Riot Platforms Unusual Options Activity
Financial giants have made a conspicuous bullish move on Riot Platforms. Our analysis of options history for Riot Platforms RIOT revealed 18 unusual trades.
Delving into the details, we found 50% of traders were bullish, while 44% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $107,020, and 15 were calls, valued at $514,431.
Expected Price Movements
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $0.5 to $22.0 for Riot Platforms over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Riot Platforms’s options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Riot Platforms’s whale activity within a strike price range from $0.5 to $22.0 in the last 30 days.
Riot Platforms Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RIOT | PUT | TRADE | BULLISH | 01/17/25 | $4.4 | $4.3 | $4.33 | $13.00 | $43.3K | 1.5K | 100 |
| RIOT | CALL | SWEEP | BEARISH | 03/21/25 | $0.88 | $0.79 | $0.88 | $19.00 | $41.1K | 1.6K | 467 |
| RIOT | CALL | SWEEP | BEARISH | 01/15/27 | $5.05 | $4.95 | $5.0 | $10.00 | $39.0K | 762 | 102 |
| RIOT | CALL | TRADE | BULLISH | 01/16/26 | $3.85 | $3.8 | $3.85 | $10.00 | $38.5K | 13.9K | 100 |
| RIOT | PUT | SWEEP | BULLISH | 01/16/26 | $3.85 | $3.75 | $3.75 | $10.00 | $37.5K | 1.8K | 109 |
About Riot Platforms
Riot Platforms Inc is a vertically integrated Bitcoin mining company focused on building, supporting, and operating blockchain technologies. The company’s segments include Bitcoin Mining; Data Center Hosting and Engineering. It generates maximum revenue from the Bitcoin Mining segment which generates revenue from the Bitcoin the company earns through its mining activities.
In light of the recent options history for Riot Platforms, it’s now appropriate to focus on the company itself. We aim to explore its current performance.
Current Position of Riot Platforms
- Currently trading with a volume of 13,946,007, the RIOT’s price is up by 6.8%, now at $9.83.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 12 days.
Expert Opinions on Riot Platforms
2 market experts have recently issued ratings for this stock, with a consensus target price of $18.5.
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* Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $22.
* In a cautious move, an analyst from Macquarie downgraded its rating to Outperform, setting a price target of $15.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Riot Platforms, Benzinga Pro gives you real-time options trades alerts.
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French Central Bank Governor Cautious About Eurozone Inflation Falling Below ECB Target
The European Central Bank (ECB) may need to adjust its monetary policy to manage the risk of eurozone inflation falling below its 2% target rather than exceed it, the French central bank governor François Villeroy de Galhau said today.
To stimulate a lagging economy, the ECB cut on Thursday its interest rates by 25 basis points. The move comes on the heels of eurozone inflation falling to 1.7% in September and sluggish growth, particularly in Germany.
“The risk of undershooting our target in the long term is now as present as the risk of overshooting it,” Villeroy said in a statement. “We should continue to reduce the degree of monetary policy restriction in a timely manner.”
Source: Euro Area Inflation, Trading Economics
The ECB has shifted from battling inflation to encouraging economic growth. The bank maintains a stance that risks to economic growth “remain tilted to the downside.”
Real GDP growth is forecast to grow by 0.7% in 2024 and 1.2% in 2025, or 0.1 percentage point lower than a previous survey for next year. Given this economic weakness, the ECB should make additional cuts, Villeroy said.
Source: Euro Area Quarterly GDP Growth, Trading Economics
ECB Will Keep Policy Rates ‘Sufficiently Restrictive’
The ECB has not provided specific guidance on future rate changes despite eurozone inflation undershooting its 2% target. ECB President Christine Lagarde said on Thursday that it would keep policy rates “sufficiently restrictive for as long as necessary to achieve” a 2% medium-term target in a timely manner.
“We believe the disinflationary process is well on track and all the information we received in the last five weeks were heading in the same direction – lower,” Lagarde said during the post-event press conference.
