Chris Comparato, CEO of Toast, Inc., IPO on September 22, 2021 on the New York Stock Exchange.
Source: New York Stock Exchange
upstartShares of the company that uses artificial intelligence to inform online lending decisions surged 46% on Friday, its best day in more than three years. ToastShares of the company that sells payment technology to restaurants rose 14% to close at their highest level so far in 2021.
Both companies reported better-than-expected results, sparking gains in stocks.
Upstart’s third-quarter revenue grew 20% to $162 million, easily beating analysts’ expectations. CEO David Girouard said on the company’s earnings call, “We are in growth mode.
Toast remains well off its 2021 pandemic highs, but the stock has more than doubled this year. The company beat expectations with an adjusted profit forecast of $90 million to $100 million for the current quarter.
The two stocks were part of a sharp rally on Wall Street this week after Donald Trump won the election late Tuesday night. The three major stock indexes all closed at record highs. The Nasdaq index, which is dominated by technology stocks, closed up 5.7% this week, the second highest week this year.
In the fintech space, crypto-related companies were among the top performers after crypto industry-funded candidates won up-and-down vote races.
Coin library Shares are up 48% this week, their strongest performance since January 2023. of $25 million to back a pro-crypto super PAC in the 2026 midterm elections.
Trump’s vow to oust SEC Chairman Gary Gensler could bode well for companies like Coinbase that are battling regulators in court over alleged securities crimes.
Robin HoodIt allows users to buy and sell multiple digital currencies and rose 27% this week. The online brokerage received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) in May, a move that typically precedes formal charges.
Bitcoin It hit a new intraday high above $77,300 and ended the week up 11%. Ethereum, Solana and Dogecoin outpaced Bitcoin’s gains.
Not all fintech stocks rose.
Square parent company Block reported third-quarter revenue Thursday that fell short of Wall Street expectations, causing the stock to fall slightly on Friday. Shares of Jack Dorsey’s company rose 3.3% this week, underperforming the border technology market.
confirmThe company that offers “buy now, pay later” loans performed well on both revenue and profit, but the stock still fell 4.7% on Friday and was slightly higher than the Nasdaq for the week.
watch: Robinhood Crypto General Manager Reacts to Bitcoin Rise
About The Author
