Stocks in focus: Rivian, Tesla, Luminar, Coinbase, Booking
Yahoo Finance's Jared Blikre details the hot tickers of the day.
Video Transcript
ALEXIS CHRISTOFOROUS: I want to get right to Jared Blikre and a closer look at Rivian because as high as it is right now, Jared, Rivian is well off its highs of the day.
JARED BLIKRE: That's right, and let's check out the prices on the YFi Interactive. And you can see, still up 28% from its IPO price of $78 per share. Now we did reach a high of nearly $120 and a low of $95.65. So if we look at a chart here, that was actually a 20% decline from high to low. Does that mean Rivian is in a bear market? No, it does not. These are intraday prices, and individual stocks just don't do that. Now, we do have some details here. We know that I did say the IPO price was $78 a share. The valuation-- we can also check out that-- now below $100 billion. It had been about $110, $115 billion.
But as I did before, I just want to give a little bit of a relative look at where Rivian would stand in the S&P 500, were it be to be admitted right now. So just below it, we have ConocoPhillips and ADP. Those are about $96 million-- $96 billion in market cap. Moderna, $93 billion, Mondelez, $87 billion. GM, which you mentioned, Alexis, $86 billion. And just above, we got 3M, IBM, and Caterpillar. So, in good company on day one.
Now I do want to also check out our EV heat map because we have had a lot of activity this week. This is what's going on today. Let's get a three-day look. And we can see a little bit of red here. We can see Tesla down about 14%. And let's put a five-day chart on here. You can see still by the lows, although it is up about 2% today. We do know the Elon Musk is on the trail to selling about $20 billion worth of his personal holdings there.
But in the upper left, EVGO, that's up 52% over the last three days. That has to do with the infrastructure bill that has $7 and 1/2 billion allocated to charging statements. Also seeing Fuel Cell up 16%. And then Luminar, after announcing that partnership with NVIDIA yesterday, that's still up about 8% over the trailing week, although it is down about 5% today, Alexis.
ALEXIS CHRISTOFOROUS: All right, also want to talk a little Coinbase right now, The Stock sinking. I guess that earnings report didn't live up to expectations.
JARED BLIKRE: No, but we're getting some differing views on Wall Street here. You can see, this is trailing five days. Not a whole lot of movement, down 7% today. If we look at the trailing month, different picture emerges. You can still see well close to its highs here. And if we do a max chart, we can see it is basically up to where it was on day one. So we'll have to see if we can push through these highs or if we sink more.
But here's those analyst comments that I was talking about. First, Mizuho, which rates the stock as neutral. Price target, 300, so that's about 30 points down from the current price. The dramatic decline in retail take rate, which is likely among the worst compression of the company's short history, which caused a near 20% revenue miss. Some positive with strong October, but remain cautious as take rate pressures appear to be worsening. The whole story here is, they lost a bit of volume while their retail accounts grew. They're not taking in as much money per customer.
Piper Sandler a bit more optimistic. They rate the stock an overweight, with a price target of 440, so that's over $100 from where we are right now. And they're saying the miss was caused by lower fee rates and retail and institutional, partially offset by higher subscription and services revenue and reduced costs.
Now, despite this transaction revenue miss, an increased user base and rise in subscription revenue point to progress being made in the quarter. When they're talking about subscription, Coinbase is now testing a commission free trading subscription service. This was announced about a week ago. The customers will still be charged a spread fee for trading, but no fees off the top. And this kind of fits in with the Robinhood model. And if you think crypto is going the way of Robinhood, I wouldn't doubt it, Alexis.
But here before I go, I do want to check in on the price of Bitcoin, because both Bitcoin and Ether have been at record highs. You can see not a lot of movement over the trailing 24 hours. Here's a five-day look. But this spike right here, that was a record high, as was in Ethereum over the last 24 hours, right there, Alexis.
ALEXIS CHRISTOFOROUS: Quite the chart there, Jared. All right, and before we let you go, our Yahoo Finance Plus Idea of the Day, a bullish call on Booking Holdings on a strong earnings outlook. Remember, we had the Booking Holdings CEO on just a few days ago.
JARED BLIKRE: Stock there up about 15% year to date. Over the last two years, a bit more movement, up 36%. Steady uptrend that we see there from the lower left to the upper right or thereabouts. And here is what Argus is writing about today. First of all, they're saying their long-term price target is 3,060, considerably above-- about $500 above the current price.
They like the strong earnings outlook, and they're upgrading it to a buy, saying, we have a favorable view of online travel companies, particularly of Booking, given its focus on Europe, where it generates most of its gross profit. Raising their 2021 EPS estimates-- I'm not going to go through the numbers here.
But also saying that they're trading at a projected 2022 PE ratio of 24, which is below the average for other online booking companies. However, we believe that it merits a higher multiple, given this company's strong earnings outlook, setting a price target of $3,060, implying a projected 2022 PE of 28 and a potential return of 15% from current levels. Alexis.