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5 Fintech Stocks To Watch In The Stock Market Today

These fintech companies are expected to grow by leaps and bounds going forward, do you have them on your watchlist?

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Check Out These 5 Top Fintech Stocks As Digital Payments Ramp Up

Fintech stocks have been generating a lot of buzz in the stock market today. This should not come as a surprise as the sector continues to benefit from the shift to digital payments and the rise of e-commerce. Amidst the current pandemic, the adoption of digital payments has and continues to accelerate at breakneck speeds. There are also several other factors that are driving the growth of the fintech industry. For instance, the proliferation of smartphones has enabled individuals to run virtually their entire lives through their fingertips. While hot cryptocurrencies such as Bitcoin may be making headlines, volatility would still be a concern amongst more conservative investors. Thus, many investors may still prefer to bet their money on some of the best fintech stocks in the stock market that facilitate this trend instead. With the enormous opportunity present in this space, here are five fintech stocks to consider watching on dips in the stock market right now.

Best Fintech Stocks To Buy [Or Sell] Now

Paysafe

Paysafe is a leading specialized payments company. The company reported its second-quarter fiscal result yesterday. In it, revenue came in 13% higher year-over-year to $384.3 million. Net income attributable to the company was $6.6 million, compared to net loss of $15.9 million. And there are reasons to believe that Paysafe will continue to power up in the long run. That’s because Paysafe is a perfect blend of fintech and iGaming. And these are two hot industries that are expecting explosive growth in the coming decade. Despite the bearish price movement, there’s a lot to be bullish on this company’s growth prospect. Concurrent with its earnings release, the company also announced the acquisition of SafetyPay, a Latin American digital payment platform for $441 million in cash. With that, Paysafe will have scale and a leading presence in the fast-growing Latin American e-commerce marketplace. Considering all these, would the considerable dip in PSFE stock present an opportunity to scoop up the stock?
fintech stocks (PSFE stock)
Source: TD Ameritrade TOS
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Upstart

Personal loans have gained massive popularity in recent years, and Upstart is a company that is thriving on that trend. For those unfamiliar, Upstart is a growing online leading platform that utilizes artificial intelligence to automate the lending process. With the company’s platform, banks can provide personal loans using non-traditional variables like education and employment to predict creditworthiness. Upstart’s platform uses sophisticated machine learning models to more accurately identify risk and approve more applicants than traditional credit-score-based lending models. When the company announced its second-quarter results last week, the numbers took many investors by surprise the best possible way. Revenue grew over 1,000% as the company continues to leverage its technology to build scale. And when you have growth like this, it’s not surprising to see UPST stock almost doubling in the span of one week. With more predictive underwriting models and lower fraud rates delivered by the platform, the potential for Upstart to keep growing is enormous. It’s not often you find a relatively young fintech company that also happens to be profitable. Thus, would you be placing a bet on UPST stock?
top fintech stocks (UPST stock)
Source: TD Ameritrade TOS
[Read More] Best Stocks To Buy Now? 5 Autonomous Vehicle Stocks To Watch

PayPal

When it comes to digital payments companies, it is nearly impossible to not have Paypal on the list. After all, its online payment services are in place across 200 global markets. The company also facilitates peer-to-peer transfers through Xoom and Venmo, and provides personalized shopping experiences through Honey platform. Paypal announced its second-quarter financial update at the end of July. Despite revenue coming in 19% higher year-over-year to $6.24 billion, it is still roughly $30 million short of Wall Street’s forecast. While the company maintained its dominant position in the digital payment space, the company is not resting on its laurels just yet. This can be seen from the company’s recent launch of PayPal Zettle in the United States. This platform helps merchants to streamline the overall sales, reporting, and inventory across both digital and physical locations. With Paypal’s strong moat around its business, it is not surprising why many are planning to hold PYPL stock for a long time in their portfolio.
PYPL stock price
Source: TD Ameritrade TOS
[Read More] 4 Artificial Intelligence Stocks To Watch Right Now

MercadoLibre

MercadoLibre is the leading e-commerce and fintech platform in Latin America. The company’s dominant position has been a significant tailwind for the company in recent years. And MercadoLibre continued its momentum in the second quarter. There’s no question that MercadoLibre’s growth was given a boost throughout the pandemic. In fact, its recent second-quarter report was also its fifth straight quarter of triple-digit percentage year-over-year local sales growth. From the earnings report released earlier this month, the company topped Wall Street’s expectations on both top and bottom lines. Net revenue came in 93.9% higher to $1.7 billion, well above expectations of $1.48 billion, according to IBES data from Refinitiv. The company also announced its partnership with BigCommerce (NASDAQ: BIGC) to allow the latter’s merchants access to Latin America. With MercadoLibre’s leading presence and low e-commerce penetration in the region, it’s likely that the company could grow much larger over the next decade. That said, would an investment in MELI stock be a wise move now?
MELI stock chart
Source: TD Ameritrade TOS

