ING Groep (NYSE:ING) Stock

ING Groep

The merger of the Dutch postal bank and NN Insurance in 1991 created ING. Through a series of further acquisitions ING build up a global footprint. The 2008 financial crisis forced ING to seek government support—a precondition of which was that ING should separate its banking and insurance activities, which saw ING revert to being solely a bank. ING has market-leading banking operations in the Netherlands and Belgium, and a range of digital banks across Europe and Australia. Its global wholesale banking operation is primarily focused on lending.

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Asset Sales

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Many commercial real estate owners are selling their buildings in distress, bringing about a new era of opportunity for property investors.

&#39;Apocalyptic&#39; Manhattan Real Estate Deals Keep Coming — Sector Mayhem Or Investment Opportunity?

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ING Groep (NYSE: ING) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.

ING Upgraded to Strong Buy: What Does It Mean for the Stock?

Short Ideas

Small Cap

Pre-Market Outlook

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As of April 11, 2024, three stocks in the financial sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

Top 3 Financial Stocks That Are Ticking Portfolio Bombs

ING Groep NV

Ingenia Communities Group

Inghams Group Ltd

ING BK SLASKI SA UNSP/ADR by ING Bk Slaski SA

ING Bank Slaski SA

Ingram Micro Holding Corporation Common Stock

Ingram Micro Holding Corp

Inogen Inc

Ingredion Inc

INNERGEX RENEWABLE ENGY by Innergex Renewable Energy Inc.

Innergex Renewable Energy Inc

WIIM

ING Group shares are trading lower after the company reported a year-over-year decline in Q4 financial results.

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Earnings Scheduled For February 6, 2025

ING Groep (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ING#NYSE">ING</a>) reported quarterly earnings of $0.40 per share. This is a 17.71 percent decrease over earnings of $0.48 per share from the same period last year. The company reported $5.77 billion in sales this quarter. This is a 0.88 percent decrease over sales of $5.82 billion the same period last year.

ING Groep Q4 EPS $0.40 Down From $0.48 YoY, Sales $5.77B Down From $5.82B YoY

ING Groep (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ING#NYSE">ING</a>) reported quarterly earnings of $0.65 per share. This is a 6.56 percent increase over earnings of $0.61 per share from the same period last year. The company reported $6.50 billion in sales this quarter. This is a 2.14 percent increase over sales of $6.36 billion the same period last year.

ING Groep Q3 EPS $0.65 Up From $0.61 YoY, Sales $6.50B Up From $6.36B YoY

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Shares of banking and financial services stocks are trading higher following better-than-expected financial results from JPMorgan Chase and Wells Fargo.

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Shares of banking companies are trading lower in sympathy with overall market weakness. Investors may be assessing a recent report suggesting that Iran could be preparing to attack Israel, which could create shocks to the global economy.

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Shares of banking companies are trading lower amid overall market weakness on US economic concerns.

ING Group shares are trading lower. The company reported Q2 financial results.

