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Gilead Sciences (GILD +0.41%) has shifted from a period of stagnant growth, driven by slowing hepatitis C revenues and declining sales of its COVID-19 therapy Veklury, to a turnaround led by new HIV and oncology drugs.

The pharmaceutical stock is up more than 12% so far this year and more than 5% over the past month. The driver for the bounce is the company's best second-quarter growth in three years. That growth was led by its HIV therapies; breast cancer drug Trodelvy; and Livdelz, used to treat primary biliary cholangitis (PBC), an autoimmune disease of the liver.

Here are three reasons that Gilead's turnaround has Wall Street excited.

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Gilead has updated its core portfolio of HIV therapies HIV treatment and HIV preexposure prophylaxis (PrEP) therapies remain Gilead's highest-margin cash drivers. Its treatment Biktarvy continues to deliver strong baseline revenue with $3.8 billion in second-quarter sales, up 7% year over year, and it maintains more than 52% of U.S. market share. The rollout of twice-yearly injectables such as Yeztugo expands the PrEP market; long-acting formulations increase adherence and secure durable, high-margin, sticky revenue for years to come.

On top of that, Gilead and partner Merck (MRK +0.10%) are close to an approval for the first weekly pill to treat HIV. This drug is a combination of Gilead's lenacapavir and Merck's islatravir. The Prescription Drug User Fee Act (PDUFA) action date for the combination therapy is Aug. 27.

In the second quarter, Gilead reported overall sales of $7.8 billion, up 10% year over year. That included HIV-related sales of $5.7 billion, up 12% year over year and 13% from the prior quarter. The key, though, was that the company's PrEP sales exceeded $1 billion for the first time, led by $801 million in Descovy sales, up 60% from the same quarter a year ago.

Its portfolio and pipeline of oncology treatments are growing Oncology now provides Gilead a second pillar of organic top-line growth.

Trodelvy has established solid positioning in breast and bladder cancers and had $457 million in second-quarter sales, up 26% year over year. Gilead's cell therapy assets, including Yescarta -- and pipeline therapies such as anitocabtagene autoleucel (anito-cel) for multiple myeloma (see more below) -- position the company in high-value hematology and oncology markets.

Hepcludex (bulevirtide) was given accelerated approval on May 22 by the Food and Drug Administration (FDA) as a first treatment for adults with chronic hepatitis delta virus (HDV) infection who do not have cirrhosis or who have compensated cirrhosis.

Anito-cel, a treatment for multiple myeloma, is expected to launch shortly after its PDUFA target date of Dec. 23. This is a BCMA-directed CAR T-cell therapy that showed a 96% overall response rate and 74% complete response rate in heavily pretreated patients.

The company reported an earnings-per-share (EPS) loss of $8.45 in the second quarter, compared to positive EPS of $1.56 in the same period a year ago. The markets shrugged off the loss because most of it was attributable to research and development (R&D) expenses related to Gilead's acquisitions of Arcellx, Tubulis, and Ouro Medicines.

It spent $7.8 billion on Arcellx in April, gaining anito-cel. The $1.675 billion deal for Ouro, completed in June, brought in gamgertamig and other promising autoimmune therapies.

Gilead's $5 billion deal for Tubulis, completed in May, expanded its oncology pipeline. The move added a next-generation antibody-drug-conjugate platform, including TUB-040 for ovarian cancer and TUB-030 for various solid tumors.

On Aug. 11, Gilead exercised its option to exclusively license a preclinical solid-tumor bispecific program from MacroGenics (MGNX -3.79%). The move triggered a $10 million milestone payment to MacroGenics, boosting the two companies' 2022 collaboration. The three-program agreement includes the clinical-stage bispecific MGD024 and two preclinical bispecific programs.

Solid cash flow helps both its dividend and R&D Gilead is on track to exceed $12 billion in free cash flow this year, including $3.6 billion in the second quarter. That number should grow as short-term integration charges roll off. This cash conversion supports a reliable dividend, steady share repurchases, and continuous internal research and development (R&D) funding without straining the balance sheet.

The company raised its quarterly dividend by 3.8% this year to $0.82, the 11th consecutive year it has increased its dividend. The current dividend yield is above-average at 2.3%. And Gilead has increased its dividend by nearly 75% over the past decade. That commitment to the dividend allows investors to be patient while they wait to see which of its acquisitions pay off.

Another big plus for long-term investors is that Biktarvy is unlikely to face any loss of patent protection until 2033. Descovy's patent landscape features a combination of long underlying patent exclusivity, successful litigation defense, and strategic generic settlements. Gilead Sciences boasts a relatively long runway before facing major generic exposure.

BlackRock Inc. acquired a new position in Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 9,113,506 shares of the biopharmaceutical company’s stock, valued at approximately $5,682,636,000. BlackRock Inc. owned 8.62% of Regeneron Pharmaceuticals at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC raised its position in Regeneron Pharmaceuticals by 261.8% in the fourth quarter. Brighton Jones LLC now owns 948 shares of the biopharmaceutical company’s stock valued at $675,000 after purchasing an additional 686 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Regeneron Pharmaceuticals in the 1st quarter worth approximately $226,000. Arrowstreet Capital Limited Partnership acquired a new stake in Regeneron Pharmaceuticals in the second quarter valued at approximately $3,183,000. Gabelli Funds LLC grew its position in Regeneron Pharmaceuticals by 3.0% in the second quarter. Gabelli Funds LLC now owns 1,863 shares of the biopharmaceutical company’s stock valued at $978,000 after acquiring an additional 55 shares in the last quarter. Finally, Sei Investments Co. raised its stake in shares of Regeneron Pharmaceuticals by 18.8% during the second quarter. Sei Investments Co. now owns 32,341 shares of the biopharmaceutical company’s stock valued at $16,985,000 after purchasing an additional 5,120 shares during the period. 83.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes A number of research analysts have recently commented on the stock. Benchmark raised shares of Regeneron Pharmaceuticals from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research report on Tuesday, July 7th. BMO Capital Markets lowered their price target on shares of Regeneron Pharmaceuticals from $900.00 to $730.00 and set an “outperform” rating for the company in a report on Monday, May 18th. Canaccord Genuity Group dropped their price target on shares of Regeneron Pharmaceuticals from $1,057.00 to $875.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Cantor Fitzgerald boosted their price objective on shares of Regeneron Pharmaceuticals from $750.00 to $795.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Regeneron Pharmaceuticals from $950.00 to $850.00 and set an “overweight” rating for the company in a research report on Monday, May 18th. Sixteen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $801.70.

Read Our Latest Research Report on Regeneron Pharmaceuticals Insiders Place Their Bets In other Regeneron Pharmaceuticals news, Director Arthur F. Ryan sold 200 shares of the business’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $650.15, for a total transaction of $130,030.00. Following the completion of the sale, the director owned 17,303 shares in the company, valued at $11,249,545.45. The trade was a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kathryn Guarini sold 400 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $800.00, for a total transaction of $320,000.00. Following the sale, the director directly owned 603 shares in the company, valued at $482,400. This trade represents a 39.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,400 shares of company stock valued at $1,090,030 over the last 90 days. 6.97% of the stock is owned by company insiders.

Regeneron Pharmaceuticals Stock Up 0.3% Shares of Regeneron Pharmaceuticals stock opened at $805.93 on Tuesday. The business has a 50-day moving average price of $679.69 and a 200 day moving average price of $714.24. Regeneron Pharmaceuticals, Inc. has a fifty-two week low of $541.00 and a fifty-two week high of $821.11. The firm has a market cap of $82.98 billion, a P/E ratio of 19.92, a P/E/G ratio of 1.37 and a beta of 0.21. The company has a quick ratio of 2.78, a current ratio of 3.34 and a debt-to-equity ratio of 0.06.

Regeneron Pharmaceuticals (NASDAQ:REGN – Get Free Report) last released its earnings results on Thursday, July 30th. The biopharmaceutical company reported $14.29 EPS for the quarter, topping analysts’ consensus estimates of $10.16 by $4.13. Regeneron Pharmaceuticals had a return on equity of 13.47% and a net margin of 27.86%.The company had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter last year, the business posted $12.81 EPS. Regeneron Pharmaceuticals’s quarterly revenue was up 16.7% compared to the same quarter last year. On average, sell-side analysts forecast that Regeneron Pharmaceuticals, Inc. will post 44.25 earnings per share for the current fiscal year.

Regeneron Pharmaceuticals Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Tuesday, August 18th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, August 18th. Regeneron Pharmaceuticals’s payout ratio is currently 9.29%.

(Free Report)

Regeneron Pharmaceuticals, Inc (NASDAQ: REGN) is a U.S.-based biotechnology company founded in 1988 and headquartered in Tarrytown, New York. It focuses on discovering, developing, manufacturing and commercializing medicines for serious medical conditions. The company combines laboratory research, clinical development and in-house manufacturing to advance a pipeline of biologic therapies across multiple therapeutic areas.

Regeneron is known for its proprietary drug discovery technologies, including its VelocImmune platform, which is used to generate fully human monoclonal antibodies.

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BlackRock Inc. acquired a new stake in shares of General Dynamics Corporation (NYSE:GD – Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 19,310,609 shares of the aerospace company’s stock, valued at approximately $6,840,590,000. BlackRock Inc. owned 7.14% of General Dynamics as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Occidental Asset Management LLC bought a new position in General Dynamics in the 2nd quarter worth about $463,000. Succession Financial Inc. bought a new stake in General Dynamics during the 2nd quarter valued at $279,000. Dunhill Financial LLC bought a new position in shares of General Dynamics during the 2nd quarter worth $114,000. Pallas Capital Advisors LLC bought a new stake in shares of General Dynamics in the second quarter valued at about $977,000. Finally, Performance Wealth Partners LLC bought a new position in General Dynamics during the 2nd quarter worth about $769,000. Hedge funds and other institutional investors own 86.14% of the company’s stock.

General Dynamics Stock Performance GD opened at $390.67 on Tuesday. The stock has a market cap of $105.70 billion, a P/E ratio of 23.84, a P/E/G ratio of 2.29 and a beta of 0.32. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.44 and a quick ratio of 0.96. The firm has a fifty day moving average price of $371.16 and a 200 day moving average price of $354.81. General Dynamics Corporation has a 1 year low of $306.77 and a 1 year high of $400.00.

General Dynamics (NYSE:GD – Get Free Report) last posted its earnings results on Wednesday, July 29th. The aerospace company reported $4.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.96 by $0.28. The business had revenue of $14.09 billion for the quarter, compared to analyst estimates of $13.52 billion. General Dynamics had a net margin of 8.18% and a return on equity of 17.43%. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the prior year, the company posted $3.74 EPS. General Dynamics has set its FY 2026 guidance at 16.800-16.900 EPS. Equities research analysts anticipate that General Dynamics Corporation will post 16.97 earnings per share for the current year. General Dynamics Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 9th will be paid a $1.59 dividend. The ex-dividend date of this dividend is Friday, October 9th. This represents a $6.36 dividend on an annualized basis and a yield of 1.6%. General Dynamics’s dividend payout ratio (DPR) is currently 38.80%.

Analyst Upgrades and Downgrades A number of equities analysts have recently issued reports on GD shares. Citigroup increased their price objective on shares of General Dynamics from $364.00 to $404.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. UBS Group raised their price objective on General Dynamics from $366.00 to $395.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $384.00 price target on shares of General Dynamics in a research report on Thursday, July 30th. Weiss Ratings raised shares of General Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Finally, Bank of America raised their price objective on General Dynamics from $400.00 to $415.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $410.89.

Check Out Our Latest Analysis on GD

Insiders Place Their Bets In other news, Director Mark Malcolm sold 5,480 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $365.00, for a total value of $2,000,200.00. Following the transaction, the director directly owned 10,643 shares of the company’s stock, valued at approximately $3,884,695. This trade represents a 33.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Phebe N. Novakovic sold 51,568 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $382.58, for a total transaction of $19,728,885.44. Following the sale, the chief executive officer directly owned 766,457 shares of the company’s stock, valued at approximately $293,231,119.06. This represents a 6.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 100,228 shares of company stock worth $38,052,853. Corporate insiders own 1.40% of the company’s stock.

(Free Report)

General Dynamics is a major American aerospace and defense contractor that designs, manufactures and supports a broad range of products and services for government and commercial customers worldwide. Headquartered in the United States (Reston, Virginia), the company supplies platforms and systems used by armed forces, civil authorities and private operators across multiple domains including air, land, sea and cyber.

Its principal activities span several operating businesses: a business aviation unit that develops and supports Gulfstream business jets; land systems that produce armored combat vehicles and related logistics and sustainment services; marine systems that design and construct submarines and surface ships for navies; and mission systems and information technology operations that provide command-and-control, communications, cybersecurity and systems-integration services.

