US equities are on track for big weekly gains after suffering the most significant pullback since the depths of the pandemic in March 2020 last week.
Here are some of today's trending stocks:
Blink Charging Co (NASDAQ: BLNK)
EV company Blink Charging Co (NASDAQ: BLNK) saw its share price fall nearly 10% in pre-market trading, only to rebound shortly after.
The BLNK share price is up 25% in the past five days but down 31% year-to-date.
Blink recently completed its acquisition of EV charging leader SemaConnect.
On June 15, B. Riley Securities analyst Christopher Souther initiated coverage of Blink Charging with a Hold rating and a $15 share price target. This was followed on June 21 with a Hold rating from Stifel Nicolaus analyst Stephen D Gengaro, who put a $19 share price target on BLNK stock.
Blink Charging Co (BLNK) closed at $18.33 on Friday after shares jumped by 11.16% during Thursday's session. Over the past year, the company's share price has traded between $13.60 and $49.
FedEx Corporation (NYSE: FDX)
FedEx Corporation (NYSE: FDX) reported higher quarterly earnings today. It also issued a better-than-expected full-year outlook.
The company finished FY2022 with its highest-ever revenue of $93.5bn and adjusted operating income of $6.9bn, both up 11% Y/Y.
Brie A. Carere, FedEx Chief Customer Officer & Executive VP, believes it has the right team in place to deliver profitable growth and margin improvement in the coming year.
In opening remarks, the FedEx CEO mentioned Operation Fly Formula, where, in response to the critical baby formula shortage rippling across the United States, FedEx moved hundreds of thousands of pounds of baby formula from Europe to the US.
FactSet analysts have a $290 share price target on FDX stock, which is trading around $233 today.
The FDX share price is up 2% in pre-market trading.
Zendesk Inc (NYSE: ZEN)
Zendesk Inc (NYSE: ZEN) shares are up over 50% in pre-market trading on speculation of a buyout. It is thought Zendesk is close to confirming a deal with a private equity buyout group that includes Hellman & Friedman and Permira.
Zendesk has come under pressure from activist investor Jana Partners in recent weeks. Jana had nominated four directors to the board of Zendesk, arguing the company must be rehabilitated after an unpopular attempt to buy Momentive Global, parent of web-survey firm SurveyMonkey.
The customer support software provider has a market value of over $7bn.
It is expected that Zendesk shareholders will receive $77.50 a share in cash in a transaction worth $10.2bn.
RedHill Biopharma Ltd (NASDAQ: RDHL)
RedHill Biopharma Ltd (NASDAQ: RDHL) shares are trading higher on improved Q1 profitability. RedHill Biopharma Ltd. develops medicines for gastrointestinal and infectious diseases.
The company aims to save $50m over the next 18 months via various cost-cutting measures.
Dror Ben-Asher, Chairman & Chief Executive Officer, RedHill Biopharma Ltd, said:
RedHill's significantly improved financial stability results from major cost savings, a robust commercial portfolio with three FDA-approved proprietary drugs, continued prescription growth, expanded managed care coverage, and the recently improved credit agreement with HealthCare Royalty.
RedHill is, therefore, well-positioned for further growth, both organically from our own pipeline and non-organically through potential acquisition of additional revenue-generating, synergistic products to expedite and increase cash generation, both in the short term and the longer term.
Moving Image Technologies Inc (NYSEAMERICAN: MITQ)
Moving Image Technologies Inc (NYSEAMERICAN: MITQ) is another stock trending today. The MITQ share price is up nearly 50% in pre-market trading.
Moving iMage Technologies is a manufacturer and integrator of purpose-built technology and equipment to support a wide variety of entertainment applications, focusing on motion picture exhibitions.
The optimistic price move is because MITQ announced a $1m share buyback program.
Phil Rafnson, the CEO, said:
Since coming public last July, our financial performance and fundamentals have steadily improved, while our stock price has not reflected this performance,
With a strong, debt-free balance sheet that had nearly $1 per share in cash as of our most recent earnings report and revenue guidance of 155-169% growth for fiscal 2022, we believe the stock is significantly undervalued. Given this gap in perception, our board of directors has approved a $1 million buyback over the next 12 months.
Purchases made under the program will be made from time to time, at the company's discretion, in the open market, through privately negotiated transactions or through other manners as permitted by federal securities laws. The timing, manner, price and amount of any repurchases will be determined by the company and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors.