Why Pure Storage Shares Are Trading Higher By Over 10%; Here Are 20 Stocks Moving Premarket
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 30 2024
0mins
Source: Benzinga
- Pure Storage, Inc. PSTG: Shares rose sharply in pre-market trading after exceeding first-quarter financial expectations.
- Stocks Moving Up:
- Smart for Life, Inc. SMFL rose 60.5%.
- Cue Health Inc. HLTH gained 56.7%.
- Verb Technology Company, Inc. VERB increased by 31.1%.
- OneMedNet Corporation ONMD surged 28.7%.
- Cheche Group Inc. CCG saw a rise of 26.4%.
- Stocks Moving Down:
- NovaBay Pharmaceuticals, Inc. NBY shares declined by 42.4%.
- UiPath Inc. PATH shares fell by 29.5%.
- Innovative Eyewear, Inc. LUCY dipped by 24.2%.
- Onconetix, Inc. ONCO shares fell by 21.5%.
- Sonoma Pharmaceuticals, Inc. SNOA shares dropped by 19.1%.
- Other Stock Movements:
- Salesforce, Inc. CRM shares fell by 15.6%.
- Nutanix, Inc. NTNX fell by 10.2%.
- Notable Events:
- American Superconductor Corporation AMSC shares gained 7.7%.
- Brand Engagement Network, Inc. BNAI shares fell by 12.2%.
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Analyst Views on AI
Wall Street analysts forecast AI stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for AI is 30.45 USD with a low forecast of 18.00 USD and a high forecast of 50.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
13 Analyst Rating
4 Buy
6 Hold
3 Sell
Hold
Current: 12.260
Low
18.00
Averages
30.45
High
50.00
Current: 12.260
Low
18.00
Averages
30.45
High
50.00
About AI
C3.ai, Inc. is an enterprise artificial intelligence (AI) application software company. The Company has built a solution that enables its customers to rapidly develop, deploy, and operate enterprise AI applications. It offers families of software solutions, which it collectively refers to as its C3 AI software: The C3 AI Platform, C3 AI Applications, and C3 Generative AI. The C3 AI Platform, its core technology, is a comprehensive, end-to-end application development and runtime environment that is designed to allow its customers to rapidly design, develop, and deploy Enterprise AI applications of any type. Its C3 AI Applications, built using the C3 AI Platform, is a portfolio of pre-built, extensible, industry-specific, and application-specific software-as-a-service offerings (SaaS) Enterprise AI applications that can be rapidly installed and deployed. Its C3 Generative AI combines the utility of large language models, generative AI, reinforcement learning, natural language processing.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
C3.AI STOCK INCREASES 2.9% FOLLOWING NEWS OF MERGER DISCUSSIONS WITH AUTOMATION ANYWHERE
Company Performance: C3.ai shares have risen by 2.9% following recent developments.
Merger Talks: The increase in share value comes after reports of potential merger discussions with Automation Anywhere.
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Musk Considers Merging His Business Empire
- Potential Merger Plans: Elon Musk is reportedly considering merging SpaceX, Tesla, and xAI, with a SpaceX-Tesla deal potentially leveraging Tesla's energy storage and solar capabilities for space infrastructure, enhancing synergies in both space and energy sectors.
- Investment Context: Tesla's recent $2 billion investment in xAI not only underscores its commitment to the AI sector but may also lay the groundwork for future mergers, further driving technological integration and market competitiveness.
- IPO Considerations: While SpaceX is exploring an IPO, Musk's merger plans could impact investor confidence in SpaceX's independent growth trajectory, potentially causing short-term fluctuations in its stock price.
- Industry Dynamics: In other M&A news, Mitsubishi Electric completed its $1 billion acquisition of cybersecurity firm Nozomi Networks, reflecting ongoing market interest in technology and security integrations, which may provide insights for Musk's merger considerations.
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