The ECB has lowered its deposit rate three times since June to 3.25%, the first back-to-back at such a clip in 13 years. Its latest decision came almost a month after the Federal Reserve announced a bold 50 basis point rate cut.
ECB deposit/refinancing rate 2000-2024, Source: Barrons
“Persistent moderate private investment and consumption with the recent rise in household savings rates in particular justify this new cut,” Villeroy said.
Although incomes rose in the second quarter, “households consumed less, contrary to expectations,” the ECB said on Thursday. “The saving rate stood at 15.7% in the second quarter, well above the pre-pandemic average of 12.9%.”
Source: Euro Area Savings Rate, Trading Economics
ECB Considers Geopolitics When Weighing Rate Decisions
Geopolitics also weigh on the ECB’s decision-making. “The pace must be dictated by an agile pragmatism: in a highly uncertain international environment, we maintain full optionality for our upcoming meetings,” Villeroy said.
EU officials are concerned that Donald Trump may impose new tariffs and turn more isolationist. Trump said in an interview on Tuesday with Bloomberg Editor-in-Chief John Micklethwait in Chicago that his proposals were for the “protection of the companies that we have here.”
The military conflict in Ukraine also shows no signs of ending and fighting in the Middle East still threatens regional stability and global oil shipments. However, concerns about a wider conflict in the region have started to ease.
As the “most open of the major economies,” Europe is more exposed as the global order shifts from “open trade” to “fragmented trade,” ECB Governor Christine Lagarde said on Wednesday.
“The global order we knew is fading,” Lagarde said on Wednesday in a speech to policymakers in Ljubljana. “Open trade is being replaced with fragmented trade, multilateral rules with state-sponsored competition and stable geopolitics with conflict.”
Lagarde did offer a message of optimism for Europe. IIf Europe approaches “uncertain times” with “the right spirit, I believe it can be an opportunity for renewal.”
Disclaimer
Any opinions expressed in this article are not to be considered investment advice and are solely those of the authors. European Capital Insights is not responsible for any financial decisions made based on the contents of this article. Readers may use this article for information and educational purposes only.
This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
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M&T Bank Analysts Boost Their Forecasts After Upbeat Earnings
M&T Bank Corporation MTB reported better-than-expected third-quarter financial results on Thursday.
M&T Bank reported quarterly earnings of $4.08 per share which beat the analyst consensus estimate of $3.64 per share. The company reported quarterly sales of $2.332 billion which beat the analyst consensus estimate of $2.318 billion.
M&T’s Chief Financial Officer said, “M&T’s positive earnings momentum, strong capital position and unyielding focus on delivering for our customers and the communities we serve have positioned the franchise for a strong finish to 2024. I am proud of how our employees have exhibited our core values as we execute on our strategic priorities.”
M&T Bank shares fell 0.5% to trade at $197.98 on Friday.
These analysts made changes to their price targets on M&T Bank following earnings announcement.
- RBC Capital analyst Gerard Cassidy maintained M&T Bank with an Outperform and raised the price target from $190 to $208.
- Barclays analyst Jason Goldberg maintained the stock with an Equal-Weight and raised the price target from $170 to $228.
- Goldman Sachs analyst Ryan Nash maintained M&T Bank with a Neutral and raised the price target from $190 to $216.
Considering buying MTB stock? Here’s what analysts think:
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Arista Networks Options Trading: A Deep Dive into Market Sentiment
Financial giants have made a conspicuous bullish move on Arista Networks. Our analysis of options history for Arista Networks ANET revealed 21 unusual trades.
Delving into the details, we found 28% of traders were bullish, while 28% showed bearish tendencies. Out of all the trades we spotted, 8 were puts, with a value of $296,060, and 13 were calls, valued at $495,684.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it’s evident that the major market movers are focusing on a price band between $300.0 and $420.0 for Arista Networks, spanning the last three months.