Featured Stories Five stocks we like better than General Dynamics Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS

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Alberta Investment Management Corp acquired a new position in shares of State Street Corporation (NYSE:STT – Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 31,000 shares of the asset manager’s stock, valued at approximately $5,258,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp bought a new position in State Street in the second quarter valued at $301,393,000. Focus Partners Advisor Solutions LLC bought a new stake in State Street during the second quarter worth about $484,000. Kelleher Financial Advisors bought a new stake in State Street during the second quarter worth about $33,000. Clearstead Trust LLC purchased a new position in shares of State Street in the 2nd quarter worth about $516,000. Finally, Bridgewater Advisors Inc. bought a new position in shares of State Street during the 2nd quarter valued at about $353,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling In related news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. The trade was a 16.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 49,576 shares of company stock valued at $8,415,875 over the last ninety days. 0.27% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth STT has been the subject of several research reports. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. The Goldman Sachs Group lifted their price target on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. boosted their price objective on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Wells Fargo & Company upped their price objective on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $185.38. Get Our Latest Report on STT

State Street Stock Up 0.9% Shares of State Street stock opened at $193.48 on Tuesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.18. The stock has a market capitalization of $53.15 billion, a price-to-earnings ratio of 17.06, a P/E/G ratio of 0.79 and a beta of 1.41. The company’s 50 day moving average price is $178.29 and its 200-day moving average price is $152.35.

State Street (NYSE:STT – Get Free Report) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the firm earned $2.04 earnings per share. The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. Equities research analysts forecast that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is currently 29.63%.

About State Street (Free Report)

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

Further Reading Five stocks we like better than State Street Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Corporation (NYSE:STT – Free Report).

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Farther Finance Advisors LLC lifted its holdings in shares of Lam Research Corporation (NASDAQ:LRCX – Free Report) by 7.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 58,476 shares of the semiconductor company’s stock after purchasing an additional 4,102 shares during the period. Farther Finance Advisors LLC’s holdings in Lam Research were worth $25,268,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in LRCX. Bayban purchased a new stake in Lam Research during the fourth quarter valued at about $26,000. Vermillion Wealth Management Inc. bought a new position in shares of Lam Research during the first quarter valued at about $26,000. Cedar Mountain Advisors LLC increased its holdings in shares of Lam Research by 242.9% in the first quarter. Cedar Mountain Advisors LLC now owns 120 shares of the semiconductor company’s stock worth $26,000 after buying an additional 85 shares during the period. Mcguire Capital Advisors Inc. purchased a new position in shares of Lam Research in the fourth quarter worth about $27,000. Finally, Triumph Capital Management bought a new stake in shares of Lam Research in the 3rd quarter valued at about $27,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Lam Research Trading Up 3.5% NASDAQ LRCX opened at $343.84 on Tuesday. The stock has a market cap of $430.25 billion, a P/E ratio of 59.69, a price-to-earnings-growth ratio of 1.32 and a beta of 1.84. Lam Research Corporation has a fifty-two week low of $94.11 and a fifty-two week high of $438.50. The stock has a 50 day simple moving average of $339.85 and a two-hundred day simple moving average of $284.31. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.91 and a current ratio of 2.63.

Lam Research (NASDAQ:LRCX – Get Free Report) last posted its earnings results on Wednesday, July 29th. The semiconductor company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.13. The firm had revenue of $6.72 billion for the quarter, compared to analysts’ expectations of $6.66 billion. Lam Research had a return on equity of 67.60% and a net margin of 31.27%.The business’s revenue was up 30.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.33 earnings per share. Lam Research has set its Q1 2027 guidance at 2.000-2.300 EPS. On average, analysts forecast that Lam Research Corporation will post 9.32 earnings per share for the current year. Lam Research Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 8th. Shareholders of record on Wednesday, June 17th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Wednesday, June 17th. Lam Research’s payout ratio is presently 18.06%.

Insiders Place Their Bets In other Lam Research news, Director Abhijit Y. Talwalkar sold 18,282 shares of the company’s stock in a transaction on Monday, July 13th. The shares were sold at an average price of $335.00, for a total value of $6,124,470.00. Following the completion of the transaction, the director directly owned 87,142 shares in the company, valued at approximately $29,192,570. This represents a 17.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric Brandt sold 54,500 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $350.80, for a total transaction of $19,118,600.00. Following the completion of the sale, the director directly owned 199,205 shares of the company’s stock, valued at approximately $69,881,114. This represents a 21.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 80,441 shares of company stock worth $27,614,296. 0.31% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their target price on Lam Research from $300.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Berenberg Bank lifted their price target on Lam Research from $265.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. B. Riley Financial lowered their price objective on Lam Research from $385.00 to $350.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Raymond James Financial set a $425.00 price objective on Lam Research in a research note on Wednesday, June 10th. Finally, Oppenheimer reiterated an “outperform” rating and set a $400.00 price target (up from $330.00) on shares of Lam Research in a report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Lam Research has an average rating of “Moderate Buy” and an average target price of $358.47.

View Our Latest Report on Lam Research

Lam Research Company Profile (Free Report)

Lam Research Corporation (NASDAQ: LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry. Founded in 1980 by David K. Lam and headquartered in Fremont, California, the company develops and manufactures systems used in multiple stages of semiconductor device production, including thin film deposition, plasma etch, wafer cleaning and related process modules and automation.

Lam’s product portfolio covers core process technologies employed by logic and memory manufacturers, with equipment designed to support advanced-node patterning, 3D NAND and other emerging device architectures.

See Also Five stocks we like better than Lam Research Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS Want to see what other hedge funds are holding LRCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lam Research Corporation (NASDAQ:LRCX – Free Report).

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Cetera Investment Advisers lessened its stake in shares of PBF Energy Inc. (NYSE:PBF – Free Report) by 83.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,765 shares of the oil and gas company’s stock after selling 64,460 shares during the period. Cetera Investment Advisers’ holdings in PBF Energy were worth $608,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Leonteq Securities AG purchased a new stake in shares of PBF Energy in the first quarter worth $33,000. Torren Management LLC bought a new position in shares of PBF Energy during the fourth quarter valued at $30,000. Los Angeles Capital Management LLC purchased a new position in shares of PBF Energy in the 4th quarter worth about $31,000. Smartleaf Asset Management LLC raised its position in shares of PBF Energy by 65.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,466 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 579 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new position in PBF Energy in the 4th quarter worth about $57,000. Hedge funds and other institutional investors own 96.29% of the company’s stock.

More PBF Energy News Here are the key news stories impacting PBF Energy this week:

Positive Sentiment: PBF’s second-quarter performance showed a sharp turnaround, with adjusted earnings of $6.22 per share versus a $1.03 loss in the prior-year period. The Martinez refinery restart was completed in May, gross debt fell by more than $1 billion, and the company declared a $0.275 quarterly dividend. PBF Energy Gains as Investors Continue to Digest Strong Q2 Results and Favorable Refining Conditions Positive Sentiment: Favorable industry conditions are supporting the bullish case: gasoline prices above $4 per gallon and tight fuel markets can improve refining margins for independent refiners such as PBF. 4 Refining Stocks to Buy as Gas Prices Top $4 a Gallon Neutral Sentiment: PBF is also being highlighted as a potential long-term value stock, reflecting its low valuation relative to recent earnings performance. Why PBF Energy Is a Top Value Stock for the Long-Term Negative Sentiment: Several insiders sold a combined 603,645 shares for approximately $44 million, including sizable sales by CEO Matthew Lucey, Director Thomas Nimbley, SVP Trecia Canty, and Control Empresarial de Capital. The control shareholder still owns roughly 14.4 million shares, but the concentration of sales may concern investors. PBF Energy Insider Sale Filing Negative Sentiment: Recent analyst targets have a median of $41, well below the stock’s recent level near its 52-week high, suggesting some analysts remain cautious about the durability of refining margins and PBF’s earnings cycle. PBF Energy Market Analysis Analyst Ratings Changes Several analysts recently commented on the stock. Zacks Research raised shares of PBF Energy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. Freedom Capital cut shares of PBF Energy from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. Citigroup lifted their target price on shares of PBF Energy from $65.00 to $74.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of PBF Energy in a research note on Friday, August 7th. Finally, UBS Group increased their price target on shares of PBF Energy from $62.00 to $84.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eight have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $50.15. Get Our Latest Research Report on PBF

PBF Energy Trading Up 4.4% Shares of NYSE:PBF opened at $75.04 on Tuesday. The company has a market cap of $8.90 billion, a P/E ratio of 6.64, a PEG ratio of 0.08 and a beta of 0.10. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.33 and a quick ratio of 0.67. PBF Energy Inc. has a 1 year low of $22.13 and a 1 year high of $75.68. The stock’s fifty day moving average price is $55.03 and its 200-day moving average price is $45.76.

PBF Energy (NYSE:PBF – Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $6.22 EPS for the quarter, beating the consensus estimate of $4.15 by $2.07. PBF Energy had a return on equity of 11.27% and a net margin of 3.94%.The company had revenue of $11.68 billion for the quarter, compared to analysts’ expectations of $9.61 billion. During the same period last year, the firm posted ($1.03) earnings per share. PBF Energy’s revenue was up 56.2% compared to the same quarter last year. Sell-side analysts expect that PBF Energy Inc. will post 15.74 earnings per share for the current year.

PBF Energy Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 14th. PBF Energy’s dividend payout ratio (DPR) is presently 9.73%.

Insider Activity In other news, insider Control Empresarial De Capital sold 6,356 shares of PBF Energy stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $74.28, for a total value of $472,123.68. Following the completion of the sale, the insider directly owned 14,405,397 shares in the company, valued at $1,070,032,889.16. The trade was a 0.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Paul T. Davis sold 63,295 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $70.40, for a total transaction of $4,455,968.00. Following the transaction, the senior vice president directly owned 183,426 shares of the company’s stock, valued at $12,913,190.40. The trade was a 25.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 5,702,666 shares of company stock worth $337,355,274. 5.50% of the stock is owned by corporate insiders.

PBF Energy Company Profile (Free Report)

PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.

The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.

Further Reading Five stocks we like better than PBF Energy Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS

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Uniti Group NASDAQ: UNIT is prioritizing execution on its fiber expansion, hyperscaler opportunities and strategic alternatives during the second half of the year, President and CEO Kenny Gunderman said at the TD Cowen conference.

Gunderman said the company recently marked the one-year anniversary of its merger with Windstream and has delivered on several commitments made at the time of the transaction. Those included simplifying the prior corporate structure, pursuing operating synergies, combining wholesale capabilities and accelerating the Kinetic fiber buildout.

“Our priorities for the second half of the year are to just continue with the playbook that we have laid out,” Gunderman said, citing Kinetic construction, additional hyperscaler business and strategic execution.

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Strategic Alternatives and Non-Core Assets Gunderman said Uniti is “very active” in the mergers-and-acquisitions market, though he emphasized that the company does not face a self-imposed timetable to sell itself. He said management is evaluating the company’s intrinsic value, its public-market valuation and potential value that could be realized for shareholders through strategic alternatives.

While Uniti would generally favor a simpler structure over a more complex one, Gunderman said complexity would not rule out potential transactions. He pointed to joint ventures and other structures being used across the data-center and fiber-to-the-home industries. Uniti’s business was organized into Kinetic, Uniti Fiber, Uniti Solutions and Uniti Wholesale to preserve strategic flexibility, he said.

Gunderman also discussed the company’s plan to monetize between $500 million and $1 billion of non-core assets over a 12- to 36-month period. Potential assets include spectrum licenses, unused fiber, certain markets where the company does not expect to deploy fiber in the near term, and other properties.

He said the company is making “really solid progress” but stressed that the expected timeline is longer-term and that Uniti is pursuing transactions opportunistically.

Regarding Elliott Investment Management, which Gunderman said owns 20% of Uniti shares and holds a board seat, he described the firm as a constructive shareholder focused on maximizing shareholder value. He said Elliott views its investment more like a private-equity investment than a trading position.

Kinetic Buildout, Pricing and Customer Retention Gunderman said Uniti increased its fiber build pace during the second quarter and raised the number of homes it expects to reach this year. The company built more than 50,000 homes in July, he said, adding that the current build engine could support an annualized pace of roughly 550,000 to 600,000 homes if the board elects to commit the associated capital.

He said roughly 25% to 30% of the recent capital-expenditure increase was tied to building more homes, while the remainder related to pulling forward pre-engineering and preparation for a potentially higher 2027 build level. He said higher customer-premises equipment and fiber costs have been incorporated into the company’s 2026 and 2027 planning assumptions.

On consumer fiber pricing, Gunderman said the company remains confident in its previously discussed expectation for 2% to 3% broadband average revenue per user growth in 2026 relative to 2025 and beyond. Consumer fiber ARPU declined 2.6% in the second quarter amid heightened promotional activity from wireless and cable competitors.

He said Uniti used some pricing flexibility to retain customers in the first half, while its customer-care and retention organization was still being established. The company has since implemented AI tools to monitor inbound calls, refine customer scripts and tailor offers based on competitor activity, Gunderman said.

Uniti also sees opportunities from value-added services, including Always On Wi-Fi and YouTube TV, as well as from upgrading customers to higher speeds. Less than half of the Kinetic base currently takes service of 1 gigabit or more, according to Gunderman.

