Three Stocks To Watch: Marvell, TKO, and AppLovin
With markets closed today for Juneteenth Day, investors may look at three stocks for tomorrow. Marvell Technology (MRVL) continued to trend higher on Wednesday, trading near $75. Shares bottomed at around $50 in April. The firm announced new designs at its AI event.
Marvell has two new XPU hyperscaler designs. It also has 12 additional XPU-Attach wins that will post revenue.
TKO Group (TKO) will soon break out above its 52-week high. The company, which is a parent to the WWE and UFC, attracted investors. Bernstein reiterated an outperform rating on the stock. It cited strong momentum in live sports entertainment. As a result, TKO will post record results from its events.
AppLovin (APP) might continue to pull back in Friday’s trading. Shares peaked at over $410 in early June. On June 12, Culper Research disclosed a short-sale position against APP stock. The investor cited Chinese shareholders and operations as a risk for shareholders.
The bearish thesis is weak. Chinese investors may own APP stock without threatening American security. Investors may take advantage of the fear by accumulating shares. The chances are low that spies may be collecting IP information from AppLovin’s platform.
In the ad space, look at Digital Turbine (APPS), too. Shares traded below $2 late last year but spiked to $6.72 this past week. It posted non-GAAP EPS of $0.10 on revenue of $119.5 million (+6.2% Y/Y).
