climbed 42% to $1.7742.
Edible Garden AG Incorporated jumped 39% to $5.23 after the company announced it regained compliance with the Nasdaq bid price requirement.
POET Technologies Inc. jumped 29.8% to $1.35.
Graphjet Technology climbed 27.6% to $8.61. Graphjet Technology’s Tham Choi Kuen, CFO, announced the decision to resign due to health reasons, effective immediately.
Assure Holdings Corp. rose 25% to $0.55 after dipping more than 30% on Friday.
Smart for Life, Inc. climbed 23% to $4.13.
Jaguar Health, Inc. gained 23% to $0.1936.
WANG & LEE GROUP, Inc. climbed 21.7% to $0.73. Wang & Lee Group, last week, reported a year-over-year increase in FY23 financial results.
Onfolio Holdings, Inc. climbed 20.8% to $0.52.
Complete Solaria, Inc. shares gained 17.4% to $0.5281 amid recent volatility in the stock. Chairman T.J. Rodgers said he converted $5 million of his CSLR debt to equity as an indication of his belief in the company.
NKGen Biotech, Inc. climbed 14.8% to $1.2750.
MicroStrategy Incorporated gained 11.2% to $1,305.56 amid a rise in Bitcoin.
Sea Limited gained 10.4% to $60.79 after B of A Securities upgraded the stock from Neutral to Buy and raised its price target from $62 to $70.
Ingevity Corporation rose 8.7% to $48.30. Jefferies analyst Daniel Rizzo upgraded Ingevity from Hold to Buy and raised the price target from $52 to $62.
Riot Platforms, Inc. rose 7.9% to $9.85 amid a rise in Bitcoin.
Coinbase Global, Inc. gained 6.5% to $224.72 amid a rise in Bitcoin.

Losers

Hepion Pharmaceuticals, Inc. fell 40.4% to $1.2515 after the company announced that it began wind-down activities in its Phase 2b “ASCEND-NASH Trial.
Akso Health Group fell 26.2% to $0.7001.
Warrantee Inc. fell 24.2% to $0.3223. Warrantee announced receipt of Nasdaq delisting determination and plan to appeal.
Bio-Path Holdings, Inc. fell 22.3% to $3.3350. Bio-Path recently announced closing of $1.2 million registered direct offering priced at-the-market under Nasdaq rules.
Inhibikase Therapeutics, Inc. dipped 19.5% to $1.64.
Jin Medical International Ltd. fell 18.8% to $3.1502
Indonesia Energy Corporation Limited shares declined 15.4% to $4.25 after gaining 23% on Friday. Indonesia Energy, last month, filed for mixed shelf offering of up to $50 million.
Virgin Galactic Holdings, Inc. fell 14% to $0.7357. Virgin Galactic recently announced it is considering a reverse stock split with a range between 1-for-2 and 1-for-20.
Sunshine Biopharma, Inc. shares fell 13.7% to $1.5250 after dipping 47% on Friday. Sunshine Biopharma's Nora Pharma received Health Canada approval for Niopeg.
Mobile-health Network Solutions fell 11.9% to $24.01. Mobile-health Network Solutions said it sees 1H revenue of $6 million versus $3 million year over uear.
Connexa Sports Technologies Inc. fell 10.9% to $1.2515.
AgriFORCE Growing Systems Ltd. declined 9.7% to $0.1480 after gaining 9% on Friday. AgriForce Growing Systems was granted Australian patent number 2018215090 titled “High Fiber, High Protein, Low Carbohydrate Flour, Sweetened Liquid, Sweeteners, Cereals, And Methods For Production Thereof.”
Energy Fuels Inc. declined 9.7% to $5.26. Energy Fuels entered into definitive scheme implementation deed with Base Resources for the acquisition of all issued shares for A$375 million.
Tellurian Inc. dipped 9.6% to $0.4478.
Applied Optoelectronics, Inc. fell 9.5% to $10.96. Applied Optoelectronics is expected to release financial results for its first quarter ended March 31, 2024 on May 9, 2024.
FuelCell Energy, Inc. fell 9.3% to $0.8023.
Mingteng International Corporation Inc. fell 6.5% to $3.45 after gaining over 5% on Friday. Mingteng International, last week, priced its IPO at $4.00 per share.
Li Auto Inc. fell 6.2% to $24.74. Shares of Chinese EV stocks traded lower after Tesla reduced vehicle prices in China.
Tesla, Inc. fell 3.2% to $142.24 after the company reduced vehicle prices in the US, Germany and China.

