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'Destiny 2' will finally support crossplay in 2021

Steve Dent
·Associate Editor
·1 min read

Now that Destiny 2 is available on next-gen PS5 and Xbox Series X/S consoles, the big question is: When is crossplay coming? While Bungie previously said it would arrive next year at the earliest, the developer has now confirmed that cross-platform play will definitely be available sometime in 2021.

Bungie has gradually added cross-platform features including cross-save support last year. And with the game arriving on next-gen consoles, it now offers cross-generation play so that Xbox Series X/S users can play with Xbox One owners, for instance. However, it’s still a little surprising that full cross-play hasn’t been enabled yet given how many multiplayer games have gone that way over the last few years.

The game is now available on Xbox Series X/S, Xbox One, PS4, PS5, PC, and Stadia, so that would give Destiny 2 players a lot of potential rivals or teammates. However, crossplay could end up being a disaster if Bungie doesn’t do something about the cheating that’s been rampant on PC during Destiny 2 PvP play.

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  • Goldman Sachs Picks 2 Electric Car Stocks to Buy (And 1 to Watch)

    Reducing carbon emissions is all the vogue among the green policy wonks these days, and whether you believe in the efficacy of those policies or not, one thing is undeniable: they will have an impact on your daily life. Specifically, they will impact the cars you drive – and probably your fuel and electric bills as well.It’s no secret that the Trump Administration has favored the oil and gas industry, and in fact, gasoline prices have declined during the past four years. The incoming Biden Administration is expected to look far more favorably on green policies, particularly the electrification of the automobile fleet. Electric vehicles have been with us for a while, and some models are achieving popularity and driver approval. The next step will be a governmental push, via policy, to make EVs cheaper to build, more affordable to buy, and more practical on the road.In a recent report from Goldman Sachs, the investment giant foresees global sales of electric vehicles hitting 1.8 million units this year, with 8.3 million by 2025 and an impressive 34 million by 2035. The result of this will be a reduction in the conventional car/electric car ratio of 18%.With this in mind, Goldman’s stock analysts are tapping two electric vehicle companies which are likely to succeed in the climate of the next four years – and one to watch from the sidelines. We've used the TipRanks database to get a better sense of what other Wall Street analysts think about the trio. Li Auto (LI)Li Auto is one of the myriad EV production companies that has cropped up in China in recent years. The Chinese domestic car market should not be overlooked – the country has a population near 1.4 billion, with some 800 million in the urban areas, and as a whole, China is rapidly growing wealthier. Li specializes in plug-in hybrids, which combine combustion engines and an electric drive train – and are especially useful in a country with a limited EV charging network. Li first model, the Li ONE, was put on the market in November of last year, and by this past October, the company had sold over 22,000 cars. That month, the sales volume hit 3,700, making the Li ONE China’s best-selling electric vehicle model. This company is a newcomer to the US stock markets, having held its IPO at the end of July this year. Share debuted on the market at $11.50, higher than the initial projected range. Since the IPO, shares in LI have gained 173%. Covering Li Auto for Goldman Sachs, analyst Fei Fang writes, “We believe Li Auto is differentiating itself from the broader Chinese auto-making industry by envisioning and creating compelling EV consumer experiences – and showing a willingness to take on the risk of unconventional technologies and act innovatively… driving transformations that will lead the long-term adoption of EVs in China. We view Li ONE as the first step in a larger innovation plan that will provide significant optionality value for the share price.”To this end, Fang rates LI a Buy along with a $60 price target. At current levels, this implies a 91% one-year upside. (To watch Fang’s track record, click here)Looking at the consensus breakdown, Wall Street takes a bullish stance on LI. 3 Buys and 1 Hold issued over the previous three months make the stock a ‘Strong Buy.' It