Stocks making the biggest moves premarket: Coinbase, PDD Holdings, Duolingo and more

Catch up on the firms stealing the spotlight ahead of market open.

Crypto-linked shares — As Bitcoin sets a new record, surpassing $71,000, shares related to cryptocurrencies saw an uptick. Coinbase and Microstrategy saw an increased trading volume of about 6% and 8%, respectively, while Marathon Digital also enjoyed a 6% rise.

PDD Holdings — Jefferies upgrading the Chinese ecommerce company to ‘buy’ led to a 4.5% increase in its US-listed shares. The firm believes geopolitical risk assessments have been fully factored into the current price and expects PDD to continue expanding its market footprint.

Duolingo — Shares of the online education platform Duolingo leaped by over 1% following JPMorgan initiating coverage with an ‘overweight’ rating. The bank envisions a robust ‘premium’ revenue growth trajectory for Duolingo.

Xcel Energy — Natural gas provider Xcel Energy’s shares rose by roughly 2% as Barclays upgraded the company to ‘overweight’. The firm stressed the appeal of the company’s share discount and foresees a promising ‘catalyst path’ ahead.

Nvidia — The sector-leading chipmaker’s shares fell by about 1%, aggravating a more than 5% loss experienced during last Friday’s trading session. This marks Nvidia’s most significant single-day decline since May 2023.

New York Community Bancorp — The regional bank’s shares rose by 1% in premarket trading, following a 6% drop last Friday as investors react to the bank’s billion-dollar capital increase last week.

Netflix — The entertainment behemoth saw its shares rise by about 1% in premarket trading as Oppenheimer boosted its price target for the company. The firm anticipates nearly 20% upside going forward, thanks to Netflix’s proven ability to generate high viewer engagement levels.

Applied Materials — Despite announcing a 25% hike in its quarterly dividend to 40 cents per share, shares of the semiconductor manufacturer fell by 0.6%.

Procter & Gamble — The consumer goods producer saw a slight rise in its stock after Truist upgraded it from ‘hold’ to ‘buy’, citing early signs of recovery in Procter’s Chinese operations.