Copper Strategy and Competitive Landscape Gunderman said the company is actively migrating customers from copper-based DSL to fiber and has stopped selling DSL at roughly 800,000 locations as part of its copper-decommissioning strategy. While DSL churn may remain elevated as a result, he said Kinetic’s DSL ARPU rose 10% to 11% as the company increased prices for those customers.

The company is targeting fiber deployment toward markets with the greatest perceived competitive threat from overbuilders and cable operators. Gunderman ranked overbuilders as the primary threat, followed by cable, with fixed wireless and low-earth-orbit satellite services a distant third.

He said low-earth-orbit providers represent more of an opportunity than a threat for Uniti because the company supplies fiber for ground stations, data centers and backhaul. Uniti believes it can regain market share from fixed wireless and satellite providers as it extends fiber into more rural markets over the next several years, he said.

Gunderman said newer Kinetic construction cohorts are producing stronger penetration than earlier cohorts, supported by more targeted market clustering, local marketing and improved systems. If the company were to revisit its terminal-penetration expectations, he said the level would be higher rather than lower, though he did not change guidance.

Commercial Fiber and AI-Related Demand Uniti reported record infrastructure bookings during the quarter, according to Gunderman, with demand coming from hyperscalers, neo-cloud providers and what he termed “superscalers,” or high-bandwidth customers such as SpaceX, Akamai, Anthropic, Uber and Netflix.

He said bookings reflected a healthy mix of lit and dark-fiber services, demonstrating the benefit of combining Uniti’s dark-fiber network with Windstream’s lit-fiber capabilities. The company is also seeing growing demand for wave services connecting data centers it has served through fiber construction in recent years.

Uniti does not intend to compete broadly on major nationwide routes, Gunderman said. Instead, its wave strategy focuses on differentiated Tier 2 and Tier 3 routes, unique data-center connections, network quality and customer service. He said pricing for 400G wave services generally ranges from $4,000 to $5,000, though it can vary materially based on route, customer and capacity needs.

For financing, Gunderman said asset-backed securities have performed better than expected and could be used for one or two deals annually. Uniti has previously discussed $5 billion of ABS capacity, which he said remains sufficient to fund the company’s plans.

About Uniti Group (NASDAQ:UNIT)Uniti Group Inc is a real estate investment trust that owns, operates and acquires communications infrastructure assets across the United States. Established in September 2015 through a spin-off from Windstream Holdings, Uniti Group focuses on leasing fiber, small cell networks, cell towers and related infrastructure to service providers, wireless carriers and other enterprises requiring high-capacity connectivity. The company's assets are designed to support the growing data demands of residential, business and governmental customers, with an emphasis on long-term contractual lease arrangements.

Uniti's portfolio encompasses an extensive fiber network that spans metropolitan and rural markets, as well as a portfolio of wireless towers and small cell nodes that facilitate mobile network densification and help carriers deploy 5G services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Invests $39.3 Million in Recapitalization of Midstream Valve Partners, LLC

, /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment totaling $39.3 million to facilitate the minority recapitalization of Midstream Valve Partners, LLC ("MVP" or the "Company"), a leading value-added distributor of valves, actuators and related flow-control accessories for the energy infrastructure and refining industries. Main Street partnered with MVP's founder to facilitate the transaction, with Main Street's investment in the Company including a combination of first lien, senior secured term debt and a direct minority equity investment.

Founded in 2019 and headquartered in Tomball, Texas, MVP is a leading value-added distributor of valve, actuator and related flow-control accessory solutions to midstream pipeline operators, engineering, procurement & construction firms, fabricators and other distributors that serve the energy infrastructure, pipeline and refining industries primarily in the continental United States.

ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy.  Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.

Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, [email protected]
Ryan R. Nelson, CFO, [email protected]                   
713-350-6000

Dennard Lascar Investor Relations
Ken Dennard | [email protected]  
Zach Vaughan | [email protected]  
713-529-6600

SOURCE Main Street Capital Corporation

Auxano Advisors LLC purchased a new position in shares of WESCO International, Inc. (NYSE:WCC – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,878 shares of the technology company’s stock, valued at approximately $1,340,000.

A number of other institutional investors also recently added to or reduced their stakes in WCC. Vaughan Nelson Investment Management L.P. boosted its stake in shares of WESCO International by 8.4% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 404,730 shares of the technology company’s stock valued at $110,742,000 after purchasing an additional 31,210 shares in the last quarter. Geode Capital Management LLC increased its position in shares of WESCO International by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 864,237 shares of the technology company’s stock worth $211,473,000 after purchasing an additional 14,739 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. lifted its holdings in WESCO International by 74.8% during the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 186,012 shares of the technology company’s stock valued at $45,506,000 after purchasing an additional 79,612 shares during the last quarter. Quent Long Short Global Small Cap Fund LP bought a new position in WESCO International during the 4th quarter valued at about $858,000. Finally, Public Employees Retirement Association of Colorado boosted its position in WESCO International by 1,674.7% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 88,645 shares of the technology company’s stock valued at $21,686,000 after buying an additional 83,650 shares in the last quarter. 93.75% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes Several research firms have recently weighed in on WCC. Stephens raised shares of WESCO International from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $350.00 to $400.00 in a report on Tuesday, July 14th. Wall Street Zen downgraded WESCO International from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Weiss Ratings lowered WESCO International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, July 31st. Zacks Research raised WESCO International from a “hold” rating to a “strong-buy” rating in a report on Monday, August 3rd. Finally, Barclays lifted their price objective on WESCO International from $376.00 to $390.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $374.29.

View Our Latest Research Report on WCC WESCO International Stock Up 2.9% NYSE WCC opened at $371.96 on Tuesday. The stock has a market capitalization of $18.13 billion, a P/E ratio of 25.71, a price-to-earnings-growth ratio of 2.15 and a beta of 1.54. WESCO International, Inc. has a 52 week low of $203.40 and a 52 week high of $385.37. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.23 and a current ratio of 2.09. The stock has a fifty day moving average of $343.58 and a 200-day moving average of $321.36.

WESCO International (NYSE:WCC – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The technology company reported $4.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.98 by $0.59. The business had revenue of $6.67 billion for the quarter, compared to analysts’ expectations of $6.44 billion. WESCO International had a return on equity of 14.95% and a net margin of 2.84%.The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the business earned $3.83 earnings per share. WESCO International has set its FY 2026 guidance at 16.000-17.500 EPS. On average, equities research analysts forecast that WESCO International, Inc. will post 16.82 EPS for the current year.

WESCO International Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Friday, June 12th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.5%. WESCO International’s payout ratio is 13.82%.

Insider Activity In other news, Director Laura K. Thompson sold 270 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $368.45, for a total value of $99,481.50. Following the completion of the sale, the director directly owned 10,720 shares of the company’s stock, valued at $3,949,784. This represents a 2.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Daniel J. Castillo purchased 960 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was purchased at an average price of $365.89 per share, for a total transaction of $351,254.40. Following the completion of the transaction, the executive vice president directly owned 16,305 shares in the company, valued at $5,965,836.45. This trade represents a 6.26% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.60% of the company’s stock.

WESCO International Profile (Free Report)

WESCO International, Inc is a leading global distributor of electrical, industrial, communications and utility products, serving a diverse customer base across maintenance, repair and operations (MRO), original equipment manufacturing (OEM) and construction markets. The company offers a comprehensive portfolio of products ranging from power distribution and automation solutions to data communications, security systems and lighting controls. Through an extensive branch network, WESCO provides critical components and value‐added services that help organizations streamline operations and improve reliability in their facilities and infrastructure.

In addition to its broad product offering, WESCO delivers advanced supply chain management and logistics solutions designed to optimize inventory levels, reduce downtime and lower overall procurement costs.

Featured Stories Five stocks we like better than WESCO International Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS Want to see what other hedge funds are holding WCC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for WESCO International, Inc. (NYSE:WCC – Free Report).

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BlackRock Inc. purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 32,172,263 shares of the financial services provider’s stock, valued at approximately $7,921,455,000. BlackRock Inc. owned about 8.01% of The PNC Financial Services Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. Monetary Solutions Ltd bought a new stake in The PNC Financial Services Group during the fourth quarter worth $25,000. Quarry LP bought a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Modus Advisors LLC bought a new position in shares of The PNC Financial Services Group in the 4th quarter valued at about $29,000. Financial Life Planners acquired a new position in shares of The PNC Financial Services Group during the 1st quarter worth about $31,000. Finally, Wilkerson Advisory Group LLC increased its stake in shares of The PNC Financial Services Group by 93.4% during the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 71 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Price Performance Shares of NYSE PNC opened at $254.65 on Tuesday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The firm has a market cap of $101.59 billion, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $258.96. The business’s 50 day moving average is $247.28 and its 200-day moving average is $228.73.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same period last year, the firm earned $3.85 earnings per share. Equities research analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year. The PNC Financial Services Group Increases Dividend The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a $2.00 dividend. The ex-dividend date was Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.1%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 44.03%.

Analyst Ratings Changes Several equities research analysts recently issued reports on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Argus upped their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Oppenheimer raised their price objective on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. lifted their target price on The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Truist Financial boosted their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group has an average rating of “Moderate Buy” and an average target price of $265.73.

Check Out Our Latest Analysis on PNC

Insider Buying and Selling In other news, EVP Stacy M. Juchno sold 3,354 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 51,654 shares of company stock worth $11,552,661 over the last three months. Company insiders own 0.38% of the company’s stock.

(Free Report)

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

Featured Articles Five stocks we like better than The PNC Financial Services Group Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC – Free Report).

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Key Takeaways:

Parsons was selected by the Metropolitan Knoxville Airport Authority to provide PM/CM services for the Knoxville Airport Terminal Development Program.The five-year program will help Knoxville Airport safely accommodate passenger growth, modernize aging infrastructure, and improve traveler experience.Parsons’ aviation program delivery experience, digital program management tools, and Federal Aviation Administration funding compliance expertise will support transparent, data-driven project delivery.
CHANTILLY, Va., Aug. 18, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that it has been selected by the Metropolitan Knoxville Airport Authority to provide program and construction management (PM/CM) services for the McGhee Tyson Airport (TYS) Terminal Area Development Plan in Knoxville, Tennessee. The five-year contract, which is new work for the company, expands Parsons’ aviation infrastructure portfolio with a new customer.

Under the contract, Parsons will support a complex capital improvement program focused on terminal modernization, passenger growth, and long-term airport development to enhance the traveler’s experience. The company will provide centralized program oversight to help manage cost, schedule, stakeholder coordination, and compliance with Federal Aviation Administration (FAA) funding requirements.

“Parsons’ proven expertise spans the entirety of our business, from delivering complex infrastructure at major airports throughout North America and the Middle East, supporting the Federal Aviation Administration’s next-generation modernization program, and executing fire-fighting foam transitions,” said Martin Boson, president of Engineered Systems for Parsons. “This award expands our position in the aviation market with a new strategic airport customer, and we look forward to supporting the Metropolitan Knoxville Airport Authority as it advances a terminal development program that will enhance operations, improve the passenger experience, and support the region’s continued growth.”

Parsons will support transparent delivery by aligning program controls, stakeholder coordination, reporting, and construction oversight throughout the expected period of performance. In addition, the company will leverage digital program management and infrastructure delivery technologies to improve decision-making, including tools for managing cost and schedule; executive dashboards; cloud-based document and construction management systems; and data analytics for forecasting and performance monitoring.

Parsons, a leading global aviation solutions provider, has planned, designed, constructed, managed, enhanced, and sustained terminal, landside, and airside infrastructure for over 450 airports in 40 countries. This includes work on major airports including Zayed International Airport and Sharjah International Airport in the United Arab Emirates, Los Angeles International Airport in California, Newark Liberty International Airport in New Jersey, and John F. Kennedy International Airport in New York. From modernizing infrastructure to enhancing operational efficiency, the company leverages cutting-edge technology to address the evolving needs of the aviation industry.

To learn more about Parsons’ Aviation solutions, visit www.parsons.com/aviation/.

About Parsons:
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn to learn how we’re making an impact.

Media Contact:
Bernadette Miller
+1 980.253.9781
[email protected]

Investor Relations Contact:
Dave Spille
+1 703.775.6191
[email protected]

Bellars Harris Wealth Management LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET – Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 32,869 shares of the technology company’s stock, valued at approximately $5,584,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Lighthouse Financial Services Inc. ADV bought a new stake in shares of Arista Networks in the fourth quarter worth about $1,549,000. Bensler LLC bought a new stake in shares of Arista Networks in the 4th quarter worth approximately $6,350,000. QRG Capital Management Inc. increased its stake in shares of Arista Networks by 6.4% during the fourth quarter. QRG Capital Management Inc. now owns 169,613 shares of the technology company’s stock valued at $22,224,000 after buying an additional 10,217 shares during the period. Jefferies Financial Group Inc. increased its stake in shares of Arista Networks by 59.8% during the fourth quarter. Jefferies Financial Group Inc. now owns 17,621 shares of the technology company’s stock valued at $2,309,000 after buying an additional 6,591 shares during the period. Finally, Reaves W H & Co. Inc. bought a new position in shares of Arista Networks during the fourth quarter valued at approximately $3,058,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Up 1.6% Shares of ANET stock opened at $202.05 on Tuesday. The business’s fifty day moving average is $175.00 and its 200 day moving average is $155.18. The stock has a market cap of $254.83 billion, a price-to-earnings ratio of 63.74, a PEG ratio of 2.06 and a beta of 1.60. Arista Networks, Inc. has a twelve month low of $114.52 and a twelve month high of $214.89.