should also be noted that its $36.65 average price target suggests 16% upside from the current share price. (See LI stock analysis on TipRanks)Tesla (TSLA)This company needs no introduction; Elon Musk, with his genius for promotion and notoriety, has seen to that over the past few years. He’s been helped along by the company’s successful efforts to address quality control and production bottlenecks, while introducing popular new models. The result: TSLA stock has skyrocketed 667% in 2020.The huge spike in share value has accompanied record-setting profits. Tesla turned profitable in 3Q19, and has remained so despite the impact of corona. The company’s 3Q20 results were nothing short of remarkable. Revenues rose to $8.8 billion, a 39% year-over-year gain and an even bigger 46% sequential gain. EPS rose 105% year-over-year, to hit 76 cents per share. And even better for the car maker: the free cash flow is solid, at $1.4 billion for the quarter.The third quarter results stood on a solid foundation of production and deliveries. The company reported 145,000 vehicles manufactured in the quarter, with nearly 140,000 delivered. Improvements in delivery efficiency have helped the company to cut back on its new vehicle inventory.Goldman analyst Mark Delaney is bullish on Tesla – and on the EV sector’s future, in general. He writes, “We believe that the shift toward battery electric vehicle (EV) adoption is accelerating and will occur faster than our prior view. We believe that battery prices are falling faster than we previously expected which improves the economics of EV ownership, and there has recently been an increase in regulatory proposals from some jurisdictions to limit or ban the sale of new internal combustion engine (ICE) vehicles entirely in 10-20 years.”Backing his bullish stance, Delaney rates TSLA a Buy. His price target, of $780, suggests an upside of 21% in the next 12 months. (To watch Delaney’s track record, click here)However, despite the huge gains in recent months, or maybe because of that, Wall Street remains cautious of Tesla. The analyst consensus rating is a Hold, based on 25 reviews, including 10 Buys, 8 Holds, and 7 Sells. The stock’s average price target is $403.24, indicating a possible downside of 37% from current levels. (See TSLA stock analysis on TipRanks)Nio (NIO)Last on our list is Goldman’s neutral call on Nio, another Chinese electric vehicle company. Nio has, in recent months, managed to stand out from China’s crowded domestic EV market, introducing new models and innovative ideas. The company’s current line-up includes three mid-size SUVs powered by lithium-ion batteries, and sports car, a 2-door coupe with water-cooled electric motors. The company has several models, including two sedans, a minivan, and another SUV, lined up for future release.Among the customer-oriented ideas that Nio is working with is ‘Battery as a Service,’ or BaaS. This concept divorces the battery from the vehicle, allowing car owners to purchase a monthly subscription and ‘refuel’ their vehicle by swapping out the battery assembly.Earnings, while still at a net loss, have been improving for the past four quarters, and Q3 revenue came in at $4.53 billion, the best in over a year. Year-to-date, NIO shares have shown tremendous growth -- the stock is up over 1000%.Noting that Nio has strength in its leading position in the market, Goldman's Fei Fang writes of the risks: “While Nio’s brand has been impressively established, we expect competition to heat up in the coming years with large OEMs launching comparable models, such as ID4 and Model Y… If our projected battery price declines / excess capacity does not come through and the industry works with tight manufacturing capacity and hefty EV component prices, it would weigh on Nio’s margin expansion.”Fang gives NIO shares a Neutral (i.e. Hold) rating. But the analyst might as well have said “buy” — because he thinks the stock, currently at $45.11, could zoom ahead to $57 within a year, delivering 31% profits to new investors. Overall, Nio’s stock gets a Moderate Buy analyst consensus rating, based on 7 Buys and 4 Holds. Meanwhile, the $49.01 average price target implies nearly 9% upside. (See NIO stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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  • 10 of the Best Stocks to Buy for 2021

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  • Will Nio's Stock Reach $100 By 2022?

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  • These 2 Penny Stocks Could Surge Over 200%, Says Raymond James

    On Wall Street, it’s out with tech and mega-caps and in with small-caps, cyclicals and value. Investors have been rotating away from the big names that powered the market’s record-breaking charge forward since its March low on encouraging COVID-19 vaccine news. At the same time, there has been a weaker U.S. dollar, steeper yield curve and a commodity price run-up.What does all of this mean? According to Raymond James strategist Tavis McCourt, it is “indicative of investor belief in strong economic growth in 2021, driven by economic re-opening and a ‘wall of cash’ sitting in bank accounts that will be deployed into the real economy in 2021.” The strategist adds that investor focus has landed squarely on a new stimulus package, which “only increases the chances for robust growth in 2021 as economies fully re-open.”“This outweighed significant evidence of slowing economic trends (jobs growth, Visa credit/debit card spending, Bloomberg high frequency data), which the market broadly is viewing as a short-term phenomenon until vaccines are deployed, as PMs continue to reposition portfolios in preparation for economic re-openings,” McCourt explained.Taking McCourt’s outlook into consideration, we wanted to take a closer look at two penny stocks scoring rave reviews from Raymond James. These tickers trading for less than $5 per share could gain over 200% in the next year, so say the firm’s analysts. Using TipRanks’ database, we found out what exactly makes both so compelling even with the risk involved with these plays.ADMA Biologics (ADMA)Operating as an end-to-end commercial biopharmaceutical company, ADMA Biologics develops specialty plasma-derived products for the prevention and treatment of infectious diseases in the immune compromised and other patients at risk of infection. Currently going for $1.94 apiece, Raymond James thinks that now is the time to pull the trigger.Representing the firm, analyst Elliot Wilbur points out that post-commercialization, the company's key products, Asceniv and Bivigam, continue to generate solid revenue. Both products were designed as treatments for primary humoral immunodeficiency (PI).“Recent numbers have benefited from what we believe is inventory accumulation derived from the increasingly positive positioning of plasma therapies around potential use in COVID-19, with year-to-date year-over-year September growth being 2.0% for the IG space and (2.9%) for the IVIG subsector,” Wilbur explained.Highlighting the approval of Gilead’s remdesivir as a COVID-19 treatment, Wilbur points out that it is “only a treatment and cannot be taken preemptively, keeping the door wide open for plasma therapies focusing on vaccine development.”Expounding on this, the analyst stated, “On the forefront of the vaccine race remains the CoVig-19 plasma alliance, a coalition of leading plasma players work with the National Institute of Allergy and Infectious Diseases (NIAID) to test hyperimmune therapies against COVID-19. The alliance, which consists of major players such as CSLBehring, ADMA, Octapharma, and Takeda, looks to accelerate the development of plasma therapies for COVID-19, aiding in potential regulatory clearance for associated therapies going forward... Ahead of results from the 500-patient trial, the alliance began manufacturing the plasma treatment viewing the likelihood of positive results and eventual approval as being ‘very high’.”Adding to the good news, ADMA is set to achieve its target of 5-10 plasma collection centers by 2025, with the company filing the Biologics License Application (BLA) for its third collection center on December 1. This center will go through an estimated 12-month approval process that involves both a review of the BLA as well as a site inspection. Approval could come in Q4 2021, according to Wilbur.In line with his optimistic approach, Wilbur rates ADMA an Outperform (i.e. Buy) along with a $7 price target. Should his thesis play out, a potential gain of 260% could be in the cards.Are other analysts in agreement? They are. Only Buy ratings, 5, in fact, have been issued in the last three months, so the consensus rating is a Strong Buy. Given the $6.65 average price target, shares could skyrocket 242% in the next year. (See ADMA stock analysis on TipRanks)InflaRx NV (IFRX)Making breakthrough discoveries in the area of anti-C5a antibody generation, InflaRx develops highly specific monoclonal antibodies targeting activation products of the complement system. Based on data from its peer, Raymond James believes that at $4, its share price presents an attractive entry point.ChemoCentryx recently reported the results from the Phase 2 AURORA study of C5aR inhibitor avacopan in hidradenitis suppurativa (HS), with the therapy missing its primary endpoint in all patients but working in a pre-specified ITT analysis of Hurley Stage III patients at the only active dose tested. Raymond James analyst Steven Seedhouse sees a positive readthrough for InflaRx.“A home run outcome for CCXI would have been negative for IFRX. Reason is, while it would have established proof of mechanism in HS (which is lacking), it would have encumbered IFX-1 competitively in HS but also indicate avacopan is just a better molecule in general (if it would've cleanly worked in an indication where IFX-1 Phase 2 data were ambiguous),” Seedhouse explained.This is not to say that a failure for ChemoCentryx would have been a win for InflaRx. According to Seedhouse, it would have “totally squashed the mechanism in HS since we know avacopan works elsewhere (ANCA vasculitis).”On top of this, InflaRx initiated the Phase 3 part of the Phase 2/3 PANAMO study in patients with severe COVID-induced pneumonia. With Alexion noting that their Phase 3 study in hospitalized COVID-19 patients with severe pneumonia or ARDS is already 30% enrolled and is expected to report initial data from a planned interim analysis in 1H21, Seedhouse argues a positive result would “likely have positive readthrough for IFRX, given validation of the complement mechanism in COVID-19.”Based on all of the above, Seedhouse rates IFRX an Outperform (i.e. Buy) along with a $15 price target. This target puts the upside potential at 273%. (To watch Seedhouse’s track record, click here)Turning to the rest of the Street, 3 Buys and 1 Hold have been assigned in the last three months. Therefore, IFRX has a Strong Buy analyst consensus. With an average price target of $10.50, shares could soar 161% in the year ahead. (See IFRX stock analysis on TipRanks)To find good ideas for penny stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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  • 3 Restaurant Stocks Investors Should Own Ahead Of Vaccine Rollout

