Overstock, Nikola, DraftKings: Midday Tech Stock Movers
Stocks fell on Thursday as Wall Street digested a disappointing U.S. jobs report and a tech rally fizzled. The tech-heavy Nasdaq was slightly positive as of midday. Here are some of the top tech movers for Sept. 10.
Overstock
Shares of Overstock (OSTK) - Get Report jumped 14% to $78.69 after tZero, a subsidiary of Overstock, was approved by the Financial Industry Regulatory Authority to launch a retail brokerage services for digital securities. tZero plans to launch the brokerage in "a couple of months," according to a news release.
Nikola
Shares of Nikola NKLA fell 8.8% to $38.66 after short-seller Hindenburg Research published a note accusing the electric-truck upstart of running "an intricate fraud built on dozens of lies." Among other claims, the research says that data from texts, calls and emails from Nikola Founder Trevor Milton are inconsistent with aerial photographs of Nikola's facilities.
DraftKings
DraftKings (DKNG) - Get Report rose 8.2% to $43.72, extending a rally from Wednesday's session. This week, analysts at Evercore ISI initiated coverage of the stock with an outperform rating and $60 price target, estimating that the online gaming industry will expand above Wall Street's current expectations in the near future. Evercore ISI wrote that DraftKings' 2022 revenue could come in 25% higher than the current consensus.
Fiverr
Shares of Fiverr (FVRR) - Get Report, a freelance marketplace, rose 7.2% to $127.27, extending a bullish run that has pushed the stock 18% higher since Tuesday. Fiverr's gains are partly tied to expectations that covid-related jobless claims could increase engagement in online freelance platforms.
Etsy
Shares of Etsy (ETSY) - Get Report rose 2.8% to $115.87 on Thursday. Along with a few other names, Etsy was recently added to the S&P 500 index, triggering a fresh wave of positive sentiment for the online crafts marketplace.