Wise

Similar to PayPal, Wise is another company that allows money transfers to take place seamlessly. The British company, formerly known as TransferWise, was founded in 2011 by two Estonians who wanted a cheaper way to send money back home. It’s no secret that traditional financial institutions charge high fees in facilitating cross-border money transfers, even today. The company’s success can also be due to its aggressive marketing campaigns. For those unfamiliar, it offers users referral bonuses for getting their friends to sign up for the app. Wise makes its money by charging a fraction of what banks and other transfer services do. And with strong demand for international money transfers, it should come as no surprise that Wise is growing rapidly. After a successful debut in the London Stock Exchange, the company’s first-quarter financials were also in line with expectations. Revenue came in 43% higher year-over-year to ~$170.8 million. As the company continues to expand its partnerships, the company could offer additional services to broaden its appeal in the near term. Therefore, investors might want to pay attention to WPLCF stock.
best fintech stocks (WPLCF stock)
Source: TD Ameritrade TOS
The post 5 Fintech Stocks To Watch In The Stock Market Today appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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Key shipping company files for Chapter 11 bankruptcy

The Illinois-based general freight trucking company filed for Chapter 11 bankruptcy to reorganize.

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The U.S. trucking industry has had a difficult beginning of the year for 2024 with several logistics companies filing for bankruptcy to seek either a Chapter 7 liquidation or Chapter 11 reorganization.

The Covid-19 pandemic caused a lot of supply chain issues for logistics companies and also created a shortage of truck drivers as many left the business for other occupations. Shipping companies, in the meantime, have had extreme difficulty recruiting new drivers for thousands of unfilled jobs.

Related: Tesla rival’s filing reveals Chapter 11 bankruptcy is possible

Freight forwarder company Boateng Logistics joined a growing list of shipping companies that permanently shuttered their businesses as the firm on Feb. 22 filed for Chapter 7 bankruptcy with plans to liquidate.

The Carlsbad, Calif., logistics company filed its petition in the U.S. Bankruptcy Court for the Southern District of California listing assets up to $50,000 and and $1 million to $10 million in liabilities. Court papers said it owed millions of dollars in liabilities to trucking, logistics and factoring companies. The company filed bankruptcy before any creditors could take legal action.

Lawsuits force companies to liquidate in bankruptcy

Lawsuits, however, can force companies to file bankruptcy, which was the case for J.J. & Sons Logistics of Clint, Texas, which on Jan. 22 filed for Chapter 7 liquidation in the U.S. Bankruptcy Court for the Western District of Texas. The company filed bankruptcy four days before the scheduled start of a trial for a wrongful death lawsuit filed by the family of a former company truck driver who had died from drowning in 2016.

California-based logistics company Wise Choice Trans Corp. shut down operations and filed for Chapter 7 liquidation on Jan. 4 in the U.S. Bankruptcy Court for the Northern District of California, listing $1 million to $10 million in assets and liabilities.

The Hayward, Calif., third-party logistics company, founded in 2009, provided final mile, less-than-truckload and full truckload services, as well as warehouse and fulfillment services in the San Francisco Bay Area.

The Chapter 7 filing also implemented an automatic stay against all legal proceedings, as the company listed its involvement in four legal actions that were ongoing or concluded. Court papers reportedly did not list amounts for damages.

In some cases, debtors don't have to take a drastic action, such as a liquidation, and can instead file a Chapter 11 reorganization.

Truck shipping products.

Shutterstock

Nationwide Cargo seeks to reorganize its business

Nationwide Cargo Inc., a general freight trucking company that also hauls fresh produce and meat, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois with plans to reorganize its business.

The East Dundee, Ill., shipping company listed $1 million to $10 million in assets and $10 million to $50 million in liabilities in its petition and said funds will not be available to pay unsecured creditors. The company operates with 183 trucks and 171 drivers, FreightWaves reported.

Nationwide Cargo's three largest secured creditors in the petition were Equify Financial LLC (owed about $3.5 million,) Commercial Credit Group (owed about $1.8 million) and Continental Bank NA (owed about $676,000.)

The shipping company reported gross revenue of about $34 million in 2022 and about $40 million in 2023.  From Jan. 1 until its petition date, the company generated $9.3 million in gross revenue.