    As 2020 comes to an end, there is finally hope 2021 will be a better year from a health and safety perspective. Tens of millions of Americans could receive a vaccine against the novel coronavirus soon, with hundreds of millions expected to follow suit over the coming months.Many are now cautiously optimistic that a successful vaccine rollout can usher in some sort of return to normal. This would mean that restaurants, one of the hardest-hit sectors during the pandemic, can safely operate indoor and outdoor dining with fewer restrictions.Investors looking to buy restaurant stocks tied to a potential economic reopening have several options. The following is a list of some of the restaurant stocks highlighted by three pros as benefiting from a very supportive environment over the coming months.Bloomin' Brands BMO Capital Markets analyst Andrew Strelzik recently upgraded Outback Steakhouse's parent company Bloomin' Brands Inc (NASDAQ: BLMN) from Market Perform to Outperform in mid-November, with a price target lifted from $17 to $22.According to the analyst's calculations, the Bloomin' portfolio of brands can generate margin upside even if domestic dine-in unit volume comes in 5% below 2019 levels.The company has a path to additional upside potential as small independent restaurants continue to shut their doors, leaving hungry customers with fewer restaurant options, the analyst said. What makes Bloomin' stock noteworthy is the firm's estimates actually implies the company falls short of management's own targets. Specifically, upside potential for the stock exists if operating margins come in at 6.4% versus management's own 7% internal target, according to BMO. McDonald's Iconic fast-food giant McDonald's Corp (NYSE: MCD) may have been better positioned than rival quick service restaurants during the pandemic.The company was active in improving its drive-thru and delivery business before the start of 2020.But heading into 2021, McDonald's remains a restaurant stock to own, Pete Najarian said on CNBC's "Halftime Report" Nov. 16. McDonald's is getting "bigger and bigger and bigger" in the digital universe and this will prove to be a winning strategy, he said. Investors should be open to the reality that a full return to "normal" may take years. Until then, consumers may still prioritize digital ordering, which is considered a much safer option.Starbucks Starbucks Corporation (NASDAQ: SBUX) has certainly seen traffic fall in the morning, as many repeat customers are still working from home. But what makes the stock a standout ahead of the vaccine rollout is how it remained fresh in everyone's minds.Most notably, the coffee chain generated such a "degree of urgency" during its annual "Red Cup Day" on Nov. 6, according to data analytics company Placer.ai.In fact, the chain saw a "massive" boost in foot traffic to the point where it was its third-most trafficked day in recent memory, behind Black Friday 2019 and Dec. 26, 2019.The coffee chain may have not missed a step in adapting to consumers evolving wants and needs. There is plenty of reason to believe that as millions of people potentially return to their offices, their morning routine of picking up Starbucks will continue as before.See more from Benzinga * Click here for options trades from Benzinga * Gene Munster On What DoorDash, Airbnb IPOs Mean For FAANG Stocks * Cramer On Cruise Stocks: 'The Robinhood People Were Right'(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Citron Calls Luminar Technologies A 'Suckers Game,' Sets $20 Price Target