Also Read: How To Earn $500 A Month From AZZ Stock Ahead Of Q4 Earnings

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Gold Falls Sharply; Matterport Shares Spike Higher

Benzinga

U.S. stocks traded higher midway through trading, with the Dow Jones gaining around 100 points on Monday.

The Dow traded up 0.24% to 38,078.26 while the NASDAQ rose 0.25% to 15,320.07. The S&P 500 also rose, gaining, 0.29% to 4,981.79.

Check This Out: Alphabet To Rally Around 14%? Here Are 10 Top Analyst Forecasts For Monday

Leading and Lagging Sectors

Industrials shares climbed by 0.6% on Monday.
In trading on Monday, communication services shares fell by 0.4%.

Top Headline

Albertsons Companies Inc reported upbeat earnings for its fourth quarter.

The company posted fourth-quarter FY23 sales growth of 0.4% year-on-year to $18.34 billion, missing the analyst consensus estimate of $18.47 billion. Adjusted EPS of 54 cents beat the analyst consensus estimate of 52 cents.

Albertsons and Kroger Co have amended their definitive agreement with C&S Wholesale Grocers, LLC (C&S) for the sale of assets regarding the merger announced on October 14, 2022..

Equities Trading UP

Moolec Science SA shares shot up 76% to $2.4297 after the company announced that it received USDA approval for plant-grown animal proteins.
Shares of NewGenIvf Group Limited got a boost, surging 92% to $1.42 after the company signed a non-binding term sheet for a potential reverse merger with European Wellness Investment Holdings.
Matterport, Inc. shares were also up, gaining 174% to $4.7601 after the company announced a deal to be acquired by online real estate marketplace provider CoStar Group.

Equities Trading DOWN

Vaxxinity, Inc. shares dropped 47% to $0.2501 after the company announced its intention to voluntarily delist and deregister its Class A common stock.
Shares of Hepion Pharmaceuticals, Inc. were down 37% to $1.3197 after the company announced that it began wind-down activities in its Phase 2b “ASCEND-NASH Trial.
Warrantee Inc. was down, falling 29% to $0.2999 after the company announced a receipt of a Nasdaq delisting determination and a plan to appeal.

Also Check This Out: This Analyst With 85% Accuracy Rate Sees More Than 37% Upside In AMD – Here Are 5 Stock Picks For Last Week From Wall Street’s Most Accurate Analysts

Commodities

In commodity news, oil traded down 0.1% to $83.02 while gold traded down 2.7% at $2,349.50.

Silver traded down 4.6% to $27.52 on Monday, while copper fell 0.1% to $4.4910.

Euro zone<

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.63%, London's FTSE 100 rose 1.68% while Spain's IBEX 35 Index climbed 1.34% The German DAX gained 0.74% French CAC 40 rose 0.27% while Italy's FTSE MIB Index fell 0.73%.

Eurozone's government deficit to GDP ratio fell to 3.6% in 2023 compared to a revised 3.7% in the prior year.

Asia Pacific Markets

The People’s Bank of China maintained its key lending rates at the April fixing.

Economics

The Chicago Fed National Activity Index increased to +0.15 in March versus a revised reading of +0.09 in the previous month, topping market estimates of +0.09.

Now Read This: Progressive, Q2 Holdings And 2 Other Stocks Insiders Are Sellin g

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