ING Groep Q2 EPS €0.54 Down From €0.60 YoY, Sales €5.716B Down From €5.759B YoY

Fed Chair <a href="https://www.benzinga.com/topic/jerome-powell">Jerome Powell</a> said Tuesday the commercial real estate sector will remain <a href="https://www.benzinga.com/topic/commercial-real-estate">under stress for some time</a>.
"It is a risk that has been with us and will be with us for some time, probably for years," Powell told the Senate Banking Committee. "And banks need to be honestly assessing what their risk is."
Many real estate assets purchased before the Covid-19 pandemic with loans from banks and other financial institutions are now worth less than the loans.
See Also: <a href="https://www.benzinga.com/federal-reserve/24/06/39169354/doom-and-gloom-in-office-space-real-estate-delinquency-data-tells-another-story">Doom And Gloom In Office Space Real Estate? Delinquency Data Tells Another Story</a>
As a result, many commercial real estate owners are selling their properties in distress, bringing about a new era of opportunity for real estate investors.
Take the Continental Center in New York City, for example. The 41-story skyscraper, located at 180 Maiden Lane in Manhattan's Financial District, sold <a href="https://commercialobserver.com/2024/07/clarion-mhp-sale-carlo-bellini-180-maiden-lane/">to</a> 99c, a real estate firm owned by Canadian biotech investor Carlo Bellini, for just $297 million.
The same building was purchased in 2015 for $470 million. Clarion Partners and MHP took out a $248 million loan from BlackRock Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) and <a href="https://therealdeal.com/new-york/2024/01/09/financial-district-office-heads-to-distress-sale/">refinanced</a> the debt in 2020 with a $372 million loan led by ING Groep NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ING#NYSE">ING</a>).
Clarion and MHP reportedly invested $175 million in renovations, putting their entire investment north of $645 million. They reportedly sold the property quickly to avoid foreclosure.
Clarion didn't reply to a request for comments.
"Manhattan&#8217;s office meltdown has gone from concerning to apocalyptic with little end in sight…" Triple Net Investor, an influencer, <a href="https://x.com/TripleNetInvest/status/1810840957333688701">wrote</a> on X.
For office buildings, the average sale prices per square foot dropped 66% between June 2023 and late May.
The Continental Center, built in 1983, is currently only occupied at 68%, dropping from 71% in January. This is almost three times the average vacancy rate for commercial real estate in New York City, which in March was 12.8% according to the comptroller's office.
Read Also: <a href="https://www.benzinga.com//node/39621351">Mortgage Applications Fall As Rates Climb Back Above 7%</a>
<h3 class="wp-block-heading">Why Is Commercial Real Estate Such A Mess?</h3>
"The seismic, pandemic-driven shift toward remote work has substantially pushed down demand for office space, approximately doubling the vacancy rate," writes a comptroller <a href="https://comptroller.nyc.gov/reports/spotlight-new-york-citys-office-market/#:~:text=Vacancy%20rates%20have%20roughly%20doubled,46%25%20of%20office%20space%20citywide.">report</a>.
New York's commercial real estate vacancy rate was a mere 6.4% in early 2020 &#8212; before the pandemic unfolded.
Pandemic disruptions were followed by decades-high interest rates which had a slashing effect on <a href="https://www.benzinga.com/money/best-reits">REITs</a>.
The trend isn&#8217;t exclusive to New York. 
Earlier this year, the U.S. vacancy rate for commercial real estate <a href="https://www.benzinga.com/real-estate/24/01/36707378/office-space-hits-highest-vacancy-rate-since-1979-heres-why-converting-it-to-residential-space-isnt">reached its highest levels since 1979</a>, at about 20%. By May, the rate had dropped to 17.8% as per a CommercialEdge <a href="https://www.commercialedge.com/blog/national-office-report/">report</a>.
A recent report by real estate firm Colliers found last month that there was <a href="https://www.benzinga.com/real-estate/24/06/39461452/manhattan-office-market-has-a-breakout-month-with-a-70-surge-in-leasing-activity">a 70% pick-up in leasing activity in New York City</a> as compared to last year. While this metric brings optimism for real estate investors, CommercialEdge argues that the remote and hybrid work trends are here to stay, and vacancies will likely remain flat across the country.
ETFs following the real estate sector haven&#8217;t performed well as of late. Vanguard Real Estate Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>), the biggest one by assets under management, was up 0.2% on Wednesday, having lost 3.8% in the past six months.
Schwab US REIT ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHH#NYSE">SCHH</a>) shows a similar trajectory, up 0.3% on Wednesday at the time of this writing and down 2.7% since in the past six months.
Residential real estate continues to struggle from high interest rates, with the affordability of buying a home <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39614880/now-owning-a-house-in-us-is-more-challenging-than-ever-as-affordability-drops-to-">reaching its lowest level in 17 years last week</a>.
Now Read:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39482229/home-prices-reach-new-record-highs-yet-signs-of-normalization-emerge">Home Prices Reach New Record Highs, Yet &#8216;Signs Of Normalization&#8217; Emerge</a></li>
</ul>
Manhattan Skyline, including the Continental Center on the left, by Szilas on Wikimedia Commons.

'Apocalyptic' Manhattan Real Estate Deals Keep Coming — Sector Mayhem Or Investment Opportunity?

