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Thirty Excel Notes - 12/6/2023

12/6/2023 – 12:16pm PT

Rivian (RIVN; ranked #23 in our Q4 SmallMidCap Rankings) is having a huge day. In our latest Q4 rankings we put a price target of $18 for the electric vehicle manufacturer. The stock has risen 7% today to trade above $18 today.

The stock is pretty flat YTD, but over the last 12 months it has been down -33%. It will be interesting to see how the momentum in the stock shakes out over the short term. We will be releasing our Q1 2024 rankings with price target over the next 3 weeks.

Robinhood (HOOD; ranked #20 in our Q4 SmallMidCap Rankings) gained momentum today due to the rising price of Bitcoin. Robinhood is one of the larger players for retail investors looking to get Bitcoin exposure.

The thought process is that if there is another Bitcoin hype train that should translate into more trading volumes on Robinhood that can juice their revenue since they get paid for order flow even though the retail investors get “free” trades.

On the downside, Box (BOX; ranked #42 in our Q4 SmallMidCap Rankings) had a disappointing day. Box released their Q3 2024 earnings yesterday and they were lower in pretty much every metric (revenue, EBITDA, annual guidance, etc.) as the company indicated that they are seeing an overall slowdown in spending in markets such as Europe.

The stock was down around 10% today and YTD is down -18%. We look forward to our algorithm diving into the numbers and providing an updated price target as we head into Q1 2024.


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