    Citron Research editor and notorious short seller Andrew Left announced his latest short thesis on Tuesday.Less than two weeks after calling Palantir Technologies Inc (NYSE: PLTR) a "full casino," Left took his criticism of electric vehicle stock Luminar Technologies Inc (NASDAQ LAZR) one step further."$LAZR at $14 bil ($40) is not even a casino stock...you can actually win at a casino..it is more of a 'suckers game,'" Left tweeted.Related Link: Citron Shorts Palantir, Calls Stock A 'Full Casino'Left Targets EV Stocks: Luminar is the latest EV stock to skyrocket after going public via a SPAC last Thursday. The stock has since skyrocketed 110% in three days before falling 7% in early Tuesday trading.Instead, Left said investors should be buying Velodyne Lidar Inc (NASDAQ: VLDR)."Would much rather own industry leader $VLDR at less than $4 bil mkt cap. Citron expects $LAZR back at $20 and $VLDR at $30," Left tweeted.Velodyne shares traded higher by 10.1% on Tuesday.Left has previously criticized several popular EV stocks for their valuations, including announcing a short thesis for Nio Inc - ADR (NYSE: NIO) back on Nov. 13. In November 2018, Left compared Nio to Tesla Inc (NASDAQ: TSLA) when Nio was trading at around $7 per share, but he said last month that investors should take profits on the stock after it has gained nearly 2,000% in the past year.Left has also recently called Electrameccanica Vehicles Corp (NASDAQ: SOLO) "a complete joke" and EV charging station stock Blink Charging Co (NASDAQ: BLNK) a "total scheme."Benzinga's Take: Short sellers that have focused on fundamental valuation analysis have been getting killed for years now, especially when it comes to betting against EV stocks. However, Left's bearish holiday EV bets have been paying off in the last couple of weeks given shares of Nio, Electrameccanica and Blink Charging are all down between 4% and 14% in the past two weeks.Click here to check out Benzinga's EV Hub for the latest electric vehicles news.Latest Ratings for LAZR DateFirmActionFromTo Dec 2020Northland Capital MarketsDowngradesOutperformMarket Perform View More Analyst Ratings for LAZR View the Latest Analyst RatingsSee more from Benzinga * Click here for options trades from Benzinga * Millennials Are Twice As Likely To Buy Bitcoin Than Gold As Safe-Haven Investment * Webull CEO: 'Crypto Is The Gold For The New Generation'(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • 3 U.S. Cannabis Stocks Gearing up for Growth; Cantor Says ‘Buy’