Arista Networks (NYSE:ANET – Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The technology company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.89 by $0.13. Arista Networks had a return on equity of 30.65% and a net margin of 38.37%.The business had revenue of $3.04 billion during the quarter, compared to analyst estimates of $2.83 billion. During the same quarter last year, the firm posted $0.73 earnings per share. The company’s revenue for the quarter was up 37.7% on a year-over-year basis. Arista Networks has set its Q3 2026 guidance at 1.060-1.080 EPS. Equities research analysts expect that Arista Networks, Inc. will post 3.7 earnings per share for the current fiscal year. Wall Street Analyst Weigh In A number of research analysts have issued reports on ANET shares. Citigroup reissued a “buy” rating on shares of Arista Networks in a research report on Thursday, August 6th. Truist Financial raised their target price on shares of Arista Networks from $175.00 to $234.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Weiss Ratings lowered shares of Arista Networks from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, August 12th. Wolfe Research reiterated an “outperform” rating and set a $175.00 price target on shares of Arista Networks in a research report on Wednesday, June 10th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $225.00 price target on shares of Arista Networks in a research note on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Arista Networks presently has a consensus rating of “Buy” and a consensus target price of $226.05.

View Our Latest Research Report on Arista Networks

Insider Activity In other Arista Networks news, CEO Jayshree Ullal sold 767,029 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $201.22, for a total value of $154,341,575.38. Following the sale, the chief executive officer owned 16,387,981 shares in the company, valued at approximately $3,297,589,536.82. This represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Andreas Bechtolsheim sold 300,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $203.30, for a total transaction of $60,990,000.00. Following the transaction, the insider directly owned 181,143,048 shares of the company’s stock, valued at $36,826,381,658.40. This represents a 0.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 4,335,168 shares of company stock valued at $798,637,629. 2.70% of the stock is owned by company insiders.

Arista Networks Company Profile (Free Report)

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.

Read More Five stocks we like better than Arista Networks Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks, Inc. (NYSE:ANET – Free Report).

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Argyle Capital Partners LLC acquired a new stake in Martin Marietta Materials, Inc. (NYSE:MLM – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,702 shares of the construction company’s stock, valued at approximately $982,000.

Other institutional investors have also modified their holdings of the company. CoreCap Advisors LLC increased its position in shares of Martin Marietta Materials by 370.0% in the second quarter. CoreCap Advisors LLC now owns 47 shares of the construction company’s stock worth $27,000 after acquiring an additional 37 shares in the last quarter. Meeder Asset Management Inc. raised its stake in shares of Martin Marietta Materials by 67.9% in the 1st quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company’s stock valued at $28,000 after acquiring an additional 19 shares during the period. Garton & Associates Financial Advisors LLC acquired a new position in shares of Martin Marietta Materials during the 4th quarter valued at $31,000. Reflection Asset Management acquired a new position in shares of Martin Marietta Materials during the 4th quarter valued at $35,000. Finally, Osterweis Capital Management Inc. purchased a new stake in Martin Marietta Materials during the 2nd quarter worth $37,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Stock Performance Shares of MLM stock opened at $539.42 on Tuesday. Martin Marietta Materials, Inc. has a 12 month low of $523.48 and a 12 month high of $710.97. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73. The firm has a market capitalization of $32.40 billion, a P/E ratio of 13.25, a P/E/G ratio of 2.37 and a beta of 1.11. The company’s fifty day moving average price is $572.58 and its two-hundred day moving average price is $599.05.

Martin Marietta Materials (NYSE:MLM – Get Free Report) last announced its earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, beating the consensus estimate of $4.76 by $0.24. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period last year, the firm earned $5.43 earnings per share. The company’s revenue was up 21.0% on a year-over-year basis. On average, research analysts anticipate that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current fiscal year. Martin Marietta Materials Increases Dividend The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be issued a $0.84 dividend. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 1st. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 8.16%.

Wall Street Analyst Weigh In MLM has been the subject of several recent research reports. Wells Fargo & Company lowered their price target on Martin Marietta Materials from $616.00 to $581.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. Wall Street Zen cut Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Tuesday, July 28th. JPMorgan Chase & Co. decreased their target price on Martin Marietta Materials from $700.00 to $680.00 and set a “neutral” rating for the company in a research report on Friday, July 31st. Oppenheimer started coverage on Martin Marietta Materials in a research note on Thursday, May 28th. They issued a “market perform” rating for the company. Finally, Morgan Stanley dropped their target price on Martin Marietta Materials from $664.00 to $639.00 and set an “overweight” rating on the stock in a report on Thursday. Eleven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $668.53.

Check Out Our Latest Stock Report on Martin Marietta Materials

Martin Marietta Materials Company Profile (Free Report)

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.

Featured Stories Five stocks we like better than Martin Marietta Materials Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS

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Handelsbanken Fonder AB lifted its position in Littelfuse, Inc. (NASDAQ:LFUS – Free Report) by 65.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,745 shares of the technology company’s stock after acquiring an additional 1,480 shares during the period. Handelsbanken Fonder AB’s holdings in Littelfuse were worth $1,705,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP purchased a new stake in Littelfuse during the 4th quarter valued at about $114,166,000. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Littelfuse by 67.3% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,024,176 shares of the technology company’s stock worth $259,035,000 after purchasing an additional 412,160 shares during the last quarter. Norges Bank purchased a new position in shares of Littelfuse in the fourth quarter worth about $73,575,000. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Littelfuse by 58.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 609,966 shares of the technology company’s stock worth $154,273,000 after purchasing an additional 225,445 shares during the period. Finally, Corient Private Wealth LLC lifted its holdings in shares of Littelfuse by 1,842.8% during the fourth quarter. Corient Private Wealth LLC now owns 193,583 shares of the technology company’s stock worth $48,961,000 after purchasing an additional 183,619 shares during the period. Hedge funds and other institutional investors own 96.14% of the company’s stock.

Analyst Ratings Changes Several equities analysts recently weighed in on the stock. Robert W. Baird increased their price target on shares of Littelfuse from $500.00 to $535.00 and gave the stock an “outperform” rating in a report on Friday, June 5th. Oppenheimer raised their price target on shares of Littelfuse from $430.00 to $500.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Zacks Research cut shares of Littelfuse from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Williams Trading set a $520.00 price objective on shares of Littelfuse in a report on Thursday, May 7th. Finally, Weiss Ratings upgraded shares of Littelfuse from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Littelfuse presently has an average rating of “Moderate Buy” and a consensus target price of $465.83.

Read Our Latest Stock Analysis on LFUS Insider Buying and Selling In other news, Director Anthony Grillo sold 3,000 shares of Littelfuse stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $451.96, for a total transaction of $1,355,880.00. Following the completion of the transaction, the director directly owned 64,928 shares of the company’s stock, valued at $29,344,858.88. The trade was a 4.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Maggie Chu sold 11,397 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $435.48, for a total transaction of $4,963,165.56. Following the completion of the transaction, the senior vice president owned 6,001 shares of the company’s stock, valued at approximately $2,613,315.48. This represents a 65.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.00% of the stock is owned by company insiders.

Littelfuse Stock Up 3.1% Shares of LFUS opened at $471.81 on Tuesday. Littelfuse, Inc. has a 52 week low of $233.36 and a 52 week high of $500.57. The company has a quick ratio of 2.00, a current ratio of 2.76 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $11.98 billion, a price-to-earnings ratio of -943.60, a PEG ratio of 2.42 and a beta of 1.49. The stock’s 50-day moving average price is $440.09 and its 200-day moving average price is $402.65.

Littelfuse (NASDAQ:LFUS – Get Free Report) last posted its earnings results on Wednesday, July 29th. The technology company reported $4.19 EPS for the quarter, topping the consensus estimate of $3.78 by $0.41. The firm had revenue of $738.78 million for the quarter, compared to analyst estimates of $703.38 million. Littelfuse had a positive return on equity of 13.02% and a negative net margin of 0.31%.Littelfuse’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period last year, the company earned $2.30 earnings per share. Littelfuse has set its Q3 2026 guidance at 4.850-5.050 EPS. On average, sell-side analysts predict that Littelfuse, Inc. will post 15.78 EPS for the current year.

Littelfuse Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, August 20th. This is a positive change from Littelfuse’s previous quarterly dividend of $0.75. Littelfuse’s dividend payout ratio is -600.00%.

Littelfuse Profile (Free Report)

Littelfuse, Inc is a global manufacturer of circuit protection, power control, and sensing technologies. Founded in 1927 and headquartered in Chicago, Illinois, the company develops and produces a broad range of products designed to safeguard electrical and electronic systems across a variety of end markets. Littelfuse’s offerings include fuses, semiconductors, relays, and sensors, all engineered to protect against overcurrent, overvoltage, and thermal events in demanding applications.

The company’s product portfolio is organized into key segments such as Automotive, Industrial & Electronics, and Power & Sensor.

Further Reading Five stocks we like better than Littelfuse Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS Want to see what other hedge funds are holding LFUS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Littelfuse, Inc. (NASDAQ:LFUS – Free Report).

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10h05 ▪ 5 min read ▪ by Ghiles A.

Summarize this article with:

The digital asset market is going through a more uncertain phase as companies linked to bitcoin adjust their reserves. Strategy now has $4.8 billion in cash, offering several options. Michael Saylor believes this financial cushion can support purchases, share buybacks or debt reduction. At the same time, the company also wants to be able to sell its digital assets if conditions change. This flexibility becomes central as the MSTR stock falls sharply.

In Brief Strategy has $4.8 billion in cash to enhance its financial flexibility. The company could buy back its MSTR shares if they suffer a steep discount. Strategy wants to keep enough cash to buy bitcoin, repurchase shares or reduce its debt. Michael Saylor states the company must be able to sell bitcoin as much as to buy depending on market conditions. Strategy Keeps Several Options Open With Its Cash Strategy does not prioritize buying back its own shares immediately. Michael Saylor has, however, indicated that “the company could intervene if MSTR showed a steep discount compared to its net asset value.” The stock has lost about 38% since the start of the year and 73% over twelve months. This decline notably accompanies the fall of bitcoin and regular issuances of common shares.

For now, management is focusing its efforts on preferred shares, particularly STRC. In an interview with CoinDesk, CEO Phong Le also defends the new issuances of MSTR despite dilution concerns. According to him, “This method can benefit shareholders when the price exceeds the asset value associated with each share.” Strategy can then use the raised funds to acquire more bitcoin.

The logic therefore depends on the gap between the share price and the value of the assets held. When this gap remains favorable, new issuances can increase the amount of assets associated with each share. Conversely, a steep discount could make buybacks more interesting. This approach gives the company several levers to manage its capital.

$4.8 Billion to Maintain Maneuvering Room The recent drop in STRC has also changed cash management. Phong Phong Le now emphasizes the importance of having enough liquidity to cover dividends related to STRC preferred shares. The company currently holds $4.8 billion and plans to keep substantial reserves. This position should allow it to act according to bitcoin market developments.

Michael Saylor described several uses for this cash. The company could buy bitcoin or repurchase MSTR shares or preferred shares, but also reduce its debt. This reserve is therefore not solely for funding a new bitcoin acquisition. It also constitutes a financial management tool against different market phases.

This flexibility also concerns the digital assets held by the company. Saylor believes that “strategy must be able to sell bitcoin as much as to buy.” The market price then plays a role in the pace of decisions. When the price clearly exceeds its 200-week average, the company could retain more of the raised funds.

A Strategy Tied to Bitcoin Market Cycles Conversely, a bitcoin near or below its 200-week moving average could represent a more favorable buying area. This reference thus provides a framework for future decisions without imposing a fixed timetable. Strategy, therefore, maintains an approach that depends on market levels and its financial needs. The cash provides more time to adapt this policy.

STRC follows a different logic than MSTR. This preferred share mainly aims to provide income through dividends while maintaining a price close to $100. Saylor explained the company could sell more shares above this level. It could also support the price by buybacks if it falls below this zone.

Finally, the company does not plan to acquire profitable operational companies to generate additional liquidity. Michael Saylor considers that such diversification would complicate the company’s evaluation for investors. He also recommends MSTR holders to have a horizon of at least four years, preferably seven to ten years. This vision reflects a desire to go through several market periods rather than respond to movements.

The next step will therefore depend on the evolution of the BTC price, cash reserves, and financing needs. With $4.8 billion available, Strategy keeps multiple choices, from purchases to buybacks. Its ability to sell is also integrated into this strategy, depending on the conditions observed on the market.

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Ghiles A.

Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Short seller James Chanos described Strategy and Bitcoin as an “$80 billion actionable spread” on Aug. 18, reviving debate over the valuation of Michael Saylor’s Bitcoin treasury company.

Summary

Strategy held 840,447 bitcoin after recent sales, below the 847,363 coin peak disclosed in June. At $64,188 per Bitcoin, Strategy’s remaining holdings were worth approximately $53.95 billion on Tuesday morning. MSTR’s market capitalization was about $34.4 billion, but direct comparison ignores senior financing claims entirely. Chanos previously closed his short MSTR, long Bitcoin trade in November 2025 after spread compression. Strategy’s dashboard placed its mNAV near 1.04, indicating only a narrow enterprise value premium Tuesday. Chanos called the relationship one of the largest “pure arbitrage opportunities” he had seen. His earlier trade involved shorting Strategy’s MSTR shares while taking a long position in Bitcoin.

The latest claim requires context. Strategy no longer holds the 847,363 BTC cited in some reports. Recent company disclosures place its balance at 840,447 BTC following several sales during July and August.

At Bitcoin’s Tuesday price of approximately $64,188, those holdings were worth about $53.95 billion. MSTR had a market capitalization of roughly $34.4 billion, while its shares gained close to 5% to $97.68.

Strategy shares price chart, source: Google Finance The $19.5 billion difference between those two figures is not a direct arbitrage profit. It excludes debt, preferred stock, cash, software operations, taxes and the costs required to maintain a hedged position.

Chanos’s $80 billion figure is not a simple market gap Chanos did not publish a complete calculation showing how he reached the “$80 billion actionable spread.” The figure therefore remains his characterization of the opportunity rather than a directly verifiable difference between two market prices.

One of the greatest pure arbitrage situations, ever. An $80B actionable spread. $MSTR #Bitcoin

— James Chanos (@RealJimChanos) August 18, 2026 Strategy’s own dashboard placed its modified net asset value multiple, or mNAV, near 1.04 on Tuesday. That measure compares enterprise value with the value of its Bitcoin after accounting for parts of the capital structure.

An mNAV of 1.04 indicates a premium of approximately 4%, based on the company’s methodology. It does not show MSTR trading at the wide premium that supported Chanos’s original trade in 2025.

Comparing common equity market capitalization directly with Bitcoin holdings produces a discount because common shareholders rank behind creditors and preferred shareholders. Strategy has issued several preferred securities carrying dividend obligations and also has outstanding debt.

The company’s software operation, dollar reserve and other assets must also be included. As a result, buying MSTR does not provide the same economic exposure as holding an equivalent dollar amount of Bitcoin.

Strategy’s Bitcoin balance has declined from its peak A June 29 SEC filing showed that Strategy held 847,363 BTC at the end of June. The company had spent $64.1 billion acquiring the coins at an average price of $75,651.

Strategy subsequently sold Bitcoin under a board authorized monetization program. The program allows sales to fund its dollar reserve, interest expenses, preferred dividends and security repurchases.

As previously reported, the company sold 1,690 BTC and used the proceeds for preferred share repurchases during the week ending Aug. 9.

Those sales reduced the balance to 840,447 BTC. The remaining tokens carried an aggregate acquisition cost of approximately $63.36 billion and an average cost of $75,385 per coin.

At Tuesday’s Bitcoin price, the position was approximately $9.4 billion below its disclosed purchase cost. That is an unrealized accounting difference rather than a realized loss unless the coins are sold.

The same filing series showed that the company raised cash by issuing additional MSTR shares. Common stock issuance increases liquidity but also expands the number of shares participating in the Bitcoin exposure.

MSTR and Bitcoin carry different financial risks Direct Bitcoin ownership exposes an investor mainly to changes in Bitcoin’s market price and the security of their custody arrangement. MSTR adds corporate financing and management risks.

Strategy has issued STRC, STRF, STRD and STRK preferred shares. These securities sit ahead of common shareholders and carry dividend rates ranging from 8% to 12%, subject to their respective terms.

The company has also established a dollar reserve to meet preferred dividends and interest obligations. In related coverage, the reserve reached $4.65 billion after further common stock sales.

Strategy’s board authorized up to $1.25 billion of additional Bitcoin sales to help fund that reserve. It also approved separate $1 billion repurchase programs for preferred securities and MSTR common stock.

These layers prevent the trade from being risk free. A short seller must borrow MSTR shares, pay borrowing costs and manage the possibility that the stock rises faster than Bitcoin.

The long side also requires financing. If Bitcoin falls while MSTR rises because of short covering, new financing or changing investor demand, both parts of the trade can lose money temporarily.

Chanos previously exited after the premium contracted Chanos began constructing his earlier position in late 2024, when MSTR traded at a large premium to the value of Strategy’s Bitcoin. The premium exceeded three times the Bitcoin value at points during November 2024.

He publicly described the trade in 2025 as long Bitcoin and short MSTR. Chanos argued that investors were paying too much for Bitcoin exposure available directly or through lower cost exchange traded products.

As Reuters reported, Strategy’s market value stood around 1.74 times its Bitcoin holdings when Chanos renewed his criticism in June 2025.

The gap later narrowed. Chanos said his firm closed the hedged position on Nov. 7, 2025, after the trade gained more than 50%. He described the remaining opportunity as too small to justify keeping the position open.

His latest statement does not confirm that he has reopened the trade. It also does not disclose position size, entry prices, borrowing costs or the instruments that would be used.

Future SEC filings will show whether Strategy continues selling Bitcoin, issuing MSTR shares or repurchasing preferred securities. Those decisions, together with Bitcoin’s price and changes in financing costs, will determine whether the company trades at a premium or discount to its adjusted asset value.

XRP continues to face bearish pressure, with recent analyst commentary highlighting a potential accumulation zone as the cryptocurrency looks for direction. Institutional activity, particularly from Strive Financial Group, is bringing additional attention to XRP-linked exchange-traded funds, which could have lasting effects on the asset’s adoption narrative.

XRP price outlook and analyst predictionsAt press time, XRP is trading at $0.99. The 24-hour trading volume has reached $855 million, while the market capitalization stands at $62.68 billion. Despite signs of price stability in the last day, both XRP’s technical structure and the expansion of related ETFs could support a stronger move in the future.

Crypto analyst Crypto Patel has highlighted that the recent decline in XRP price serves as a warning echoed during the 2025 rally, when he cautioned investors as bullish momentum weakened above $3.

Following this warning, XRP experienced a steep correction, losing approximately 73% from its cycle peak and falling below $1 for the first time in nearly two years. The move below this psychological threshold has raised concerns about the underlying market structure.

Crypto Patel has identified the $0.85 to $0.65 range as a strategic accumulation point. He stated that a reversal is unlikely before another 20% to 40% decline in price, suggesting patience for long-term accumulation targets. Crypto Patel favors gradual accumulation near higher time frame demand zones instead of attempting to call the exact market bottom. His price targets remain $3, $5, $7, and $10 in future major rallies.

XRP’s drop of nearly 73% from its cycle top has brought the price below $1 for the first time in almost two years, creating substantial challenges for its market structure. The $0.85–$0.65 region could offer a meaningful accumulation opportunity, although a significant rebound may require a further pullback.

Institutional exposure to XRP ETFsData provided by BankXRP reveals that Strive Financial Group has publicly disclosed its exposure to XRP-based ETFs in an updated 13F regulatory filing. The filing lists investments in the Teucrium 2x Long Daily XRP ETF as well as the XRP ETF offered by Canary.

Strive Financial Group is a US-based asset management firm known for its engagement with alternative investment vehicles and emerging financial products.

This increased activity from Strive highlights the broader trend of institutions gaining exposure to regulated XRP products. While the 13F filing confirms holdings during the reporting period, it does not guarantee current positions or indicate a bullish stance. However, such disclosures do reflect growing interest in regulated digital asset instruments.

Industry commentators note that the presence of institutional players like Strive may help support long-term adoption, even if immediate market impact remains uncertain.

Mini dictionary: 13F filing, a quarterly report required by the US Securities and Exchange Commission for certain institutional investment managers, disclosing their equity holdings.

As investors monitor these developments, the next significant price move for XRP will likely hinge on buyers’ ability to maintain key support levels. If selling pressure dominates, XRP could see further losses. On the other hand, a reversal and subsequent breakout may set the stage for a move toward previously mentioned price targets.

Price LevelAnalyst PerspectiveMarket Cap24h Volume$0.99Current price, neutral zone$62.68 billion$855 million$0.85–$0.65Identified accumulation range––$3 / $5 / $7 / $10Long-term price targets––Market conditions and future outlookDespite optimism from institutional moves and ETF developments, XRP remains within a neutral trading range. While the broader cryptocurrency market has shown signs of improvement, analysts expect that only a firm shift in trend or a successful defense of critical support levels can prompt a sustainable rally in XRP.

Should buyer interest intensify at current levels, the cryptocurrency could consolidate and attempt higher moves. Otherwise, a lack of support could result in additional downward momentum, keeping the asset in a cautious stance.

Broader institutional interest in XRP-linked ETFs may lay the groundwork for future adoption, but a decisive turnaround in price action is necessary before a sustained rally can be expected.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

XRP traded slightly below $1 on Tuesday, Aug. 18, as rising whale transactions and derivatives activity failed to produce a sustained price recovery.

Summary

XRP traded near $0.996 Tuesday, losing 0.4% daily and 1.2% over seven days overall recently. Price remained below $1, leaving the former support level as immediate resistance for recovering buyers. Large XRP Ledger transactions above $1 million reportedly increased 280%, but transfer direction remains unclear. Binance open interest increased while spot price weakened, raising liquidation risks without confirming market direction. The tx bridge remains halted after attackers stole 198,715.88 XRP through faulty deposit verification software. The token changed hands near $0.996, down 0.4% over 24 hours and 1.2% over seven days, according to market data. XRP’s market capitalization stood near $62.4 billion, ranking it sixth among cryptocurrencies.

XRP traded between approximately $0.989 and $1.01 during the latest 24 hour period. It remained 9.1% lower over 30 days and about 66.7% below its level one year earlier.

The token briefly recovered above $1 on Monday after opening near $0.994. However, buyers failed to maintain the rebound, returning the price below the psychological threshold on Tuesday.

XRP price remains fragile below $1 The XRP/USDT daily chart shows a broader downtrend from the July 2025 high of $3.65. The decline has produced lower highs and pushed XRP into a narrow consolidation range around $1.

The $1 level has acted as support for much of the decline. Trading below it changes the immediate structure because recovering buyers must now reclaim the same level before challenging higher resistance.

An initial recovery would need to clear $1 to $1.05. Above that area, liquidity may sit between $1.16 and $1.18, although reaching those levels would require stronger volume and momentum.

Immediate support sits around $0.988, matching Tuesday’s intraday low. A daily close below that level would expose $0.95, followed by the wider area between $0.85 and $0.90.

The price recently steadied near $1 while large transfers to Binance declined. That reduction in exchange inflows did not produce a confirmed reversal.

Whale transactions rise without confirming accumulation Crypto analyst Ali Martinez reported that XRP Ledger transactions worth more than $1 million increased 280% within 24 hours. The total reportedly rose above 38 large transactions.

Martinez described the activity as evidence that “whales are back.” However, transaction counts alone do not establish whether large holders are buying, selling or moving tokens between wallets.

Large transactions can include exchange deposits, withdrawals, internal transfers and custody reorganizations. Identifying accumulation requires destination analysis, balance changes and exchange flow data.

The price remained below $1 during the transaction increase. That lack of an immediate price response weakens any claim that the activity was entirely driven by buying.

Separate CryptoQuant data showed that whale transfers to Binance had fallen to their lowest level since 2021. The three month average reportedly declined to approximately $61 million.

Lower exchange inflows can reduce potential selling pressure, but they do not guarantee demand. Tokens may also move through exchanges or addresses not covered by the dataset.

Exchange withdrawals and leverage send mixed signals CryptoQuant contributor Amr Taha reported that Coinbase’s seven day net wallet count fell to minus 14,300 on Aug. 17. Binance and Crypto.com also recorded more withdrawing wallets than depositing wallets.

The figures measure wallet counts rather than the amount of XRP withdrawn. One large deposit can outweigh many small withdrawals, making the indicator unsuitable as a direct measure of net token flows.

Coinbase reportedly represented 47.3% of the absolute wallet imbalance across the exchanges tracked by the analyst. That share shows where the activity was concentrated but does not reveal whether the withdrawn tokens entered self custody or another trading venue.

XRP derivatives activity also increased. CryptoQuant analysis showed Binance open interest rising about 28.6% between Aug. 3 and Aug. 17.

Open interest measures outstanding derivatives positions and does not distinguish longs from shorts. Rising leverage while the spot price remains weak can increase the size of liquidations when the market eventually breaks from its range.

In related coverage, derivatives positioning rebuilt while aggressive selling remained dominant. Funding rates, cumulative volume delta and long to short ratios remain necessary for assessing directional positioning.