Insights into Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Arista Networks’s options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Arista Networks’s substantial trades, within a strike price spectrum from $300.0 to $420.0 over the preceding 30 days.
Arista Networks Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ANET | CALL | TRADE | NEUTRAL | 11/15/24 | $94.1 | $92.6 | $93.47 | $310.00 | $65.4K | 118 | 7 |
| ANET | CALL | TRADE | NEUTRAL | 01/17/25 | $115.7 | $112.1 | $113.6 | $300.00 | $56.8K | 323 | 0 |
| ANET | PUT | TRADE | BEARISH | 11/15/24 | $22.0 | $21.6 | $21.92 | $400.00 | $54.8K | 176 | 55 |
| ANET | CALL | TRADE | BULLISH | 02/21/25 | $46.4 | $46.1 | $46.4 | $400.00 | $46.4K | 121 | 2 |
| ANET | PUT | TRADE | BULLISH | 10/25/24 | $8.2 | $4.6 | $4.6 | $405.00 | $45.9K | 44 | 0 |
About Arista Networks
Arista Networks is a networking equipment provider that primarily sells Ethernet switches and software to data centers. Its marquee product is its extensible operating system, or EOS, that runs a single image across every single one of its devices. The firm operates as one reportable segment. It has steadily gained market share since its founding in 2004, with a focus on high-speed applications. Arista counts Microsoft and Meta Platforms as its largest customers and derives roughly three quarters of its sales from North America.
Following our analysis of the options activities associated with Arista Networks, we pivot to a closer look at the company’s own performance.
Where Is Arista Networks Standing Right Now?
- With a trading volume of 612,154, the price of ANET is down by -1.35%, reaching $401.87.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 20 days from now.
Expert Opinions on Arista Networks
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $438.3333333333333.
Unusual Options Activity Detected: Smart Money on the Move
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* An analyst from Citigroup has decided to maintain their Buy rating on Arista Networks, which currently sits at a price target of $460.
* An analyst from Goldman Sachs has decided to maintain their Buy rating on Arista Networks, which currently sits at a price target of $430.
* An analyst from Evercore ISI Group has decided to maintain their Outperform rating on Arista Networks, which currently sits at a price target of $425.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Arista Networks with Benzinga Pro for real-time alerts.
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United Group Named Accredited Management Organization (AMO) of The Year by the Institute of Real Estate Management (IREM®)
TROY, N.Y., Oct. 17, 2024 /PRNewswire/ — United Plus Property Management, LLC, AMO® (UPPM), the management arm of The United Group of Companies, Inc. has been named the “Accredited Management Organization (AMO) of The Year” by the Institute of Real Estate Management (IREM®).
IREM® named UPPM the AMO of the Year during the 2024 Real Estate Management Excellence (REME) International Awards in Indianapolis, Indiana. UPPM was also a finalist for REME’s Innovator Award which highlighted United Group’s award-winning lifestyle program the Senior Umbrella Network (SUN Program).
“I am honored and humbled to have my property management company, United Plus Property Management, LLC, chosen as the Best Accredited Management Organization (“AMO“) in the country by the Institute of Real Estate Management (“IREM”),” Michael Uccellini, United Group’s President and CEO said. “United founded the Albany Chapter of IREM and has been a staunch supporter and participant in IREM locally, regionally, and nationally. IREM is an amazing organization for the property management industry and its educational offerings are second to none.”
2024 marks the second year UPPM has been named AMO of the Year by IREM®. The management company also earned the title in 2019 after earning its AMO® accreditation in 2018.
“United takes full advantage of IREM’s educational offerings and has many Certified Property Managers (“CPMs”) and Accredited Resident Managers (“ARMs”) on its staff. United’s passion for education, cutting edge technology, and efficiencies in systems and programs is a continuous, transformational effort on a monthly and annual basis to deliver the best-in-class property and asset management to our owners, residents and tenants,” Michael Uccellini said.