    At the end of 2018, Canada fully legalized cannabis, nationwide, for both medical and recreational use. With the incoming Biden Administration, the US is expected to follow suit with Federal-level legalization, or at least formal decriminalization, sometime in the next four years. An exact timetable is impossible to predict; much will depend on the partisan makeup of Congress after the Georgia Senate runoff vote in early January.For now, cannabis legalization in the US is something of a checkerboard. Most states have at least partial legalization, with only Idaho and Nebraska holding out. Eleven states have made cannabis fully legal for all adults; the remaining 37 states have some form of partial medical use, and even Nebraska has decriminalized the substance. Under Federal law, cannabis remains an illegal controlled substance.Cantor analyst Pablo Zuanic recently met with several cannabis industry execs and came back with a few takeaways."[The] speakers believe that under a Biden WH and Republican-controlled Senate, banking reform would pass in early 2021 and would be included in a COVID relief package [...] In general, both speakers believe measured progression in legislation is the best path at the federal level, and expect a version of the STATES act (making cannabis federally permissible) to pass the Senate post the next midterms (this could take place sooner in the event of a 50-50 Senate split and a Biden WH). Other changes (descheduling, federal legalization) may take longer," Zuanic noted.Prepping for the possible changes, Zuanic has also been reviewing several cannabis stocks operating in the American market. Using the TipRanks database, we’ve pulled up the stats on three such stocks, which show the classic ‘growth stock’ profile: plenty of upside potential, recent strong share appreciation, and a Strong Buy rating from the analyst consensus. Curaleaf (CURLF)We’ll start with Curaleaf which, with a $7.7 billion market cap, is one of the largest cannabis companies around. By revenue, Curaleaf is the world’s largest cannabis producer, a position it cemented with the acquisition, earlier this year, of private competitor Grassroots. Curaleaf has operations in 23 states, including 30 processing facilities, 88 dispensaries, and 134 dispensary licenses. Curaleaf grows its product in 22 cultivation sites, with a combined 1.6 million square feet of cultivation capacity.Curaleaf’s performance this year, both in financial results and share appreciation, show the potential of the cannabis market in the US. The company reported $193.2 million in Q3 revenue, for a 59% sequential gain and even more impressive 164% year-over-year growth. The gains were powered by retail revenue, which grew 3x year-over-year to 135.3 million and wholesale revenue, which saw a massive 7x yoy gain to $45 million. While Curaleaf reported a net loss for Q3, that loss was only 1 cent per share, where analysts had expected twice that amount.Curaleaf shares are up 85% year-to-date. While trading in the company has been volatile, it has regained all of its COVID related losses from last winter.Covering this stock for Cantor, Zuanic writes, “We believe the company’s scale advantage, ability to raise funds ($1Bn shelf), and continued store and cultivation expansion, all warrant a valuation premium to peers… [Curaleaf] did not provide guidance for 2021, but the assumption is that it would post growth over the $1Bn annualized figure with which it will likely exit 2020.”Backing this bullish stance, Zuanic gives the stock an Overweight (i.e. Buy) rating, and his $20 price target suggests it has room for 71% growth in 2021. (To watch Zuanic’s track record, click here)Overall, CURLF shares get a Strong Buy rating from the analyst consensus, based on an 8 to 1 mix of Buy versus Hold reviews. The shares are trading at $11.69, and their $14.87 average price target implies a one-year upside potential of 27%. (See Curaleaf stock analysis on TipRanks)Green Thumb (GTBIF)Green Thumb is a Canadian company that has been expanding its foothold in the US market. While Canada’s nationwide legalization regime gives it an advantage over the fragmented, the US is a far larger market, with nearly 10x Canada’s population. Green Thumb’s products include edibles, pre-rolled joints, and vapes, along with a range of CBD-infused wellness items aimed at the home healthcare market. In the past two months, the company’s market cap has expanded from $3.3 billion to $4.6 billion.That market cap growth has been fueled by a massive share appreciation. GTBIF bottomed out in March, at the height of the coronavirus crisis, and is up 426% since then. Year-to-date, the stock is up 120%.That share growth, in turn, has been powered by strong revenues through 2020. In fact, Green Thumb’s Q1 top line showed a 35% sequential gain, at a time when many companies were registering quarter-over-quarter losses. GTBIF has continued to growth revenues since then, with Q3’s top line coming in at $157.1 million, up 131% year-over-year and 31% from Q2. These strong revenues yielded a Q3 EPS of 4 cents per share, derived from total net income of $9.6 million.In his note on Green Thumb, Zuanic reiterates his Overweight (i.e. Buy) rating, and sets a price target of $35 to indicate a 62% upside in the coming year.Backing his outlook, Zuanic writes, “We estimate that there is at least 20% upside to 2021 consensus sales estimates [...] Given the profitability trackrecord, growth potential, and franchise strength, we think valuation multiples well above CPG stocks would be deserved (CPG multiples are ~20x EBITDA on average). Also, with federal permissibility still 2-4 years out, the larger MSOs have a window before CPG or the larger Canadian companies (the well-funded ones) can get involved in the US market in a major way. All this should be factored into the stock’s valuation."Overall, Green Thumb has a unanimous analyst consensus rating, showing that Wall Street agrees with Zuanic’s views. The stock has no fewer than 8 Buy reviews in recent weeks. The average price target is $30.81, which suggests a 43% upside potential. (See Green Thumb’s stock analysis on TipRanks)Cresco Labs (CRLBF)Last but not least is Cresco Labs, a Chicago-based cannabis company with operations in the medical marijuana sector. The company markets its products in retail stores under the Sunnyside* brand, with licenses in 6 states: Arizona, Illinois, Massachusetts, New York, Ohio, and Pennsylvania. Cresco full product line-up includes eight other brand names, offering everything from buds, joints, and edibles to vapes and gummies. Counting all production facilities, retail licenses, and operational dispensaries, Cresco has a presence in 9 states.Cresco has shown strong growth in 2020. The stock is up 48% year-to-date, and there are still another three weeks of trading before year’s end. The gains have fully erased losses taken early in the COVID pandemic.Cresco has posted Q3 revenues of $153.3 million, a company quarterly record. The top line result was $59 million higher than the previous quarter, for a 63% sequential gain. The revenues rested on a foundation of strong retail sales, which totaled $90.5 million in the quarter. Cresco’s quarterly earnings are up from $66.4 million in Q1, a 130% gain year-to-date.Pablo Zuanic notes the company’s retail success in his note on the stock. He says, “Cresco beat our above consensus sales estimate by 23% on market share gains in wholesale in states like IL, PA, and CA, and continued IL retail outperformance… The branded wholesale model (near 60% of sales vs. 25% at peers) and depth (leadership in key states, with wholesale share above 20% in IL/PA) over time could lead to a premium over peers, in our view… As we project into 4Q, we model at least the same share levels per state in 3Q plus underlying market growth. In CA the company is gaining share per store (existing customers) as well as adding new retail customers.”These comments back up Zuanic’s Overweight (i.e. Buy) rating. His price target, of $18, indicates confidence in 77% growth potential for next year. With 5 Buy reviews overbalancing a single Hold, Cresco is our third Strong Buy cannabis stock. At a current trading price of $10.12, the $14.61 average price target gives a one-year upside of 44%. (See Cresco’s stock analysis on TipRanks)To find good ideas for cannabis stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