Technical indicators remain bearish The Awesome Oscillator stood near minus 0.0630 on the daily chart. The negative reading shows bearish momentum remains active, although it is less extreme than during previous stages of the selloff.

The bull and bear power indicator was also negative at approximately minus 0.0377. This points to limited buying pressure and supports the current bearish consolidation structure.

XRP price chart, source: crypto.news Neither indicator confirms that XRP has reached a bottom. Momentum could improve if the price reclaims $1 and the oscillator moves toward positive territory.

Claims of targets between $15 and $17 would require gains exceeding 1,400% from the current price. Such forecasts remain speculative and are not supported by the present daily momentum readings.

The same applies to forecasts calling for a decline into the $0.65 to $0.85 range. Those levels are possible technical scenarios rather than confirmed destinations.

Bridge remains halted following verification exploit The tx project said attackers stole 198,715.88 XRP from its bridge reserve on Aug. 9. The bridge connected the tx blockchain with the XRP Ledger.

According to the project’s update, its software accepted transactions that had not delivered XRP to the correct bridge address. Relayers then approved unbacked balances that attackers redeemed for genuine XRP.

The vulnerability affected the bridge’s verification logic, not the XRP Ledger itself. The bridge remains halted while the team reviews remedies and security changes.

As crypto.news reported, the stolen XRP was converted and routed through privacy infrastructure, complicating recovery efforts. The project also filed a complaint with the FBI.

Separately, a South Korean regional bank adopted Ripple’s payments service on Aug. 18. The announcement did not say XRP would be used for those transfers, so the agreement should not be treated as direct demand for the token.

XRP must reclaim $1 on a daily closing basis to reduce immediate downside pressure. A break above $1.05 would improve the short term setup, while another rejection could return attention to $0.95 and $0.90.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

The Ethereum Foundation has warned that wallets, indexers and gas estimators could break as Glamsterdam changes the 21,000-gas assumption for some ETH transfers, with the upgrade due to activate on the Platåberget testnet on Aug. 20.

Summary

Ethereum has warned that Glamsterdam could break wallets, indexers and gas estimators that rely on fixed gas assumptions. EIP 8037 will add a separate state gas charge for operations that create new state. A basic ETH transfer to an existing account will still cost 21,000 gas, while transfers to new accounts will cost more. Developers have been urged to test their software on the Platåberget testnet before Glamsterdam moves to Sepolia and Hoodi. The Ethereum Foundation’s Protocol DevOps team said on Aug. 17 that any tool relying on a hardcoded maximum gas limit “will break,” naming wallets, indexers and gas estimators among the software likely to be affected. The team urged application and infrastructure developers to test their systems on Platåberget, a public testnet designed to stay online for several months.

Forkcast data shows Platåberget launched on Aug. 13, giving developers an early environment for Glamsterdam before the upgrade moves to Sepolia and Hoodi. The Glamsterdam fork is scheduled to activate on Platåberget on Aug. 20, according to the foundation, with public validator and builder deposits available as part of the testing process.

Glamsterdam could break hardcoded gas assumptions Under the planned gas repricing package, the foundation said software can no longer safely assume that Ethereum has a single fixed gas ceiling or that common operations will continue to cost the same amount in every case. The changes are designed around a roughly 200 million gas floor and alter the price of individual operations as well as assumptions tied to the block gas limit.

For application developers, the immediate issue is software that sets fixed boundaries when estimating transaction costs. The Protocol DevOps team said such systems need to be reviewed before Glamsterdam reaches mainnet because the repricing touches wallets, indexers and gas estimators across the network.

The warning follows June 17 Glamsterdam upgrade coverage from crypto.news, which reported that Ethereum developers were already testing the full set of planned EIPs on development networks. At the time, Ethereum Foundation developer Parithosh Jayanthi said the upgrade would change the cost of actions on Ethereum, with high-level computation becoming cheaper while state becomes more expensive.

During the same testing phase, Jayanthi said developers had made “massive progress” but noted that no fixed mainnet timeline had been set. Deployment would depend on the results of testing and whether Ethereum client teams were ready to support the new rules.

EIP-8037 changes how new state is priced A central part of the warning concerns EIP-8037, which introduces a separate state-gas dimension for operations that create new state. The foundation said creating an account, deploying code or writing a new storage slot will be metered at a fixed cost per state byte and charged at runtime.

Because of that change, a basic ETH transfer will not always carry the same gas cost. Sending ETH to an account that already exists will continue to cost 21,000 gas, with the amount broken into the base transaction cost, cold account access and the value-transfer cost. Sending funds to an address that does not yet exist will also incur a state-gas charge tied to creating the new account.

Developers should therefore revisit applications that treat 21,000 gas as sufficient for every ETH transfer, the Protocol DevOps team said. Gas estimators built around only one gas dimension may also return incorrect estimates once new state is metered separately.

EIP-8037 had already moved close to its final form by May. A May 11 protocol development report said the proposal had reached final-draft status and was being parameterised on a Glamsterdam development network. At the time, its cost-per-state-byte model was designed around limiting annual state growth to roughly 60 GiB at a 300 million gas block limit.

Under the parameters reported in May, new account creation could become roughly 8.5 times more expensive, while contract deployment costs could rise about tenfold. Separate metering for code deposits was designed to keep large contracts deployable, including code-heavy decentralised finance applications.

The state-gas model also changes where Ethereum accounts for the cost of permanent state. The foundation said account creation, new storage slots and deployed code will incur charges based on the amount of new state created, making applications that frequently add permanent data particularly important targets for testing before mainnet deployment.

Ethereum Glamsterdam upgrade also changes block production Gas repricing is only one part of Glamsterdam. The foundation said the fork also includes enshrined proposer-builder separation, or ePBS, which changes how blocks are built, proposed and validated inside Ethereum’s core protocol.

Under ePBS, the split between the block-building process and the proposer role is incorporated into the protocol, alongside a new builder API flow and payload-timeliness checks. Infrastructure tied to Ethereum’s block-production and validation pipeline should expect to be affected, according to the foundation.

With Platåberget open for public participation, the Protocol DevOps team has encouraged solo stakers, distributed validator technology projects, custom software operators and large staking providers to test their infrastructure. The testnet allows users to deposit new validators and experiment with validator and builder-deposit workflows before the same changes move to longer-lived networks.

Block-Level Access Lists form another major component of the fork. The foundation said the lists will record state locations accessed during execution and post-transaction state changes, with BAL data stored separately from the block body and exchanged between execution-layer peers through the eth/71 networking protocol.

Earlier June reporting said the access-list design gives Ethereum clients advance information about which accounts and smart-contract data a block will use. The system can allow nodes to preload required data and process transactions in parallel when transactions do not access the same state, according to Ethereum.org.

Glamsterdam will also increase size limits for deployed contracts and initialisation code. The foundation said the maximum deployed contract size will rise from 24 KiB to 64 KiB, while the maximum initcode size will increase from 48 KiB to 128 KiB. Forward-compatible consensus data structures are also included in the planned fork.

Platåberget gives developers a longer testing window Unlike the shorter development networks used during earlier Glamsterdam work, Platåberget is intended to remain available for several months. The Protocol DevOps team said the longer lifespan should give developers time to test post-Glamsterdam behaviour and identify failures before the changes reach Sepolia and Hoodi.

Its validator set is relatively small but open to public participation. For the initial testing period, the foundation has listed container images for consensus clients including Lighthouse, Lodestar, Nimbus, Prysm, Teku and Grandine, alongside execution clients including Besu, Geth, Erigon, Nethermind, Reth, NimbusEL and Ethrex. Tagged client releases remain optional while development teams prepare their own builds.

After feedback from Platåberget has been incorporated into specifications and client software, a non-finality devnet is expected to follow within the month to test difficult consensus scenarios, according to the foundation. Sepolia and Hoodi are due to receive Glamsterdam after the development networks remain stable, while Ethereum mainnet activation will follow successful upgrades on the long-lived testnets.

Development on Ethereum’s next scheduled fork is also proceeding separately. An Aug. 16 Hegotá planning report said developers were considering 66 proposals for the 2027 upgrade, although Fork Choice enforced Inclusion Lists was the only EIP formally scheduled for inclusion at the time.

Several proposals under review for Hegotá concern future gas and state pricing as Ethereum increases Layer 1 capacity. EIP-8368, for example, would recalibrate state-creation pricing if the block gas limit rises beyond the reference level used by Glamsterdam, while developers have discussed preparing Ethereum for a possible path towards a 600 million gas limit.

BNB Chain’s real-world asset holder count jumped from 400,000 to 524,000 in just three days, a growth spurt the network’s official account described as “absolute acceleration.” The 31% increase between August 14 and August 17 represents one of the sharpest short-term surges in tokenized asset adoption on any major blockchain this year.

To put that in perspective, adding 124,000 holders in 72 hours means the network was onboarding roughly 1,700 new RWA participants every hour for three straight days.

From milestone to milestone in days The latest spike didn’t come out of nowhere. BNB Chain crossed the 300,000 RWA holder threshold around August 6-8, then blew past 400,000 less than a week later. In other words, the network added more than 200,000 holders in under two weeks.

Data tracked by RWA.xyz, the primary analytics platform for tokenized real-world assets across chains, underpins these figures. The platform has been consistently monitoring BNB Chain’s RWA metrics throughout 2026.

Year-to-date, BNB Chain’s RWA holder growth rate sits at a staggering +567.4%, based on mid-May reporting. For context, a 567% increase means that for every holder the network had at the start of the year, it now has roughly 6.7.

What’s actually being tokenized The term “real-world assets” covers a broad category, and on BNB Chain, the portfolio includes tokenized treasuries, equities, and other traditional financial instruments that have been brought on-chain. BNB Chain has positioned itself as an ecosystem focused on compliant asset issuance and liquidity trading. The value locked in tokenized assets on BNB Chain reached billions of dollars in earlier quarters of 2026, establishing a foundation that the current holder growth is building on.

The broader tokenized asset market has been expanding rapidly across multiple chains, but BNB Chain’s growth rate has outpaced most competitors. That competitive edge stems partly from lower transaction costs relative to Ethereum and partly from a deliberate infrastructure push to court RWA issuers.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Kevin Hochman, the president and CEO of Brinker International, Inc. (EAT +1.92%), reported the disposition of 100,152 shares of common stock on August 13, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value~$24.4 millionShares sold100,152Post-transaction shares (directly held)184,090Post-transaction value$43.93 millionTransaction value based on SEC Form 4 weighted average sale price ($243.63); post-transaction value based on the August 13 market close ($238.61).

Key questionsWhat was the mechanism behind this equity disposition?
The transaction was executed through two primary channels: a non-discretionary tax withholding of 60,152 shares to satisfy obligations arising from a vesting event, and an open-market sale of 40,000 shares conducted under a Rule 10b5-1 plan adopted on March 4.How does this move align with recent share performance?
The transaction occurred after a period of equity appreciation, with the stock delivering a one-year return of 52% as of the August 13 transaction date.What is the insider's remaining direct equity position?
Hochman maintains direct ownership of 184,090 shares following this transaction, representing a total beneficial ownership interest of approximately 0.4% in the company as of the August 14 market close.What is the current scale of the company's operations?
Headquartered in Dallas, the company manages a portfolio including 1,648 restaurant locations under the Chili's and Maggiano's brands, generating $5.7 billion in trailing twelve-month revenue as of the August 13 transaction date.Company OverviewMetricValueShare Price (as of market close 2026-08-14)$237.15Market Capitalization$10.2 billionRevenue (TTM)$5.7 billionNet Income (TTM)$462.9 millionCompany SnapshotBrinker International operates and licenses casual dining restaurants under two primary brands: Chili's Grill & Bar and Maggiano's Little Italy, generating revenue through restaurant operations, food and beverage sales, and licensing arrangements across domestic and international markets.The company operates a franchised and company-operated restaurant model, generating revenue from company-operated restaurant sales, franchise royalties, and rental income, while leveraging brand recognition and operational expertise to drive profitability.Brinker International targets casual dining consumers seeking moderately priced, full-service dining experiences, with a primary customer base in North America and an expanding international presence.Brinker International is a leading casual dining restaurant operator with a portfolio of approximately 1,648 restaurants generating $5.7 billion in TTM revenue. The company's diversified brand portfolio and established market presence position it competitively within the casual dining segment, supported by strong operational execution and brand loyalty. With a market capitalization of $10.2 billion and a 52% one-year stock price appreciation, the company demonstrates robust investor confidence and operational momentum.

What this transaction means for investorsHalf of what Hochman filed is the usual tax withholding, but the other half is a real choice, an open-market sale of 40,000 shares under a plan he set in March, his to make after Chili's turnaround sent the stock up more than 50% in a year. He still holds 184,090 shares, though, so he's got a fair amount still tied to company performance

Meanwhile, Brinker closed fiscal 2026 with a fourth quarter that, in Hochman's words, "completes five consecutive years of Chili's same-store sales growth, delivering an unprecedented 71% cumulative increase over that time." Company sales rose to $1.52 billion in the quarter, comps climbed 5%, and Chili's specifically grew 5.6%, still taking share from the broader casual-dining industry. Adjusted EBITDA reached $227.6 million, up from $212.4 million a year earlier.

