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Three fintech names topped the biggest gainers in the week’s financial stocks, with Upstart Holdings (NASDAQ:UPST) rising the most, +17%, only partly recovering from the week before when it plunged 55% on disappointing earnings.
The financial stocks that advanced bucked the market’s overall trend as the S&P 500 (SP500) fell 3.1% for the week and the Financial Select Sector SPDR EFT (XLF) slipped 1.6%.
Grab (NASDAQ:GRAB), the app that combines financial services, deliveries, and ride-sharing, gained 14% for the week ended May 20 after issuing strong revenue guidance of the year and posting a better-than-expected top line in its Q1 results;
Fintech stock SoFi Technology (NASDAQ:SOFI) climbed 11% after an upgrade at Piper Sandler and its CEO bought 390K more of the company’s shares;
Auto insurer Hagerty (HGTY) rose 11%; and
Life insurance firm American Equity Investment Life (AEL) advanced 11% during the week.
The five biggest financial decliners is a mix of companies that includes two insurance firms. Brazil-based Nu Holdings (NU), operating as NuBank, dropped the most, -21%, after it added fewer customers in Q1 than the previous quarter and the lock-up period expired on a large number of shares;
South Korean commercial bank Woori Financial (WF) slid 7.6%;
Freedom Holding Group (FRHC), an investment and brokerage company, dipped 6.7%;
Aon (AON) fell 6.4% after UBS listed the insurance firm as a stock to avoid; and
Marsh & McLennan (MMC), which provides risk and insurance services, dropped 6.3% for the week.
Earlier in the week, Lightspeed Commerce (LSPD) stock surged after charting a path to adjusted EBITDA break even