ING Groep (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ing#NYSE">ING</a>) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.
A company&#39;s changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
Therefore, the Zacks rating upgrade for ING basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company&#39;s future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company&#39;s shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for ING imply an improvement in the company&#39;s underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate Revisions
As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988.
Earnings Estimate Revisions for ING
This financial services provider is expected to earn $2.01 per share for the fiscal year ending December 2024, which represents a year-over-year change of -9.5%.
Analysts have been steadily raising their estimates for ING. Over the past three months, the Zacks Consensus Estimate for the company has increased 3.6%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of &#39;buy&#39; and &#39;sell&#39; ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a &#39;Strong Buy&#39; rating and the next 15% get a &#39;Buy&#39; rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
The upgrade of ING to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
<a href="https://www.zacks.com/stock/news/2289369/ing-ing-upgraded-to-strong-buy-what-does-it-mean-for-the-stock?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_12_zacks_rank_upgrade-2289369">To read this article on Zacks.com click here.</a>

Barclays analyst Sam Moran-Smyth upgrades ING Groep (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ING#NYSE">ING</a>) from Equal-Weight to Overweight.

Barclays Upgrades ING Groep to Overweight

ING Groep shares are trading higher after the company reported better-than-expected Q1 results.

ING Groep (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ING#NYSE">ING</a>) reported quarterly earnings of €0.48 per share which beat the analyst consensus estimate of €0.41 by 17.07 percent. This is a 9.09 percent increase over earnings of €0.44 per share from the same period last year. The company reported quarterly sales of €5.583 billion which beat the analyst consensus estimate of €5.414 billion by 3.12 percent. This is a 6.56 percent decrease over sales of €5.975 billion the same period last year.

Earnings Beats

ING Groep Q1 2024 GAAP EPS €0.48 Beats €0.41 Estimate, Sales €5.583B Beat €5.414B Estimate

As of April 11, 2024, three stocks in the financial sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi"> RSI is above 70</a>, according to <a href="https://pro.benzinga.com/"> Benzinga Pro</a>.
Here&rsquo;s the latest list of major overbought players in this sector.
<h3>ING Groep NV (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ing#NYSE">ING</a>)</h3>
<ul>
<li>On Feb. 1, ING Groep posted an increase in quarterly sales. The company&rsquo;s stock gained around 12% over the past month and has a <a href="https://www.benzinga.com/quote/ING">52-week high of $17.18 </a>.</li>
<li>RSI Value: 77.32</li>
<li>ING Price Action: Shares of ING Groep fell 1.1% to close at $16.84 on Wednesday.</li>
</ul>
<h3>Root Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/root#NASDAQ">ROOT</a>)</h3>
<ul>
<li>Root, is expected to to host a conference call to discuss financial results for the first quarter on April 30, 2024 at 5:00 p.m. Eastern Time. The company&rsquo;s stock gained around 80% over the past month and <a href="https://www.benzinga.com/quote/ROOT"> has a 52-week high </a> of $85.99.</li>
<li>RSI Value: 71.35</li>
<li>ROOT Price Action: Shares of Root fell 4.2% to close at $76.87 on Wednesday.</li>
</ul>
<h3>Main Street Capital Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/main#NYSE">MAIN</a>)</h3>
<ul>
<li>On Feb. 22, Main Street Capital posted upbeat quarterly earnings. The company&rsquo;s stock gained around 1% over the past month and has a <a href="https://www.benzinga.com/quote/MAIN"> 52-week high </a> of $47.82.</li>
<li>RSI Value: 71.58</li>
<li>MAIN Price Action: Shares of Main Street Capital fell 0.2% to close at $47.58 on Wednesday.</li>
</ul>
&nbsp;
Read More: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/04/38176505/jim-cramer-says-wesco-international-is-a-buy-recommends-buying-this-stock-under-20"> Jim Cramer Says WESCO International Is A Buy, Recommends Buying This Stock Under $20 </a>

