FINSUM + Magnifi: These Tech Stocks are Too Cheap Because of the SPAC Plunge
April 27, 2021
The market has been hard on special purpose acquisition companies (SPACs) as prices have fallen dramatically across the board. However, some technology companies caught up in the crossfire are trading too cheap. EV charging companies have sound fundamentals yet despite this they are trading 43% less than their annual highs. Meanwhile, the Biden administration is writing a two trillion dollar infrastructure plan with over $300 billion in EV incentives. EV stations are growing and will be a major part of the ‘pump landscape’ by 2030. Four stocks in the EV market trading at the discount are ChargePoint Holdings, EVgo, Volta, and box.
FINSUM + Magnifi: This Fintech Just Saw its Shares Surge Like GameStop
March 2021
Fintech company Upstart experienced a rally reminiscent of the Reddit-fueled GameStop frenzy weeks back as its stock jumped 171% over the last three trading days. However, fundamentals and not internet boards were the catalyst here. Upstart uses AI and machine learning techniques to underwrite consumer loans and passes this information off to banks that can better place borrowers. The company saw revenue growth due to a spiking 124,000 loan originations last quarter prompting the surge in stock price.
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FINSUM + Magnifi: Walmart is Stretching its Legs in Fintech
(March 2021)
Walmart (WMT) is synonymous with most consumers for their household products, but the retail giant is expanding its frontier of offerings. Walmart hired Omer Ismail and David Stark from Goldman Sachs as part of their new Fintech subsidiary. Ismail and Stark worked for Goldman in their consumer banking business platform called Marcus which brought retail customers higher interest rates on deposits. Walmart plans to launch the retail company with Ribbit Capital. Ribbit is the venture capital firm that helped fund Robinhood, which has brought many retail investors to the stock market and was a major figure in the GameStock frenzy. Walmart believes it leverages its retail investor knowledge with Ribbit’s fintech expertise to make a major statement. Walmart already offers a variety of fintech and banking services: credit cards, cashing checks, money transfers, and financed installments. Walmart's retail customer base is enormous and could be a game-changer in fintech.
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