Coinbase, Robinhood, CleanSpark among week’s biggest financial gainers (NYSE:FDS) Winners and Losers: A Review of the Week’s Financial Gainers and Losers

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By Ronald Tech

Business and stock exchange data on the screen.

This week’s financial market brought with it a parade of winners and losers, with exciting developments across a variety of industries. Among the gainers, two cryptocurrency-related companies, two insurers, and a retail trading platform standout, while the biggest decliners included a bank-focused lending platform, an insurer, a credit rating and data analytics firm, an investment bank and brokerage, as well as a data provider for the investment industry.

At the market’s close, financial stocks with a market cap over $2 billion ended the week ended Feb. 16 positively, with the Financial Select Sector SPDR ETF (NYSEARCA:XLF) rising by 1.4%, outperforming the S&P 500, which decreased by 0.4%.

The price of bitcoin (BTC-USD) capped off another robust week. Bitcoin miner CleanSpark (NASDAQ:CLSK) saw the most significant increase among financial stocks, surging by 28%. The company also announced that its operating hashrate had grown following its expansion in Sandersville, Georgia.

Cryptocurrency exchange Coinbase Global (NASDAQ:COIN) secured the second spot, climbing 27% due to a combination of bitcoin’s extended bull run and the company’s better-than-expected Q4 earnings. KBW turned more bullish on COIN after it posted its first quarterly profit in about three years.

Mercury General Corp. (NYSE:MCY), involved in writing personal auto insurance, soared 25% following stronger-than-expected earnings and revenue for Q4; meanwhile, trading app Robinhood Markets (NASDAQ:HOOD) grew by 21.2% after delivering a surprise Q4 profit. Property and casualty insurer Kinsale Capital Group (NYSE:KNSL) rounded out the five biggest winners with a 20.5% gain, as its Q4 earnings surpassed Wall Street expectations.

On the negative side, AI-driven lending platform Upstart (NASDAQ:UPST) fell the most, down 22.7%, as its 2024 revenue guidance fell short of Wall Street expectations. Brighthouse Financial (NASDAQ:BHF) slid 9.6% after the insurance and investment company posted Q4 earnings that were significantly weaker than analysts expected. Also, Moody’s (NYSE:MCO), issued weaker-than-expected 2024 guidance and less-than-stellar Q4 earnings, leading to an 8.5% retreat. Additionally, Freedom Holding (NASDAQ:FRHC), a Kazakhstan-based investment bank and brokerage, dipped 4.5%, and Financial data company FactSet Research Systems (NYSE:FDS) finished the week with a 4% loss.