Shares of C.H. Robinson Worldwide, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/chrw#NASDAQ">CHRW</a>) fell sharply during Thursday&rsquo;s session after the company reported worse-than-expected fourth-quarter financial results.
C.H. Robinson Worldwide posted adjusted earnings of 50 cents per share, missing market estimates if 81 cents per share. The company&rsquo;s quarterly sales came in at $4.20 billion versus estimates of $4.34 billion.
C.H. Robinson Worldwide shares dipped 12.6% to $73.49 on Thursday.
Here are some other stocks moving in today&#39;s mid-day session.
<h3>Gainers</h3>
<ul>
<li>Minim, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/minm#NASDAQ">MINM</a>) shares climbed 57.3% to $6.45. David E. Lazar recently disclosed a 51% active stake in Minim.</li>
<li>Clearmind Medicine Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cmnd#NASDAQ">CMND</a>) jumped 51% to $2.17. Clearmind Medicine announced long-term licensing agreement with BIRAD.</li>
<li>NeuroBo Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nrbo#NASDAQ">NRBO</a>) climbed 52.9% to $5.00. NeuroBo Pharmaceuticals announced FDA clearance of IND for Phase 1 clinical trial of DA-1726 for the treatment of obesity.</li>
<li>FibroBiologics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fblg#NASDAQ">FBLG</a>) shares climbed 47.4% to $42.90. FibroBiologics announced direct listing on the NASDAQ.</li>
<li>Celularity Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/celu#NASDAQ">CELU</a>) rose 36% to $0.5191. Celularity said it sees FY24 net sales of $50 million to $56 million.</li>
<li>Cimpress plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cmpr#NASDAQ">CMPR</a>) jumped 28.8% to $96.90 after the company reported better-than-expected second-quarter financial results and said the board authorized the repurchase of up to $150 million of company shares.</li>
<li>TuSimple Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsp#NASDAQ">TSP</a>) rose 28% to $0.2950.</li>
<li>Elevai Labs, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/elab#NASDAQ">ELAB</a>) gained 23.5% to $0.84 after gaining 8% on Wednesday.</li>
<li>Asset Entities Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/asst#NASDAQ">ASST</a>) climbed 22.8% to $0.5650.</li>
<li>Kiora Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/kprx#NASDAQ">KPRX</a>) shares jumped 20.4% to $0.6649. Kiora Pharmaceuticals announced a private placement of up to $45 million.</li>
<li>Evaxion Biotech A/S (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/evax#NASDAQ">EVAX</a>) gained 19.5% to $4.70. Evaxion Biotech announced pricing of $15 million public offering of 3.750 million ADS at $4.00 per ADS.</li>
<li>Nextracker Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nxt#NASDAQ">NXT</a>) rose climbed 18.8% to $53.79 after the company reported better-than-expected third-quarter financial results.</li>
<li>SunPower Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/spwr#NASDAQ">SPWR</a>) jumped 18.1% to $3.5791.</li>
<li>BioRestorative Therapies, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/brtx#NASDAQ">BRTX</a>) gained 16.4% to $1.8850.</li>
<li>Corteva, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ctva#NYSE">CTVA</a>) gained 16.2% to $52.84 after the company reported better-than-expected quarterly financial results, issued 2024 guidance and announced a $1 billion repurchase plan.</li>
<li>Nextracker Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nxt#NYSE">NXT</a>) jumped 16.1% to $52.56 after the company reported better-than-expected quarterly financial results.</li>
<li>Yoshiharu Global Co. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/yosh#NASDAQ">YOSH</a>) rose 15.9% to $5.10.</li>
<li>FuelCell Energy, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fcel#NASDAQ">FCEL</a>) gained 15.7% to $1.3885.</li>
<li>Plug Power Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/plug#NASDAQ">PLUG</a>) climbed 12.2% to $4.9900. Plug Power said it completed first customer fill of liquid green hydrogen at its Georgia plant.</li>
<li>Credit Acceptance Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cacc#NASDAQ">CACC</a>) jumped 11.9% to $605.43 following upbeat earnings.</li>
<li>Digi International Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dgii#NASDAQ">DGII</a>) gained 11.7% to $27.17 following strong results.</li>
<li>Oragenics, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ogen#NYSE">OGEN</a>) gained 11.1% to $2.5561 after dipping around 34% on Wednesday. Oragenics recently announced termination of at-market offering program.</li>
<li>Allegro MicroSystems, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/algm#NASDAQ">ALGM</a>) climbed 10.9% to $28.77 following upbeat earnings.</li>
<li>Ferrari N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/race#NYSE">RACE</a>) gained 10.4% to $382.17 after the company reported fourth-quarter financial results and issued 2024 guidance.</li>
<li>Etsy, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/etsy#NASDAQ">ETSY</a>) rose 9.6% to $72.95 after the company announced the appointment of Elliott Investment Management&rsquo;s Marc Steinberg to its board.</li>
<li>Boot Barn Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/boot#NYSE">BOOT</a>) gained 8.4% to $77.79 following upbeat earnings.</li>
<li>Sally Beauty Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sbh#NYSE">SBH</a>) jumped 7.4% to $13.24 following upbeat earnings.</li>
<li>EverQuote, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ever#NASDAQ">EVER</a>) gained 7.2% to $13.53.</li>