Related: Veteran fund manager picks favorite stocks for 2024

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Key shipping company files Chapter 11 bankruptcy

The Illinois-based general freight trucking company filed for Chapter 11 bankruptcy to reorganize.

Published

on

The U.S. trucking industry has had a difficult beginning of the year for 2024 with several logistics companies filing for bankruptcy to seek either a Chapter 7 liquidation or Chapter 11 reorganization.

The Covid-19 pandemic caused a lot of supply chain issues for logistics companies and also created a shortage of truck drivers as many left the business for other occupations. Shipping companies, in the meantime, have had extreme difficulty recruiting new drivers for thousands of unfilled jobs.

Related: Tesla rival’s filing reveals Chapter 11 bankruptcy is possible

Freight forwarder company Boateng Logistics joined a growing list of shipping companies that permanently shuttered their businesses as the firm on Feb. 22 filed for Chapter 7 bankruptcy with plans to liquidate.

The Carlsbad, Calif., logistics company filed its petition in the U.S. Bankruptcy Court for the Southern District of California listing assets up to $50,000 and and $1 million to $10 million in liabilities. Court papers said it owed millions of dollars in liabilities to trucking, logistics and factoring companies. The company filed bankruptcy before any creditors could take legal action.

Lawsuits force companies to liquidate in bankruptcy

Lawsuits, however, can force companies to file bankruptcy, which was the case for J.J. & Sons Logistics of Clint, Texas, which on Jan. 22 filed for Chapter 7 liquidation in the U.S. Bankruptcy Court for the Western District of Texas. The company filed bankruptcy four days before the scheduled start of a trial for a wrongful death lawsuit filed by the family of a former company truck driver who had died from drowning in 2016.

California-based logistics company Wise Choice Trans Corp. shut down operations and filed for Chapter 7 liquidation on Jan. 4 in the U.S. Bankruptcy Court for the Northern District of California, listing $1 million to $10 million in assets and liabilities.

The Hayward, Calif., third-party logistics company, founded in 2009, provided final mile, less-than-truckload and full truckload services, as well as warehouse and fulfillment services in the San Francisco Bay Area.

The Chapter 7 filing also implemented an automatic stay against all legal proceedings, as the company listed its involvement in four legal actions that were ongoing or concluded. Court papers reportedly did not list amounts for damages.

In some cases, debtors don't have to take a drastic action, such as a liquidation, and can instead file a Chapter 11 reorganization.

Truck shipping products.

Shutterstock

Nationwide Cargo seeks to reorganize its business

Nationwide Cargo Inc., a general freight trucking company that also hauls fresh produce and meat, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois with plans to reorganize its business.

The East Dundee, Ill., shipping company listed $1 million to $10 million in assets and $10 million to $50 million in liabilities in its petition and said funds will not be available to pay unsecured creditors. The company operates with 183 trucks and 171 drivers, FreightWaves reported.

Nationwide Cargo's three largest secured creditors in the petition were Equify Financial LLC (owed about $3.5 million,) Commercial Credit Group (owed about $1.8 million) and Continental Bank NA (owed about $676,000.)

The shipping company reported gross revenue of about $34 million in 2022 and about $40 million in 2023.  From Jan. 1 until its petition date, the company generated $9.3 million in gross revenue.

Related: Veteran fund manager picks favorite stocks for 2024

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Tight inventory and frustrated buyers challenge agents in Virginia

With inventory a little more than half of what it was pre-pandemic, agents are struggling to find homes for clients in Virginia.

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No matter where you are in the state, real estate agents in Virginia are facing low inventory conditions that are creating frustrating scenarios for their buyers.

“I think people are getting used to the interest rates where they are now, but there is just a huge lack of inventory,” said Chelsea Newcomb, a RE/MAX Realty Specialists agent based in Charlottesville. “I have buyers that are looking, but to find a house that you love enough to pay a high price for — and to be at over a 6.5% interest rate — it’s just a little bit harder to find something.”

Newcomb said that interest rates and higher prices, which have risen by more than $100,000 since March 2020, according to data from Altos Research, have caused her clients to be pickier when selecting a home.

“When rates and prices were lower, people were more willing to compromise,” Newcomb said.

Out in Wise, Virginia, near the westernmost tip of the state, RE/MAX Cavaliers agent Brett Tiller and his clients are also struggling to find suitable properties.

“The thing that really stands out, especially compared to two years ago, is the lack of quality listings,” Tiller said. “The slightly more upscale single-family listings for move-up buyers with children looking for their forever home just aren’t coming on the market right now, and demand is still very high.”