According to IREM®, the AMO of the Year award recognizes an AMO firm that works to advance the real estate management profession, provide outstanding service to clients, tenants, and residents, bolsters employee participation in IREM activities, support employee professional development on industry-specific knowledge, and more.
To learn more about the IREM® REME Awards, click here.
About The United Group of Companies, Inc.
United Group is a full-service, vertically integrated leader in real estate development and management with over 50 years of industry expertise. This expertise includes over 25,000 units developed and acquired, $4 Billion+ in completed projects, 2,000+ units in development and construction, and over 28,000 units managed. Our mission is to develop vibrant communities where our residents and commercial tenants of all ages, backgrounds, and interests- feel welcome, connected, and supported. We take pride in our award-winning lifestyle programs, firmly believing that where you live and work should be an experience that enriches and improves your life. We provide a place to call home and a space where businesses thrive in each community we serve. Our commitment to innovation sets us apart, ensuring that our investors, partners, and residents experience the true United difference.
CONTACT: Jeddy Johnson
EMAIL: Jeddy.Johnson@UGOC.com
CELL: 518-805-7884
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SOURCE United Group of Companies
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Veteran's Widow Receives a New Roof Through the Owens Corning Roof Deployment Project
BURBANK, Calif., Oct. 18, 2024 /PRNewswire/ — Barbara MacMillan, widow of U.S. Navy veteran Kimball MacMillan, was recently awarded a new roof courtesy of Roof Repair Specialist, as part of the Owens Corning Roof Deployment Project. This nationwide initiative is dedicated to showing gratitude to veterans who served the United States, as well as the families who continue to support them. Since its launch in 2016, the project has provided more than 600 veterans and their families with free roof replacements.
The Owens Corning Roof Deployment Project partnered with Purple Heart Homes to select Barbara MacMillan as a recipient. Barbara needed a roof replacement for some time, struggling to find the necessary resources to repair her home. Nearly a year ago, she was referred to Purple Heart Homes by another non-profit organization that, unfortunately, could not provide the assistance she needed. As a result, she continued to live with a deteriorating roof in the home she shared with her late husband.
The roof replacement marks a significant milestone for Barbara, who had faced difficulty in finding trustworthy contractors after being the target of scams in the past. Barbara expressed her appreciation for Roof Repair Specialist, highlighting the professionalism and care they demonstrated throughout the project. “I felt safe with them at my home,” she shared. “They went the extra mile, cleaning around my property, taking extra precautions, and making sure I was doing okay,” Barbara added that the staff’s dedication and attention to detail far exceeded her expectations.
The Owens Corning Roof Deployment Project aims to give back to the military community by easing the burden of home repairs for veterans and their families. This recent partnership with Roof Repair Specialist and Purple Heart Homes exemplifies the ongoing commitment to making a difference in the lives of those who have served.
For more information about Roof Repair Specialist, visit https://www.roofrepairspecialist.com.
About the Owens Corning Roof Deployment Project:
The Owens Corning Roof Deployment Project is a nationwide program that honors veterans who served our country and the families who support them, providing free roof replacements to military families in need.
About Roof Repair Specialist:
A family-owned company with roots in Pasadena and Burbank CA, Roof Repair Specialist has over a decade of experience in roof repairs and replacement. They specialize in fixing leaks for residential and commercial properties and offer fair estimates without pushing for full roof replacements unless necessary. They promise to provide quality roofing solutions with exceptional customer service.
View original content:https://www.prnewswire.com/news-releases/veterans-widow-receives-a-new-roof-through-the-owens-corning-roof-deployment-project-302279911.html
SOURCE Roof Repair Specialist
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Timothy OShaughnessy At Graham Hldgs Executes Options Exercise, Realizing $2.49M
A large exercise of company stock options by Timothy OShaughnessy, President and CEO at Graham Hldgs GHC was disclosed in a new SEC filing on October 17, as part of an insider exercise.
What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Thursday showed that OShaughnessy, President and CEO at Graham Hldgs, a company in the Consumer Discretionary sector, just exercised stock options worth 25,752 shares of GHC stock with an exercise price of $719.15.