<li>Deutsche Bank Aktiengesellschaft (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/db#NYSE">DB</a>) shares gained 6.2% to $13.65 after the company posted fourth-quarter results and announced plans to cut 3,500 jobs. Deutsche Bank plans to increase both share repurchases and dividends by at least 50% year-over-year in 2024.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>Revelation Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/revb#NASDAQ">REVB</a>) shares dipped 61.1% to $3.4268 after the company announced pricing of $6.2 million public offering.</li>
<li>InVivo Therapeutics Holdings Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nviv#NASDAQ">NVIV</a>) fell 49% to $0.3267. InVivo Therapeutics Holdings and subsidiary filed for Chapter 11 bankruptcy in Delaware but plan to continue operating under court supervision as a debtor-in-possession.</li>
<li>Hesai Group (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hsai#NASDAQ">HSAI</a>) declined 28.2% to $4.1817. Hesai Group issued a statement on the U.S. Department of Defense &quot;Chinese Military Companies&quot; list.</li>
<li>FibroBiologics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fblg#NASDAQ">FBLG</a>) fell 27.4% to $21.12.</li>
<li>Volcon, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vlcn#NASDAQ">VLCN</a>) shares dipped 24.3% to $0.1020 after the company announced a 1-for-45 reverse stock split.</li>
<li>Peloton Interactive, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pton#NASDAQ">PTON</a>) fell 22.9% to $4.2850 after the company reported mixed second-quarter financial results and issued third-quarter revenue guidance below estimates.</li>
<li>CareMax, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cmax#NASDAQ">CMAX</a>) fell 21.4% to $8.10.</li>
<li>ADDvantage Technologies Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aey#NASDAQ">AEY</a>) shares declined 21.3% to $1.4320.</li>
<li>Earlyworks Co., Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/elws#NASDAQ">ELWS</a>) fell 21.2% to $0.44 after surging more than 55% on Wednesday.</li>
<li>Infobird Co., Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ifbd#NASDAQ">IFBD</a>) shares declined 20.6% to $1.0799 after surging over 115% on Wednesday.</li>
<li>Alaunos Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tcrt#NASDAQ">TCRT</a>) fell 19.3% to $2.0410.</li>
<li>Rocket Lab USA, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rklb#NASDAQ">RKLB</a>) shares declined 18.7% to $3.9450 after the company announced a proposed offering of $275 million convertible senior notes.</li>
<li>Bullfrog AI Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bfrg#NASDAQ">BFRG</a>) fell 18.4% to $3.9736 after declining 9% on Wednesday. Bullfrog AI Holdings recently filed shelf offering of 786,938 shares and accompanying warrants at $6.63 per share and accompanying warrant.</li>
<li>Thermon Group Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/thr#NYSE">THR</a>) fell 16.2% to $27.45 following third-quarter results.</li>
<li>Polestar Automotive Holding UK PLC (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/psny#NASDAQ">PSNY</a>) declined 15.9% to $1.8250 after Volvo Cars said it will no longer provide further funding to the company.</li>
<li>Surmodics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/srdx#NASDAQ">SRDX</a>) fell 14.9% to $29.97 following first-quarter results.</li>
<li>MaxLinear, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mxl#NYSE">MXL</a>) shares dipped 14.4% to $17.83 after reporting fourth-quarter results.</li>
<li>8x8, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/eght#NASDAQ">EGHT</a>) fell 13.5% to $2.9050 following weak sales.</li>
<li>New York Community Bancorp, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nycb#NYSE">NYCB</a>) dipped 13.5% to $5.60 after multiple firms downgraded the stock following the company&#39;s fourth-quarter results.</li>
<li>IHS Holding Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ihs#NYSE">IHS</a>) fell 11.9% to $3.5050.</li>
<li>Western Alliance Bancorporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wal#NYSE">WAL</a>) dipped 10% to $57.58.</li>
<li>Aflac Incorporated (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/afl#NYSE">AFL</a>) shares declined 9.7% to $76.17 after the company reported worse-than-expected fourth-quarter financial results.</li>
<li>Markel Group Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mkl#NYSE">MKL</a>) dipped 9.4% to $1,356.53 after the company reported 2023 financial results.</li>
<li>Wolfspeed, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wolf#NYSE">WOLF</a>) shares fell 9.2% to $29.56 following the company&#39;s second-quarter earnings.</li>
<li>Valley National Bancorp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vly#NASDAQ">VLY</a>) dipped 8% to $8.85.</li>
<li>Zions Bancorporation, National Association (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zion#NASDAQ">ZION</a>) fell 6.6% to $39.12.</li>
<li>ING Groep N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ing#NYSE">ING</a>) shares declined 5.9% to $13.37 following fourth-quarter results.</li>
<li>Sanofi (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sny#NASDAQ">SNY</a>) fell 3.2% to $48.33 after the company posted fourth-quarter results and named Fran&ccedil;ois-Xavier Roger as Chief Financial Officer.</li>
</ul>
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Why C.H. Robinson Shares Are Trading Lower By Over 12%? Here Are Other Stocks Moving In Thursday's Mid-Day Session

