For Immediate Release
Chicago, IL – September 15, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: NVIDIA Corp. NVDA, Robinhood Markets, Inc. HOOD, Visa Inc. V and HIVE Blockchain Technologies Ltd. HIVE.
Here are highlights from Thursday’s Analyst Blog:
4 Crypto Stocks in Focus as Interest Hike Fears Wane
The cryptocurrency market has made a solid rebound this year after an unimpressive 2022. The Fed’s aggressive interest rate hike campaign last year to combat multi-decade high inflation impacted all major cryptocurrencies like Bitcoin, Ethereum, Cardano, Dogecoin and Litecoin.
However, cryptocurrencies saw rangebound trading in August as multiple macroeconomic factors, including uncertainty over the Fed’s future course of action with its monetary tightening campaign, have made investors scramble for direction.
In fact, Bitcoin price, which touched $31,500 in early July, has since retreated and was hovering around the $25,000 mark almost throughout August.
However, on Sep 13, Bitcoin price once again surpassed the psychological level of $26,000, while Ethereum was trading at $1,615.4551.
September is historically one of the worst months for markets but cryptocurrencies have so far shown resilience this time. The rebound comes on soaring optimism that the Fed might keep its interest rates unchanged in its September FOMC meeting.
Earlier this week, the Wall Street Journal reported that Fed officials are now discussing whether further rate hikes are required this year as inflation has sharply declined over the past 12 months.
The Fed increased interest rates by 525 basis points since March 2022, taking its benchmark interest to the range of 5.25-5.5%. The aggressive stance has seen inflation decline to more than half from its peak of 9.1% in June 2022.
Historically, the price of Bitcoin has exhibited a notable correlation with the performance of the tech-heavy Nasdaq 100 stock index. This correlation exists because both tech stocks and cryptocurrencies are considered to be relatively risky assets, leading investors to respond in a similar manner when evaluating their investment strategies based on prevailing market conditions. Thus, a pause in rate hikes bodes well for the cryptocurrency market in the near term.
Stocks in Focus
NVIDIA Corp. is a major player in the semiconductor industry and has been one of the standout success stories of 2023. As a leading designer of graphic processing units (GPUs), the value of the NVDA stock tends to surge in a thriving crypto market. This is primarily due to the crucial role that GPUs play in data centers, artificial intelligence and the mining or production of cryptocurrencies.
NVIDIA’s expected earnings growth rate for the current year is 219.5%. Shares of NVDA have gained 5.8% in the past three months. NVIDIA currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Robinhood Markets, Inc. operates a financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds, options, gold, and cryptocurrencies. HOOD buys and sells Bitcoin, Ethereum, Dogecoin and other cryptocurrencies using its Robinhood Crypto platform.
Robinhood Markets’ expected earnings growth rate for the current year is 57.3%. Shares of HOOD have gained 10.6% in the past three months. Robinhood Markets currently has a Zacks Rank #2 (Buy).
Visa Inc. is taking a significant step toward modernizing cross-border money movement. V is expanding its stablecoin settlement capabilities to the high-performing Solana blockchain in a bid to enhance the efficiency of global transactions. This expansion of V includes a collaboration with prominent merchant acquirers Worldpay and Nuvei, marking a pivotal development in the world of digital payments.
Visa’s expected earnings growth rate for the current year is 15.3%. Shares of V have gained 10.9% in the past three months. Visa currently carries a Zacks Rank #3 (Hold).
HIVE Blockchain Technologies Ltd. operates as a cryptocurrency mining firm. The company validates transactions on blockchain networks, as well as provides crypto mining and builds bridges between crypto and traditional capital markets.
HIVE Blockchain’s expected earnings growth rate for the current year is 72.3%. Shares of HIVE have gained 0.6% in the past three months. HIVE presently carries a Zacks Rank #3.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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