Statewide, Virginia had a 90-day average of 8,068 active single-family listings as of March 8, 2024, down from 14,471 single-family listings in early March 2020 at the onset of the COVID-19 pandemic, according to Altos Research. That represents a decrease of 44%.

Virginia-Inventory-Line-Chart-Virginia-90-day-Single-Family

In Newcomb’s base metro area of Charlottesville, there were an average of only 277 active single-family listings during the same recent 90-day period, compared to 892 at the onset of the pandemic. In Wise County, there were only 56 listings.

Due to the demand from move-up buyers in Tiller’s area, the average days on market for homes with a median price of roughly $190,000 was just 17 days as of early March 2024.

“For the right home, which is rare to find right now, we are still seeing multiple offers,” Tiller said. “The demand is the same right now as it was during the heart of the pandemic.”

According to Tiller, the tight inventory has caused homebuyers to spend up to six months searching for their new property, roughly double the time it took prior to the pandemic.

For Matt Salway in the Virginia Beach metro area, the tight inventory conditions are creating a rather hot market.

“Depending on where you are in the area, your listing could have 15 offers in two days,” the agent for Iron Valley Real Estate Hampton Roads | Virginia Beach said. “It has been crazy competition for most of Virginia Beach, and Norfolk is pretty hot too, especially for anything under $400,000.”

According to Altos Research, the Virginia Beach-Norfolk-Newport News housing market had a seven-day average Market Action Index score of 52.44 as of March 14, making it the seventh hottest housing market in the country. Altos considers any Market Action Index score above 30 to be indicative of a seller’s market.

Virginia-Beach-Metro-Area-Market-Action-Index-Line-Chart-Virginia-Beach-Norfolk-Newport-News-VA-NC-90-day-Single-Family

Further up the coastline on the vacation destination of Chincoteague Island, Long & Foster agent Meghan O. Clarkson is also seeing a decent amount of competition despite higher prices and interest rates.

“People are taking their time to actually come see things now instead of buying site unseen, and occasionally we see some seller concessions, but the traffic and the demand is still there; you might just work a little longer with people because we don’t have anything for sale,” Clarkson said.

“I’m busy and constantly have appointments, but the underlying frenzy from the height of the pandemic has gone away, but I think it is because we have just gotten used to it.”

While much of the demand that Clarkson’s market faces is for vacation homes and from retirees looking for a scenic spot to retire, a large portion of the demand in Salway’s market comes from military personnel and civilians working under government contracts.

“We have over a dozen military bases here, plus a bunch of shipyards, so the closer you get to all of those bases, the easier it is to sell a home and the faster the sale happens,” Salway said.

Due to this, Salway said that existing-home inventory typically does not come on the market unless an employment contract ends or the owner is reassigned to a different base, which is currently contributing to the tight inventory situation in his market.

Things are a bit different for Tiller and Newcomb, who are seeing a decent number of buyers from other, more expensive parts of the state.

“One of the crazy things about Louisa and Goochland, which are kind of like suburbs on the western side of Richmond, is that they are growing like crazy,” Newcomb said. “A lot of people are coming in from Northern Virginia because they can work remotely now.”

With a Market Action Index score of 50, it is easy to see why people are leaving the Washington-Arlington-Alexandria market for the Charlottesville market, which has an index score of 41.

In addition, the 90-day average median list price in Charlottesville is $585,000 compared to $729,900 in the D.C. area, which Newcomb said is also luring many Virginia homebuyers to move further south.

Median-Price-D.C.-vs.-Charlottesville-Line-Chart-90-day-Single-Family

“They are very accustomed to higher prices, so they are super impressed with the prices we offer here in the central Virginia area,” Newcomb said.

For local buyers, Newcomb said this means they are frequently being outbid or outpriced.

“A couple who is local to the area and has been here their whole life, they are just now starting to get their mind wrapped around the fact that you can’t get a house for $200,000 anymore,” Newcomb said.

As the year heads closer to spring, triggering the start of the prime homebuying season, agents in Virginia feel optimistic about the market.

“We are seeing seasonal trends like we did up through 2019,” Clarkson said. “The market kind of soft launched around President’s Day and it is still building, but I expect it to pick right back up and be in full swing by Easter like it always used to.”

But while they are confident in demand, questions still remain about whether there will be enough inventory to support even more homebuyers entering the market.

“I have a lot of buyers starting to come off the sidelines, but in my office, I also have a lot of people who are going to list their house in the next two to three weeks now that the weather is starting to break,” Newcomb said. “I think we are going to have a good spring and summer.”

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