ING Groep shares are trading lower after the company reported Q4 financial results.

Shares of Nextracker Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nxt#NASDAQ">NXT</a>) rose sharply during today&rsquo;s pre-market trading after the company reported better-than-expected <a href="https://www.benzinga.com/news/earnings/24/01/36878742/nextracker-stock-shines-after-hours-company-reports-q3-results-above-estimates-raises-fy-2024-guida">third-quarter financial results</a>.
Nextracker reported quarterly earnings of 96 cents per share which beat the analyst consensus estimate of 48 cents by 100%. Revenue clocked in at $710.43 million, topping the Street&#39;s estimate of $617.95 million, a 38.38% increase over sales of $513.37 million from the same period last year, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Nextracker shares surged 19.7% to $54.20 in pre-market trading
Here are some other stocks moving in pre-market trading.
<h3>Gainers</h3>
<ul>
<li>Elevai Labs, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/elab#NASDAQ">ELAB</a>) gained 85.3% to $1.26 in pre-market trading after gaining 8% on Wednesday.</li>
<li>Kiora Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/kprx#NASDAQ">KPRX</a>) shares jumped 52.1% to $0.8420 in pre-market trading. Kiora Pharmaceuticals announced a private placement of up to $45 million.</li>
<li>Oragenics, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ogen#NYSE">OGEN</a>) gained 17.6% to $2.71 in pre-market trading after dipping around 34% on Wednesday. Oragenics recently announced termination of at-market offering program.</li>
<li>TROOPS, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/troo#NASDAQ">TROO</a>) shares gained 14.8% to $2.16 in pre-market trading after falling over 6% on Wednesday.</li>
<li>Dunxin Financial Holdings Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dxf#NYSE">DXF</a>) shares rose 12.2% to $0.3960 in pre-market trading.</li>
<li>TransCode Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rnaz#NASDAQ">RNAZ</a>) shares rose 10% to $0.76 in pre-market trading. TransCode Therapeutics regained compliance with the Nasdaq.</li>
<li>Nuvve Holding Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvve#NASDAQ">NVVE</a>) shares climbed 9.7% to $1.36 in pre-market trading. Nuvve shares fell over 62% on Wednesday after the company announced pricing of its $9.6 million underwritten public offering.</li>
<li>FibroBiologics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fblg#NASDAQ">FBLG</a>) shares gained 9.7% to $31.95 in pre-market trading. FibroBiologics announced direct listing on the NASDAQ.</li>
<li>Deutsche Bank Aktiengesellschaft (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/db#NYSE">DB</a>) shares gained 5.8% to $13.60 in pre-market trading after the company posted fourth-quarter results and announced plans to cut 3,500 jobs. Deutsche Bank plans to increase both share repurchases and dividends by at least 50% year-over-year in 2024.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>Revelation Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/revb#NASDAQ">REVB</a>) shares dipped 48.7% to $4.50 in pre-market trading after gaining more than 10% on Wednesday.</li>
<li>Infobird Co., Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ifbd#NASDAQ">IFBD</a>) shares fell 31.6% to $0.93 in pre-market trading after surging over 115% on Wednesday.</li>
<li>Bullfrog AI Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bfrg#NASDAQ">BFRG</a>) fell 25.4% to $3.64 in pre-market trading after declining 9% on Wednesday. Bullfrog AI Holdings recently filed shelf offering of 786,938 shares and accompanying warrants at $6.63 per share and accompanying warrant.</li>
<li>Volcon, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vlcn#NASDAQ">VLCN</a>) shares fell 20.5% to $0.1069 in pre-market trading after the company announced a 1-for-45 reverse stock split.</li>
<li>Connexa Sports Technologies Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cnxa#NASDAQ">CNXA</a>) declined 17.3% to $0.3310 in pre-market trading. Connexa Sports Technologies shares jumped 101% on Wednesday after the company announced it regained compliance with the Nasdaq minimum shareholder equity rule.</li>
<li>Earlyworks Co., Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/elws#NASDAQ">ELWS</a>) fell 14.9% to $0.4748 after surging more than 55% on Wednesday.</li>
<li>MaxLinear, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mxl#NYSE">MXL</a>) shares dipped 13.4% to $18.00 in pre-market trading after reporting fourth-quarter results.</li>
<li>ADDvantage Technologies Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aey#NASDAQ">AEY</a>) shares declined 13.4% to $1.60 in pre-market trading.</li>
<li>Trinity Biotech plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/trib#NASDAQ">TRIB</a>) shares fell 12.4% to $0.5170 in pre-market trading after surging 34% on Wednesday. Trinity Biotech reported third-quarter results and announced acquisition of the CGM assets of Waveform Technologies, Inc.</li>
<li>ING Groep N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ing#NYSE">ING</a>) shares declined 8.7% to $12.97 in pre-market trading following fourth-quarter results.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/news/24/01/36865232/top-5-energy-stocks-that-may-crash-this-quarter"> Top 5 Energy Stocks That May Crash This Quarter</a>