  • Top Tech Penny Stocks for Q1 2021

    The technology sector consists of businesses that develop, build, and market consumer electronics, electronic components, and software. Companies in the tech sector may also provide information technology (IT) services such as cloud computing. While the best-known companies are giants like Apple Inc. (AAPL) and Microsoft Inc. (MSFT), there also are tech businesses that are classified as penny stocks.

  • GameStop Plunges After Announcing Sluggish Sales, Stock Sale

    (Bloomberg) -- GameStop Corp. tumbled as much as 17% in late trading after the video-game retailer missed third-quarter sales estimates and announced plans to sell up to $100 million in stock.Sales fell 30% to $1 billion in the period ended Oct. 31, GameStop said on Tuesday. Analysts had predicted $1.09 billion. The stock sale, a so-called at-the-market offering, will be underwritten by Jefferies Financial Group Inc.The money will be used to fund new-product efforts and build the company’s e-commerce presence, GameStop said in a prospectus. As part of its comeback efforts, the company will continue to shutter brick-and-mortar stores next year and add more products.The latest results underscored that a turnaround remains elusive for the company, even if new video-game consoles are poised to lift its fortunes in the current quarter. GameStop shares fell as low as $14.04 in extended trading after the results were posted.The company, in part, blamed continued weakness in the performance of its physical stores for lagging industry growth. GameStop has shuttered almost 700 stores this year, and will close more locations in 2021 and 2022, executives said on a call with investors. The executive team is relying on cost cutting and expansion into PC gaming to drive its turnaround. Management will provide a strategy update in January.The rout put a damper on investor excitement over fresh video-game hardware from Microsoft Corp. and Sony Corp., which are kicking off a new buying cycle. The company said it’s seeing “unprecedented demand” for the consoles, which hit the market after the previous quarter ended. The demand drove comparable-store sales up 16.5% in November.Christmas ForecastGameStop isn’t providing specific guidance, but expects positive year-over-year sales growth in the fourth quarter -- and to be profitable.Cost-cutting efforts, meanwhile, helped contain the retailer’s red ink last quarter. It reported a loss of 53 cents a share, excluding some items, compared with an average estimate of 85 cents.Activist investor Ryan Cohen, the entrepreneur who helped build up the Chewy pet-supply site, has been pushing the company to undertake a strategic review of operations to further cut costs. He also wants GameStop to increase the variety of products and services it offers online.The stock is up nearly 170% for the year, fueled by hopes for the new consoles. But Cohen said last month that GameStop needs to better embrace “the digital economy” if it wants to truly turn around the business.(Updates with management comment in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.