Currently, Graham Hldgs shares are trading down 0.95%, priced at $815.68 during Friday’s morning. This values OShaughnessy’s 25,752 shares at $2,485,840.
Unveiling the Story Behind Graham Hldgs
Graham Holdings Co. is a diversified education and media company made up of subsidiaries. Firm operations include educational services; television broadcasting; online, print, and local news; home health and hospice care; and manufacturing. The Company segments into the following seven reportable segments: Kaplan International, Higher Education, Supplemental Education, Television Broadcasting, Manufacturing, Healthcare, and Automotive. The majority of revenue comes from the Kaplan International segment, which includes higher education, test preparation, language instruction, and professional training. A large portion of company revenue also comes from the television broadcasting segment through advertising.
Understanding the Numbers: Graham Hldgs’s Finances
Revenue Growth: Graham Hldgs’s remarkable performance in 3 months is evident. As of 30 June, 2024, the company achieved an impressive revenue growth rate of 7.27%. This signifies a substantial increase in the company’s top-line earnings. When compared to others in the Consumer Discretionary sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Analyzing Profitability Metrics:
-
Gross Margin: With a low gross margin of 29.82%, the company exhibits below-average profitability, signaling potential struggles in cost efficiency compared to its industry peers.
-
Earnings per Share (EPS): Graham Hldgs’s EPS reflects a decline, falling below the industry average with a current EPS of -4.79.
Debt Management: With a below-average debt-to-equity ratio of 0.32, Graham Hldgs adopts a prudent financial strategy, indicating a balanced approach to debt management.
Navigating Market Valuation:
-
Price to Earnings (P/E) Ratio: Graham Hldgs’s P/E ratio of 27.21 is below the industry average, suggesting the stock may be undervalued.
-
Price to Sales (P/S) Ratio: The current P/S ratio of 0.8 is below industry norms, suggesting potential undervaluation and presenting an investment opportunity for those considering sales performance.
-
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): The company’s EV/EBITDA ratio of 5.94 trails industry averages, indicating a potential disparity in market valuation that could be advantageous for investors.
Market Capitalization: Indicating a reduced size compared to industry averages, the company’s market capitalization poses unique challenges.
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The Relevance of Insider Transactions
While insider transactions provide valuable information, they should be part of a broader analysis in making investment decisions.
Within the legal framework, an “insider” is defined as any officer, director, or beneficial owner holding more than ten percent of a company’s equity securities as per Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are mandated to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
The initiation of a new purchase by a company insider serves as a strong indication that they expect the stock to rise.
However, insider sells may not always signal a bearish view and can be influenced by various factors.
A Closer Look at Important Transaction Codes
For investors, a primary focus lies on transactions occurring in the open market, as indicated in Table I of the Form 4 filing. A P in Box 3 denotes a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
Check Out The Full List Of Graham Hldgs’s Insider Trades.
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Progressive Leads the Way as Analysts Bet Big on Insurance Stocks
Most investors dismiss insurance stocks as the boring niche in the finance sector without realizing that this industry could significantly outperform all others during an economy ridden by threats of prolonged higher inflation. Today’s environment is ripe for insurance businesses to rally further into the year, if not continue their bullish momentum into 2025.
Markets don’t need to understand the insurance ins and outs to know that when the price of the assets being insured increases, so do the insurance premiums being charged to protect that item. Not only that, insurance companies will increase prices by a set premium to avoid any further inflation shocks that may come their way, making them the perfect business to keep in mind during interest rate cut cycles such as today.
The prime target, who holds significant market share and is a household name, has become the Progressive Co. PGR, especially after the company reported its latest set of quarterly earnings to show investors just how much growth awaits them by choosing to invest in insurance companies this cycle. Wall Street analysts agree, and markets love it just as much.