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Why Nextracker Shares Are Trading Higher By Around 20%; Here Are 20 Stocks Moving Premarket

U.S. stock futures were higher this morning, with the Nasdaq futures gaining around 90 points on Thursday.
Shares of MaxLinear, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mxl#NYSE">MXL</a>) shares fell sharply during Thursday&rsquo;s pre-market trading after <a href="https://www.benzinga.com/quote/MXL/earnings">reporting fourth-quarter results.</a>
MaxLinear posted adjusted earnings of 1 cent per share, compared to market estimates of 1 cent per share. The company&rsquo;s quarterly sales came in at $125.35 million versus expectations of $125.11 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
MaxLinear shares dipped 13.4% to $18.00 in pre-market trading.
Here are some big stocks recording losses in today&rsquo;s pre-market trading session.
<ul>
<li>ING Groep N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ing#NYSE">ING</a>) shares declined 8.7% to $12.97 in pre-market trading following fourth-quarter results.</li>
<li>Nyxoah S.A. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nyxh#NASDAQ">NYXH</a>) shares tumbled 8.4% to $9.91 in pre-market trading after jumping around 33% on Wednesday.</li>
<li>Arcutis Biotherapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/arqt#NASDAQ">ARQT</a>) shares fell 8% to $5.40 in pre-market trading. Steven Cohen reported a 5.2% passive stake in Arcutis Biotherapeutics in 13G Filing.</li>
<li>Rocket Lab USA, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rklb#NASDAQ">RKLB</a>) shares declined 6.8% to $4.52 in pre-market trading after the company announced a proposed offering of $275 million convertible senior notes.</li>
<li>Wolfspeed, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wolf#NYSE">WOLF</a>) shares fell 6.5% to $30.45 in pre-market trading following the company&#39;s second-quarter earnings.</li>
<li>ZoomInfo Technologies Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zi#NASDAQ">ZI</a>) fell 3.1% to $15.55 in pre-market trading. B of A Securities recently upgraded the stock from Neutral to Buy and raised its price target from $20 to $25.</li>
<li>Aflac Incorporated (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/afl#NYSE">AFL</a>) shares declined 2.1% to $82.55 in pre-market trading after the company reported worse-than-expected fourth-quarter financial results.</li>
<li>Sanofi (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sny#NASDAQ">SNY</a>) fell 2% to $48.88 in pre-market trading after the company posted fourth-quarter results and named Fran&ccedil;ois-Xavier Roger as Chief Financial Officer.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/news/earnings/24/02/36881809/apple-honeywell-international-and-3-stocks-to-watch-heading-into-thursday"> Apple, Honeywell International And 3 Stocks To Watch Heading Into Thursday </a>
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a>

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MaxLinear Reports Q4 Results, Joins ING, Wolfspeed And Other Big Stocks Moving Lower In Thursday's Pre-Market Session

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Earnings Scheduled For February 1, 2024

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