Etsy, Boeing, Virgin Orbit, and Other Stocks Making The Biggest Moves Premarket

‍Etsy

According to Piper Sandler, Etsy's marketplace strengths will "be instrumental in reaccelerating growth of active buyers" after the firm upgraded its ratings from neutral to overweight from overweight. The share price is down 9.6% in 2023 with the company's shares up 3.9%. 

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Virgin Orbit

As a result of Virgin Orbit's Chapter 11 bankruptcy filing, the stock of the satellite launch company is down by 14% in the premarket. The company has also announced it intends to lay off nearly all its employees.

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Boeing

According to Northcoast Research, the aerospace manufacturer's shares have decreased by 0.8% since a sell rating has been given to its shares. According to the research firm, Boeing will face volume headwinds during this quarter, changes to commercial aircraft production are expected, consensus forecasts will be adjusted, and changes to forecasts have been re-set. 

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Tesla

There was a slight increase of about 1% in premarket trading for Tesla. Tesla stock had fallen by 6.1% a day earlier. Investors were responding to the company's vehicle delivery report from the weekend as to why it was slashing prices yet again to stoke sales at the expense of smaller margins. There are still concerns that Tesla might cut prices in an effort to stimulate sales at the expense of lower margins. Though Tesla's first-quarter deliveries were lower than what Wall Street expected, they were generally in line with what Tesla had forecasted.

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Burlington Stores

 
There was a 1.6% gain in shares of the apparel retailer's stock after Loop Capital upgraded the stock to buy from hold in one of its notes. Analyst Laura Champine wrote in the note that the company will likely see increases in market share as a result of its improved values and brands in stores. 

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Comcast

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The telecom giant's shares rose 1.5% after KeyBanc upgraded them to overweight. KeyBanc said, “We are exceeding [consensus] in cable EBITDA due to strong ARPUs and improved operating efficiency,” which led to higher adj. EBITDA margins. Comcast's stock has jumped 7.8% in the past year. The firm's price target implies a 16% upside.

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Prudential Financial

A JPMorgan analyst upgraded the price of the stock of the financial services company to overweight, resulting in a 2.6% gain. It is expected that near-term results for lower-risk stocks with strong balance sheets could be quite healthy for the firm despite its long-term fundamental outlook for the life insurance industry is negative.  

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Sarepta Therapeutics

As a result of Citigroup initiating coverage of Sarepta with a buy rating, the biotechnology company gained 2.5% over the past week. According to the firm, the recent sell-off may have been overdone in the short term.