Progressive Stock Earnings Signal Strong Growth
With inflation up roughly 3% to 3.5% over the past 12 months, Progressive’s new signed-up policies had a compound effect on the company’s revenues. According to the latest quarterly earnings press release, Progressive reported up to 25% jumps in net premiums written.
The addition of new premiums through policies ended up raising Progressive’s premiums by 23%, laying the foundation for further double-digit growth in the rest of the business. The bottom line, exciting to investors, saw enough growth to get Wall Street’s attention this quarter.
A 108% expansion in net income should be enough to send any stock into a new rally. Progressive stock’s price action shows the company now trading at 96% of its 52-week high as a sign of bullish interest surrounding the stock today. But it doesn’t stop there.
Earnings per share (EPS) forecasts from Wall Street analysts today are set for a flattish pattern in the next 12 months, which is considerably below the recent track record Progressive has shown markets. Over the past 12 months, Progressive reported EPS growth of up to 110% to reach $3.97.
All of this growth might not be priced in, despite the stock trading near a 52-week high price, and that is something a few Wall Street analysts – alongside broader markets – have started to notice in the way they’ve expressed their views and action toward Progressive stock lately.
Wall Street Weighs In on Progressive Stock’s Future: Key Insights for Investors
Now, for another gauge, investors can consider moving forward in their hunt for upside in the insurance industry; here is what Wall Street has to say about Progressive stock. This is a particularly important view now that the company has reported such a strong quarterly trend.
The consensus price target for Progressive stock is $268.2 a share today, which calls for up to 5% upside from where it trades today. While this benchmark is good enough to beat inflation this year, that’s not why investors want to stick around for this insurance play.
After the company released its latest quarter, filled with double—and even triple-digit growth, analysts at Bank of America reiterated their Buy target for Progressive, this time coupling their view with a much higher price target. These analysts see the stock trading as high as $331 a share, daring it to rally by as much as 30% from where it trades today, not to mention a new all-time high for the company.
Broader markets are also willing to express their bullish view for Progressive stock today, a trend investors can see in the premiums paid for the stock compared to peers in the industry. Progressive’s price-to-book (P/B) ratio of 7.5x today commands a significant premium over the insurance industry’s average 2.2x valuation.
More than that, on a price-to-earnings (P/E) basis, Progressive stock again commands a premium as it trades at 21.7x compared to the industry’s 15.6x multiple. Markets will typically overpay for stocks they believe will grow at above-average rates, so this time, the premium is more than justified in Progressive’s triple-digit EPS growth during the year.
Lastly, there are even signs of bearish capitulation, judging by the 8% decline in short interest for Progressive over the past month, an accelerating trend as overall short interest has declined during the third quarter of 2024.
The article “Progressive Leads the Way as Analysts Bet Big on Insurance Stocks” first appeared on MarketBeat.
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Germany's Medical Marijuana Market Is Booming, Says Cannabis Producer Reporting Record Quarter
Cantourage Group SE reported its financial results for the period from July 1 to September 30 revealing a new record quarter in the company’s history. The Berlin-headquartered cannabis company posted revenue of EUR 13.2 million ($14.32 million).
Last month, the company announced that it had exceeded its total annual revenue for 2023 (EUR 23.6 million) from Jan.1 to August 30, 2024, by posting revenue of EUR 24.9 million. Another positive EBITDA, between EUR 900,000 and EUR 1.1 million in the third quarter of 2024, suggests Cantourage can convert current developments in European medical cannabis markets into sustainable, profitable growth. Revenue of at least EUR 40 million is expected for the full year of 2024.
“It is important for investors to realize that the only areas in Germany and Europe in which truly profitable and growing business models can be established and monetized are those related to medical cannabis,” stated Philip Schetter, CEO of Cantourage, according to translation. “I am not aware of any German company that is growing significantly and operating profitably with seeds, cuttings and non-commercial association structures.”