The question the sale quietly raises is durability. Lapping five years and a 71% surge means the comparisons only get harder from here, and fiscal 2027 is where investors find out whether Chili's momentum is a lasting reset or a run that eventually meets gravity.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Layer 1 blockchain Decred announced it has discovered a vulnerability, with a fix patch scheduled for release on the evening of August 18 (Beijing Time). Out of caution, the project’s official team advises users to disable voting and mining functions before upgrading, and will issue an announcement immediately after the patch goes live.

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Uber chief operating officer Andrew Macdonald previously said it's getting harder to justify money spent on AI. Sam Barnes/Sportsfile for Collision via Getty Images Uber President and COO Andrew Macdonald is "tempted to say" the ride-hailing giant will have fewer employees in five years, but don't hold him to it.

"I think if you took everything Uber does today and held it static and said in five years you're going to need more or less people, I'd say, 'Well, we could do everything we do today with less people in five years because of the power of AI, but we're going to be doing a whole bunch of new interesting stuff,'" Macdonald said during a recent appearance on venture capitalist Harry Stebbings' "20VC" podcast. "And so maybe we need more employees to do that stuff."

Macdonald talked about how the company has a "disproportionate" head count in roles that seem ripe to be augmented and one day potentially replaced by AI.

"When you look at the largest teams from a numbers-of-people perspective, you do have disproportionate head count in like more producing type functions, whether it's customer support, sales, or content production, or analytics, where you're producing reports and dashboards and these sorts of things," he said. "And I think those sorts of functions lend themselves well to first augmentation by AI, and eventually, I think at least partial replacement by AI."

Macdonald, who is also Uber's chief operating officer, said the reason he's cautious about saying Uber will reduce its head count is that early AI workforce predictions haven't come to pass.

"The reason I won't emphatically state that is because I think that's sort of been proven wrong the last few years as AI has rolled out and employment in companies continues to grow," he said.

As for its last five years, Uber's head count overall has increased 54.4%, according to filings with the Securities and Exchange Commission. In July, Uber said it was laying off about 10% of its community operations team, which a company spokesperson previously told Business Insider was done to "simplify operations, strengthen in-person collaboration, and continue to embrace AI."

The ride-hailing company has about 36,600 global employees, according to its most recent filing.

A return to ROIMuch of the discussion returns to the question of return on investment. In May, Macdonald's comments about Uber not seeing enough return on investment for its AI spending went viral and were dissected across Silicon Valley and Wall Street.

Macdonald said that people didn't understand the nuance of what he was saying.

"I think AI skeptics were sort of like, 'See the Uber COO is saying there's no return on AI', which is obviously not what I was saying," he said. "On the other side, there was sort of this, if you were a fundamentalist AI evangelist, you were saying, this guy has no idea what he's talking about."

Uber is seeing ROI, Macdonald said. He listed a handful of examples, including reducing the time it takes to make financial forecasts and the turnaround time for marketing quality assurance. What remains difficult, he said, is quantifying it all.

"The natural question is, 'OK, great, how many of those people can I take out of my organization, so that I get the cost back and that flow through to the bottom line, or I can put it into other things?" he said. "But formulaically doing that is really hard."

Measuring is difficult, Macdonald said, because when AI reduces the time required for a task, another task takes its place.

"Drawing the direct line between 'I transformed this process and therefore I need two less operations analysts' is really tough to do," he said.

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Brent D. Griffiths You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Brent Griffiths is a senior reporter at Business Insider who covers AI and tech.Previously, he worked at the Washington Post as a researcher on Power Up and the Finance 202. He started his career at Politico where he worked on the web production team and covered breaking news. His passion for covering politics has only grown since he cut his teeth covering the presidential campaign as a student journalist. He's also contributed to the Almanac of American Politics.

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Amazon’s ambition to turn its cloud computing business into a $1 trillion-a-year revenue engine is still a long way from becoming reality, but the pursuit of that target could create substantial value for shareholders, according to Morgan Stanley analyst Brian Nowak.

Amazon Chief Executive Andy Jassy recently said AWS could "very possibly" become a business generating $1 trillion in annual revenue, highlighting the scale of the opportunity management sees in cloud computing and artificial intelligence.

"We long believed AWS could become a few hundred billion dollar revenue business," Amazon said, "and now believe it'll be at least double that, and very possibly be a $1 trillion annual revenue business for us in time with very appealing accompanying free cash flow and return on invested capital."

The company has also sought to reassure investors that the expansion of AI-related workloads will not necessarily come at the expense of profitability.

"We've done this before in the first era of cloud computing, just over a longer time horizon where demand built more gradually than it has in AI. But we see the margins and returns in AI tracking what we saw with core at the same point of evolution. Actually a little ahead."

Amazon Web Services, the company’s cloud division, is currently generating about $170 billion in annualized sales.

That means revenue would have to increase almost sixfold for AWS to reach the $1 trillion milestone.

While AWS is unlikely to reach $1 trillion in revenue anytime soon, Nowak believes Amazon’s shares could benefit considerably as the company scales its cloud infrastructure.

In a recent note, the Morgan Stanley analyst outlined a scenario in which AWS could reach $1 trillion in annual revenue within the next eight to 10 years.

He also sees a possibility for Amazon’s overall earnings before interest and taxes to reach $500 billion over the same period.

Such a growth trajectory could support a share price of $500 by the end of 2027, according to the model.

That would be roughly double Amazon’s recent share price of around $261.

Morgan Stanley has already raised its Amazon price target to $335 from $330 following the company’s second-quarter earnings while reiterating an Overweight rating on it.

The revised target represents roughly 28% upside from Amazon’s Monday close of $261.31.

The more immediate investment case therefore does not depend on AWS reaching its ultimate $1 trillion target.

Instead, investors could benefit from continued cloud growth, rising AI demand and the resulting expansion in Amazon’s earnings.

The rapid development of artificial intelligence has created an enormous need for computing power, putting data-center capacity at the center of Amazon’s long-term growth strategy.

Nowak estimates Amazon will add 6 gigawatts of capacity in 2026 and another 8 gigawatts in 2027.

His longer-term model assumes AWS could continue adding roughly 8 gigawatts annually after that.

He described the assumption as a "reasonable range," while acknowledging that forecasting infrastructure additions several years into the future is considerably more difficult.

Amazon has not disclosed its precise current data-center capacity.

Jassy said during an earnings call for the company’s September quarter that Amazon had added 3.8 gigawatts of data-center capacity over the preceding 12 months.

More recently, Jassy reiterated that Amazon is on pace to double its power capacity by the end of 2027 compared with 2025 levels.

The ability to bring additional capacity online will be particularly important if AI demand continues to expand rapidly.

Without enough computing infrastructure, AWS may struggle to convert strong customer demand into corresponding revenue growth.

Nowak believes capacity is only part of the equation. The other major variable is how effectively AWS can monetize every watt of computing power it adds.

According to his estimates, each incremental watt currently generates about $8 in revenue for Amazon.

If AWS can increase that figure to $12 per watt, the company could potentially reach $1 trillion in annual revenue as early as 2035.

Technological advances could help cloud companies generate more economic value from existing power resources.

Improvements in computing efficiency, software, chip performance and data-center utilization could all increase the revenue generated from each unit of electricity.

That makes the economics of AI infrastructure just as important as the sheer amount of capacity Amazon can build.

The $1 trillion projection remains highly dependent on continued growth in demand for AI computing.

"As long as innovation and demand for [generative AI] tools continue to scale, we still believe each hyperscaler's ability to bring on compute capacity is the key factor driving forward revenue growth," Nowak wrote.

Beyond 2028, however, Amazon could encounter a range of constraints.

Its expansion will depend on the availability of servers and racks, improvements in power efficiency, regulatory approvals and the speed at which new data centers can be constructed.

There is also uncertainty over how long the current pace of AI investment can continue.

DA Davidson analyst Gil Luria told MarketWatch that any projection of $1 trillion in AWS revenue is "bold speculation."

He believes AWS could reasonably grow by 40% to 50% this year, but warned that "extrapolating beyond that is more than ambitious."

"There is no hard information Mr. Jassy or anybody else has to quantify a market that didn't even exist three years ago," Luria said.

For Amazon investors, the trillion-dollar AWS target is therefore better viewed as a long-term indication of the company’s ambitions than as a near-term earnings forecast.

Even if AWS falls short of that figure, sustained AI demand, expanding infrastructure and better monetization of computing capacity could still make the cloud division a powerful driver of Amazon’s future growth.

BEIJING, Aug. 18, 2026 (GLOBE NEWSWIRE) -- iQIYI, Inc. (Nasdaq: IQ) (“iQIYI” or the “Company”), a leading provider of online entertainment video services in China, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Highlights

Total revenues were RMB6.29 billion (US$926.6 million1), decreasing 5% year over year.Operating loss was RMB104.8 million (US$15.4 million) and operating loss margin was 2%, compared to operating loss of RMB46.2 million and operating loss margin of 1% in the same period in 2025.Non-GAAP operating loss2 was RMB30.3 million (US$4.5 million) and non-GAAP operating loss margin was 0.5%, compared to non-GAAP operating income of RMB58.7 million and non-GAAP operating income margin of 1% in the same period in 2025.Net loss attributable to iQIYI was RMB287.5 million (US$42.4 million), compared to net loss attributable to iQIYI of RMB133.7 million in the same period in 2025.Non-GAAP net loss attributable to iQIYI2 was RMB209.7 million (US$30.9 million), compared to non-GAAP net income attributable to iQIYI of RMB14.7 million in the same period in 2025.
“In the second quarter, we reinforced our content leadership and advanced our strategic transformation. According to Enlightent, we maintained the No. 1 domestic market share across long-form dramas, films, and children’s content during the quarter, while our short-form dramas claimed the top domestic market share for the first time in June,” commented Mr. Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. “The strategic transformation toward a decentralized social media ecosystem and our all-in approach to AI are yielding encouraging initial results. We look forward to further leveraging AI to empower our content ecosystem and enhance our financial performance.”

“Our financial performance improved sequentially in the second quarter, marked by revenue growth and substantially narrowed operating loss,” commented Mr. Ying Tian, Chief Financial Officer of iQIYI. “We implemented our share repurchase program, underscoring our commitment to creating long-term value for shareholders.”

Second Quarter 2026 Financial Highlights

  Three Months Ended(Amounts in thousands of Renminbi (“RMB”), except for per ADS data, unaudited) June 30, March 31, June 30,  2025
 2026
 2026
  RMB RMB RMBTotal revenues 6,628,248  6,225,775  6,287,064        Operating loss (46,168) (228,433) (104,758)Operating income/(loss) (non-GAAP) 58,678  (148,599) (30,305)       Net loss attributable to iQIYI, Inc. (133,708) (294,581) (287,504)Net income/(loss) attributable to iQIYI, Inc. (non-GAAP) 14,652  (234,352) (209,674)       Diluted net loss per ADS (0.14) (0.31) (0.30)Diluted net income/(loss) per ADS (non-GAAP)2 0.02  (0.24) (0.13)           Footnotes:
[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.7851 as of June 30, 2026, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.
[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).

Second Quarter 2026 Financial Results

Total revenues reached RMB6.29 billion (US$926.6 million), decreasing 5% year over year.

Membership services revenue was RMB4.01 billion (US$591.6 million), decreasing 2% year over year.

Online advertising services revenue was RMB1.25 billion (US$183.7 million), decreasing 2% year over year.

Content distribution revenue was RMB681.5 million (US$100.4 million), increasing 56% year over year, primarily driven by the increase in cash transactions.

Other revenues were RMB344.9 million (US$50.8 million), decreasing 58% year over year, primarily due to the alteration of certain business cooperation arrangement.

Cost of revenues was RMB5.25 billion (US$773.7 million), decreasing 1% year over year. Content costs as a component of cost of revenues were RMB3.82 billion (US$563.7 million), increasing 1% year over year.

Selling, general and administrative expenses were RMB744.2 million (US$109.7 million), decreasing 22% year over year. The decrease was primarily attributable to disciplined marketing spending.

Research and development expenses were RMB398.0 million (US$58.7 million), decreasing 6% year over year, primarily attributable to the decrease in personnel-related expenses.

Operating loss was RMB104.8 million (US$15.4 million), compared to operating loss of RMB46.2 million in the same period in 2025. Operating loss margin was 2%, compared to operating loss margin of 1% in the same period in 2025.

Non-GAAP operating loss was RMB30.3 million (US$4.5 million), compared to non-GAAP operating income of RMB58.7 million in the same period in 2025. Non-GAAP operating loss margin was 0.5%, compared to non-GAAP operating income margin of 1% in the same period in 2025.

Total other expense was RMB5.5 million (US$0.8 million), decreasing 91% year over year, primarily attributable to the decrease in interest expense.

Loss before income taxes was RMB110.2 million (US$16.2 million), compared to loss before income taxes of RMB108.1 million in the same period in 2025.

