Novavax, Zscaler, Digital Brands Group, Asana, Tesla: Why These 5 Stocks Are Drawing Investor Attention Today

U.S. stocks ended in red at the end of the trading day. The Dow Jones experienced a dip, falling by nearly 200 points or 0.56% to settle at 34,641.97. In contrast, the NASDAQ exhibited a slight decline, falling by 0.08% to 14,020.95. The S&P 500 also witnessed a decline, dropping by 0.42% to 4,496.83.

These are the top stocks that gained the attention of retail traders and investors throughout the day:

Novavax, Inc. NVAX

Novavax shares surged by 10.23%, closing at $9.05 with an intraday high of $9.27 and a low of $8.25. The stock’s 52-week range stands between $33.37 and $5.61. The rise can be attributed to the increasing COVID cases in the US, which has bolstered vaccine stocks in recent weeks. The dominant strain in the U.S., the EG.5 variant, has been a significant contributor to the new cases, with another mutated strain, BA.2.86, also under surveillance.

Zscaler Inc ZS

Zscaler’s stock appreciated by 2.75%, ending the day at $162.74. The stock touched an intraday high of $163.48 and a low of $158.05, with its 52-week range between $194.21 and $84.93. The company reported a 43% year-over-year increase in its fourth-quarter revenue, amounting to $455.01 million, surpassing the consensus estimate. The company’s CEO, Jay Chaudhry, emphasized the importance of cybersecurity and the value derived from the Zero Trust Exchange platform.

Digital Brands Group, Inc. DBGI

The stock of Digital Brands Group witnessed a significant jump of 31.56%, closing at $14.13. The intraday high and low were $23.72 and $10.64, respectively, with a 52-week range of $374.75 to $7.34. The company announced the closure of its offering for the issuance and sale of 513,875 shares of common stock, fetching gross proceeds of approximately $5.0 million. The funds are intended for working capital purposes.

Asana, Inc. ASAN

Asana’s stock showed resilience, closing the day with a marginal increase of 0.05% at $21.64, reaching an intraday high of $21.79 and a low of $21.08, with its 52-week range spanning from $28.92 to $11.32. Asana’s Q2 results surpassed market expectations, both on the top and bottom lines. “Revenue growth exceeded our guidance, operating margin improved by 37 percentage points, and we posted positive free cash flow,” remarked Dustin Moskovitz, co-founder and CEO of Asana.

Financial highlights for the second quarter of fiscal 2024 include revenues of $162.5 million, marking a 20% YoY increase. The GAAP operating loss stood at $73.4 million, or 45% of revenues, showcasing an improvement from the previous year. The GAAP net loss was $71.4 million, translating to a net loss per share of $0.33. In contrast, the non-GAAP net loss was $8.4 million, with a net loss per share of $0.04. Positive cash flows from operating activities amounted to $20.2 million.

Tesla Inc TSLA

Tesla’s stock climbed by 4.69%, settling at $256.49. The stock’s intraday high was $258, and the low was $244.86. Its 52-week range is between $313.8 and $101.81. Cathie Wood, the CEO of Ark Invest, has been a long-time believer in Tesla’s growth. In a recent interview, she reiterated her $2,000 price target for Tesla by 2027 and emphasized the company’s advancements in AI and autonomous driving.

Photo by Jirapong Manustrong on Shutterstock

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