Read Also: German Medical Marijuana Sales To Reach $1.09B By 2028, New Report
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Partial cannabis legalization took effect in Germany on April 1, allowing people over 18 to legally possess up to 25 grams of dried cannabis and cultivate up to three plants at home. One of the biggest breakthroughs under the law is that medical cannabis is essentially regulated like ibuprofen.
Cannabis clubs became legal on July 1, 2024, and the first such marijuana social clubs opened their doors on July 8 in Lower Saxony. However, across many other states, applications for cannabis cultivation associations face multiple setbacks. In August, Berlin granted its first permission for cannabis cultivation.
“The real legalization of recreational cannabis that contains THC, as is the case in North America, for example, is off the table here for the time being,” added Schetter. “Nevertheless, medical cannabis is here to stay and will continue to grow. We are pleased that so many people in Germany have found their way to cannabis therapy in the past few months. This development will definitely continue in the future. Millions of cannabis users who have so far treated themselves for sleep disorders, pain or other widespread diseases – and have often resorted to unsafe products from the black market for this purpose – can now access safe preparations in pharmaceutical quality. We deliver these products through our flexible and efficient sourcing model, which we can and will continue to scale up in the months ahead. One thing is clear to us: regardless of what happens in the recreational market, the medical market will play the leading role in the years to come in ensuring that people in Germany and other European countries have access to safe, tested cannabis.”
Read Next:
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Stocks Rise, Netflix Soars To Record Highs, Oil Falls Below $70, Gold Miners Rally: What's Driving Markets Friday?
Wall Street was in positive territory in Friday midday trading, buoyed by upbeat quarterly earnings reports that kept investor sentiment bullish.
Netflix Inc. NFLX surged 10% to fresh record highs after delivering a strong earnings beat. The tech-heavy Nasdaq 100 rose 0.8%, pushing its weekly performance into positive territory for the sixth consecutive week.
The S&P 500 and Dow also edged higher, both on track for the sixth straight week of gains, with the Dow flirting with all-time highs.
Gold miners led industry performance as gold prices hit new record levels above $2,700 per ounce. The VanEck Gold Miners ETF GDX soared over 4%, hitting the highest level in over four years. Friday is poised to mark the fourth straight session of gains for both gold and silver, with silver jumping over 3%, heading for its best day since late September.
West Texas Intermediate (WTI) crude prices tumbled more than 2%, slipping below the $70-per-barrel mark. WTI is down over 8% for the week, on pace for its worst weekly decline since January.
Bitcoin BTC/USD climbed 2.8% to above $68,800.
Friday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day % change |
| Nasdaq 100 | 20,352.25 | 0.8% |
| S&P 500 | 5,870.75 | 0.5% |
| Dow Jones | 43,300.82 | 0.1% |
| Russell 2000 | 2,279.45 | -0.1% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust SPY rose 0.5% to $585.12.
- The SPDR Dow Jones Industrial Average DIA inched 0.1% higher to $433.01.
- The tech-heavy Invesco QQQ Trust Series QQQ rose 0.8% to $495.21.
- The iShares Russell 2000 ETF IWM stalled at $226.03.
- The Communication Services Select Sector SPDR Fund XLC outperformed, up 0.9%. The Energy Select Sector SPDR Fund XLE lagged, down 0.6%.
Friday’s Stock Movers
- Stocks moving in reaction to earnings reports were Intuitive Surgical Inc. ISRG, up over 9%, Crown Holdings Inc. CCK, up over 4%, Western Alliance Bancorporation WAL, down 6%, American Express Company AXP, down 2.4%, Procter & Gamble Co. PG down 0.4%, Schlumberger N.V. SLB down 3.3%, Fifth Third Bancorp FITB, down 1.7%, Ally Financial Inc. ALLY, down 1% and Comerica Inc. CMA, up 4%.
- Lamb Weston Holdings Inc. LW soared 10% following a report indicating that activist investor Jana Partners has built a 5% stake in the company.
- CVS Health Corp. CVS fell over 6% after the company replaced its CEO and cut its third-quarter outlook.
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