Income tax expense was RMB219.8 million (US$32.4 million), compared to income tax expense of RMB27.2 million in the same period in 2025. The increase was primarily attributable to discrete enterprise income tax expenses and related interest totaling RMB193.6 million (US$28.5 million), relating to certain adjustments at a Chinese mainland subsidiary.

Net loss attributable to iQIYI was RMB287.5 million (US$42.4 million), compared to net loss attributable to iQIYI of RMB133.7 million in the same period in 2025. The net loss was primarily due to the increase in income tax expense during the quarter. Diluted net loss attributable to iQIYI per ADS was RMB0.30 (US$0.04) for the second quarter of 2026, compared to diluted net loss attributable to iQIYI per ADS of RMB0.14 in the same period of 2025.

Non-GAAP net loss attributable to iQIYI was RMB209.7 million (US$30.9 million), compared to non-GAAP net income attributable to iQIYI of RMB14.7 million in the same period in 2025. Non-GAAP diluted net loss attributable to iQIYI per ADS was RMB0.13 (US$0.02), compared to non-GAAP diluted net income attributable to iQIYI per ADS of RMB0.02 in the same period of 2025.

Net cash provided by operating activities was RMB339.6 million (US$50.0 million), compared to net cash used for operating activities of RMB12.7 million in the same period of 2025. Free cash flow was RMB319.6 million (US$47.1 million), compared to free cash flow of negative RMB34.1 million in the same period of 2025.

As of June 30, 2026, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB4.12 billion (US$607.8 million). In addition, as of the same date, the Company had an aggregate loan of US$636.6 million to PAG, classified as a non-current asset under prepayments and other assets.

Share Repurchase Program

Pursuant to the Company’s share repurchase program of up to US$100 million adopted in March 2026 and effective through September 2027, as of June 30, 2026, the Company had repurchased a total of approximately 21.8 million ADSs for a total cost of US$24.1 million.

Conference Call Information 

iQIYI’s management will hold an earnings conference call at 7:00 AM on August 18, 2026, U.S. Eastern Time (7:00 PM on August 18, 2026, Beijing Time).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10056305-aij68c.html

It will automatically direct you to the registration page of "iQIYI Second Quarter 2026 Earnings Conference Call", where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

A telephone replay of the call will be available after the conclusion of the conference call through August 25, 2026.

Dial-in numbers for the replay are as follows:International Dial-in+1 855 883 1031Passcode:10056305   A live and archived webcast of the conference call will be available at http://ir.iqiyi.com/.

About iQIYI, Inc.

iQIYI, Inc. is a leading provider of online entertainment video services in China. It combines creative talent with technology to foster an environment for continuous innovation and the production of blockbuster content. It produces, aggregates and distributes a wide variety of professionally produced content, as well as a broad spectrum of other video content in a variety of formats. iQIYI distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. Over time, iQIYI has built a massive user base and developed a diversified monetization model including membership services, online advertising services, content distribution, online games, talent agency, experience business, etc.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the quotations from management in this announcement, as well as iQIYI's strategic and operational plans, contain forward-looking statements. iQIYI may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about iQIYI’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: iQIYI’s strategies; iQIYI’s future business development, financial condition and results of operations; iQIYI’s ability to retain and increase the number of users, members and advertising customers, and expand its service offerings; competition in the online entertainment industry; changes in iQIYI's revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and iQIYI undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement iQIYI’s consolidated financial results presented in accordance with GAAP, iQIYI uses the following non-GAAP financial measures: non-GAAP operating income/(loss), non-GAAP operating income/(loss) margin, non-GAAP net income/(loss) attributable to iQIYI, non-GAAP diluted net income/(loss) attributable to iQIYI per ADS and free cash flow. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

iQIYI believes that these non-GAAP financial measures provide meaningful supplemental information regarding its operating performance by excluding certain items that may not be indicative of its business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to the non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to iQIYI’s historical operating performance. The Company believes the non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that the non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

Non-GAAP operating income/(loss) represents operating income/(loss) excluding share-based compensation expenses, amortization of intangible assets resulting from business combinations.

Non-GAAP net income/(loss) attributable to iQIYI, Inc. represents net income/(loss) attributable to iQIYI, Inc. excluding share-based compensation expenses, amortization of intangible assets resulting from business combinations, disposal gain or loss, impairment of long-term investments, fair value change of long-term investments, adjusted for related income tax effects. iQIYI’s share of equity method investments for these non-GAAP reconciling items, primarily amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.

Non-GAAP diluted net income/(loss) per ADS represents diluted net income/(loss) per ADS calculated by dividing non-GAAP net income/(loss) attributable to iQIYI, Inc, by the weighted average number of ordinary shares expressed in ADS.

Free cash flow represents net cash provided by operating activities less capital expenditures.

For more information, please contact:

Investor Relations
iQIYI, Inc.
[email protected]

iQIYI, INC.Condensed Consolidated Statements of Income/(Loss)(In RMB thousands, except for number of shares and per share data)     Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025
 2026
 2026
 2025
 2026
 RMB RMB RMB RMB RMB (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)Revenues:         Membership services4,090,126  4,199,761  4,014,128  8,489,136  8,213,889 Online advertising services1,272,198  1,240,611  1,246,461  2,600,025  2,487,072 Content distribution436,578  358,749  681,529  1,065,321  1,040,278 Others829,346  426,654  344,946  1,660,235  771,600 Total revenues6,628,248  6,225,775  6,287,064  13,814,717  12,512,839           Operating costs and expenses:         Cost of revenues(5,292,894) (5,233,486) (5,249,566) (10,699,235) (10,483,052)Selling, general and administrative(959,604) (816,530) (744,232) (1,985,346) (1,560,762)Research and development(421,918) (404,192) (398,024) (834,407) (802,216)Total operating costs and expenses(6,674,416) (6,454,208) (6,391,822) (13,518,988) (12,846,030)Operating income/(loss)(46,168) (228,433) (104,758) 295,729  (333,191)          Other income/(expenses):         Interest income87,779  80,459  73,014  166,535  153,473 Interest expenses(235,267) (213,951) (187,397) (468,696) (401,348)Foreign exchange gain, net100,811  89,066  89,137  142,700  178,203 Share of losses from equity method investments(1,086) (1,464) (2,172) (4,703) (3,636)Others, net(14,134) 17,936  21,927  (12,410) 39,863 Total other expense, net(61,897) (27,954) (5,491) (176,574) (33,445)          Income/(loss) before income taxes(108,065) (256,387) (110,249) 119,155  (366,636)Income tax expense(27,155) (37,161) (219,778) (68,745) (256,939)          Net income/(loss)(135,220) (293,548) (330,027) 50,410  (623,575)Less: Net income/(loss) attributable to noncontrolling interests(1,512) 1,033  (42,523) 1,973  (41,490)Net income/(loss) attributable to iQIYI, Inc.(133,708) (294,581) (287,504) 48,437  (582,085)Net income/(loss) attributable to ordinary shareholders(133,708) (294,581) (287,504) 48,437  (582,085)          Net income/(loss) per share for Class A and Class B ordinary shares:         Basic(0.02) (0.04) (0.04) 0.01  (0.09)Diluted(0.02) (0.04) (0.04) 0.01  (0.09)          Net income/(loss) per ADS (1 ADS equals 7 Class A ordinary shares):         Basic(0.14) (0.31) (0.30) 0.05  (0.60)Diluted(0.14) (0.31) (0.30) 0.05  (0.60)          Weighted average number of Class A and Class B ordinary shares used in net income/(loss) per share computation:         Basic6,743,563,754  6,756,463,437  6,714,713,903  6,742,194,780  6,735,473,338 Diluted6,743,563,754  6,756,463,437  6,714,713,903  6,780,167,606  6,735,473,338  iQIYI, INC.
Condensed Consolidated Balance Sheets(In RMB thousands, except for number of shares and per share data)
       December 31, June 30,  2025
 2026
  RMB RMB    (Unaudited)ASSETS    Current assets:    Cash and cash equivalents 4,354,275  3,205,909 Restricted cash 23,123  514 Short-term investments 314,819  917,512 Accounts receivable, net 2,522,668  2,611,330 Prepayments and other assets 2,406,222  2,243,330 Amounts due from related parties 221,681  187,686 Licensed copyrights, net 447,507  488,913 Total current assets 10,290,295  9,655,194      Non-current assets:    Fixed assets, net 903,427  933,019 Long-term investments 1,773,309  1,775,528 Deferred tax assets, net 20,773  11,863 Licensed copyrights, net 5,962,954  6,068,224 Intangible assets, net 217,085  211,353 Produced content, net 14,578,037  13,905,594 Prepayments and other assets 8,458,312  8,420,032 Operating lease assets 489,720  476,505 Goodwill 3,820,823  3,820,823 Amounts due from related parties 167,000  143,900 Total non-current assets 36,391,440  35,766,841      Total assets 46,681,735  45,422,035      LIABILITIES AND SHAREHOLDERS’ EQUITY    Current liabilities:    Accounts and notes payable 6,652,432  7,422,956 Amounts due to related parties 3,717,283  3,617,220 Customer advances and deferred revenue 4,160,459  4,191,942 Convertible senior notes, current portion 1,459,151  1,067 Short-term loans 2,493,100  1,945,742 Long-term loans, current portion 738,391  1,600,388 Operating lease liabilities, current portion 84,174  86,983 Accrued expenses and other liabilities 2,762,317  2,630,307 Total current liabilities 22,067,307  21,496,605 Non-current liabilities:    Long-term loans 3,368,876  3,546,659 Convertible senior notes 6,711,948  6,615,221 Amounts due to related parties 38,192  27,412 Operating lease liabilities 340,256  323,522 Other non-current liabilities 846,230  843,215 Total non-current liabilities 11,305,502  11,356,029      Total liabilities 33,372,809  32,852,634           Shareholders’ equity:         Class A ordinary shares 239  241 Class B ordinary shares 193  193 Treasury Stock -  (163,601)Additional paid-in capital 56,026,232  56,179,788 Accumulated deficit (44,015,680) (44,597,765)Accumulated other comprehensive income 1,305,542  1,240,991 Non-controlling interests (7,600) (90,446)Total shareholders’ equity 13,308,926  12,569,401      Total liabilities and shareholders' equity 46,681,735  45,422,035  iQIYI, INC.Condensed Consolidated Statements of Cash Flows(In RMB thousands)   Three Months Ended June 30, March 31, June 30, 2025
 2026
 2026
 RMB RMB RMB (Unaudited) (Unaudited) (Unaudited)      Net cash provided by/(used for) operating activities(12,731) 186,448  339,582 Net cash used for investing activities(1,2)(114,005) (274,759) (245,937)Net cash used for financing activities(465,256) (933,140) (200,228)Effect of exchange rate changes on cash, cash equivalents and restricted cash(27,881) (34,896) (8,385)Net decrease in cash, cash equivalents and restricted cash(619,873) (1,056,347) (114,968)Cash, cash equivalents and restricted cash at the beginning of the period4,758,390  4,377,738  3,321,391 Cash, cash equivalents and restricted cash at the end of the period4,138,517  3,321,391  3,206,423 Reconciliation of cash and cash equivalents and restricted cash:

     Cash and cash equivalents3,329,708  2,941,129  3,205,909 Restricted cash2,062  379,928  514 Long-term restricted cash806,747  334  - Total cash and cash equivalents and restricted cash shown in the statements of cash flows4,138,517  3,321,391  3,206,423       Net cash provided by/(used for) operating activities(12,731) 186,448  339,582 Less: Capital expenditures(2)(21,410) (76,698) (20,015)Free cash flow(34,141) 109,750  319,567  (1) Net cash used for investing activities primarily consists of net cash flows from investing in debt securities, purchase of long-term investments and capital expenditures.
(2) Capital expenditures are incurred primarily in connection with construction in process, computers and servers.

iQIYI, INC.Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures(Amounts in thousands of Renminbi (“RMB”), except for per ADS information, unaudited)  　Three Months Ended　June 30, March 31, June 30,　2025
 2026
 2026
　RMB RMB RMB　     Operating loss(46,168) (228,433) (104,758)Add: Share-based compensation expenses103,313  78,301  72,920 Add: Amortization of intangible assets(1)1,533  1,533  1,533 Operating income/(loss) (non-GAAP)58,678  (148,599) (30,305)　     Net loss attributable to iQIYI, Inc.(133,708) (294,581) (287,504)Add: Share-based compensation expenses103,313  78,301  72,920 Add: Amortization of intangible assets(1)1,533  1,533  1,533 Add: Impairment of long-term investments25,950  9,009  - Add: Fair value loss/(gain) of long-term investments17,564  (28,614) 3,377 Net income/(loss) attributable to iQIYI, Inc. (non-GAAP)14,652  (234,352) (209,674)　     Diluted net loss per ADS(0.14) (0.31) (0.30)Add: Non-GAAP adjustments to earnings per ADS0.16  0.07  0.17 Diluted net income/(loss) per ADS (non-GAAP)0.02  (0.24) (0.13) (1) This represents amortization of intangible assets resulting from business combinations.