Market Signal Briefing

Thryv Holdings, Inc. (THRY) Q3 2025 Earnings Call October 30, 2025 8:30 AM EDT

Company Participants

Cameron Lessard - Assistant Vice President of Investor Relations, Corporate Development & Treasury
Joe Walsh - Chairman & CEO
Paul Rouse - CFO, Executive VP & Treasurer

Conference Call Participants

Scott Berg - Needham & Company, LLC, Research Division
Jason Kreyer - Craig-Hallum Capital Group LLC, Research Division
Alinda Li - William Blair & Company L.L.C., Research Division
Zach Cummins - B. Riley Securities, Inc., Research Division
Matthew Swanson - RBC Capital Markets, Research Division

Presentation

Operator

Ladies and gentlemen, thank you for joining us, and welcome to the Thryv Third Quarter 2025 Earnings Call. [Operator Instructions]

I will now hand the conference over to Cameron Lessard, Vice President of Corporate Development and Strategy. Please go ahead.

Cameron Lessard
Assistant Vice President of Investor Relations, Corporate Development & Treasury

Good morning, and thank you for joining us for Thryv Holdings Third Quarter 2025 Earnings Conference Call. With me today are Joe Walsh, Chairman and Chief Executive Officer; and Paul Rouse, Chief Financial Officer.

During this call, we will make forward-looking statements that are subject to various risks and uncertainties. Actual results may differ materially from these statements. A discussion of these risks and uncertainties is included in our earnings release and SEC filings.

Today's presentation will also include non-GAAP financial measures, which should be considered in addition to, but not as a substitute for our GAAP results. Reconciliations of these measures can be found in our earnings release. As a reminder, on this call, SaaS revenue reflects the combined performance of Thryv and Keap. We will only specify Keap's performance when discussing its revenue contribution for the quarter and fiscal year.

With that, I'll turn the call over to Joe Walsh, Chairman and CEO. Joe?

Joe Walsh

Recommended For You

2025 SREP NOTIFICATION:
P2R REQUIREMENTS LOWER  
COMPARED TO 2024 SREP

PRESS RELEASE

Paris, 30 October 2025

BNP Paribas has received the notification by the European Central Bank of the outcome of the 2025 Supervisory Review and Evaluation Process (SREP), which sets out the Group’s capital requirements and leverage ratio on a consolidated basis.

The Pillar 2 Requirement (P2R) that the Group must meet as of 1st January 2026 on a consolidated basis is 1.73% (a decrease of 11 bps compared to 2024 SREP), including 1.05% in the form of Common Equity Tier 1 (CET1) (down 9 bps compared to 2024 SREP).

As such, the CET1 requirement as of 1st January 2026 is 10.44% (excluding the Pillar 2 Guidance). It includes 1.50% for the G-SIB buffer, 2.50% for the Conservation buffer, 1.05% for the Pillar 2 Requirement1 (P2R), 0.75% of countercyclical buffer2 and 0.14% of systemic buffer2.

The requirement for the Tier 1 Capital ratio is 12.23%3 (of which 1.34% for the P2R). The requirement for the Total Capital ratio is 14.62%3 (of which 1.73% for the P2R).The requirement for the leverage ratio remains unchanged at 3.85%3, including 0.10% of Pillar 2 Requirement (P2R-LR). As of 30 September 2025, the BNP Paribas Group is significantly above the regulatory requirements with:

 Minimal requirementsLevels
as at 30.09.25 As at 30.09.25As at 01.01.26 CET110.51%10.44%12.50%TIER 112.31%12.23%14.44%TOTAL CAPITAL14.71%14.62%16.73%LEVERAGE3.85%3.85%4.34% Additionally, the results of the 2025 stress test conducted by the EBA and the ECB have enabled the Group to be positioned in the first bucket of the ECB’s Pillar 2 Guidance (P2G), within a range of 0 to 100 basis points, lower than the previous range of 50 to 200 basis points.

These results reflect the structural improvements in the Group’s profile, the solidity of its capital structure and the prudent management of its balance sheet.

About BNP Paribas

 Leader in banking and financial services in Europe, BNP Paribas operates in 64 countries and has nearly 178,000 employees, including more than 144,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Türkiye, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group's performance and stability.

Press contact

Giorgia Rowe – [email protected] – +33 6 64 27 57 96
Hacina Habchi – [email protected] - +33 7 61 97 65 20

1 CET1 requirement related to Pillar 2 Requirement (P2R) now includes 100% of the add-on related to non-performing exposures on aged loans granted before 26 April 2019 equivalent to 0.18%, down 0.06% compared to 2024 SREP.

2 Computation based on RWA of €779bn as at 30.09.25.

3 Excluding the Pillar 2 Guidance.

SREP_PR_30.10.25GBvdef last

Key Takeaways Equinix's Q3 AFFO per share of $9.83 beat estimates and rose 8.6% year over year.Higher recurring revenues fueled results, led by digital infrastructure demand.Equinix lifted its 2025 AFFO per share outlook to $37.95-$38.77, reflecting 8-11% annual growth.
Equinix Inc.’s (EQIX - Free Report) third-quarter 2025 adjusted funds from operations (AFFO) per share of $9.83 beat the Zacks Consensus Estimate of $9.26. Moreover, the figure improved 8.6% from the prior-year quarter.

Results reflect higher recurring revenues year over year, led by strong demand for digital infrastructure and services. The company added 7,100 total interconnections, driven by cloud and enterprise connectivity in the quarter, thereby reaching more than 499,000 total interconnections. The company also raised its AFFO per share outlook for 2025.

Total quarterly revenues of $2.32 billion missed the Zacks Consensus Estimate by just 0.32%. However, the top line increased 5.2% year over year.

Per Adaire Fox-Martin, CEO and president of Equinix, “We continue to serve the significant and sustained demand for our differentiated infrastructure and interconnection capabilities in support of our customers’ AI and non-AI workloads. We were built and continue to build for this opportunity, increasing our topline revenue growth, improving profitability and scaling our metro-proximate capacity.”

EQIX’s Q3 in DetailRecurring revenues were $2.22 billion, up 7.6% from the year-ago quarter. Our projection for the metric was $2.16 billion. Non-recurring revenues decreased 28.9% to $101 million.

Revenues from the Americas and the EMEA rose 8% and 5.5% year over year to $1.04 billion and $784 million, respectively. However, the Asia Pacific decreased marginally to $497 million.

Adjusted EBITDA came in at $1.15 billion, up 9.5% year over year. We projected the metric at $1.14 billion. The adjusted EBITDA margin was reported at 50%.

AFFO rose 11.4% from the year-ago period to $965 million.

EQIX spent $64 million on recurring capital expenditure in the third quarter, down 7.2% on a year-over-year basis. Non-recurring capital expenditure was $1.07 billion, up 65.3% year over year.

EQIX’s Balance Sheet PositionEquinix had $6.9 billion of available liquidity as of Sept. 30, 2025. This comprised cash, cash equivalents, short-term investments and its undrawn revolver. It excludes restricted cash.

As of Sept. 30, 2025, total gross debt was around $17.3 billion. Its net leverage ratio was 3.6, and the weighted average maturity was 6.9 years as of Sept. 30, 2025.

EQIX’s DividendConcurrent with its third-quarter earnings, Equinix’s board of directors announced a quarterly cash dividend of $4.69 per share. The dividend will be paid out on Dec. 17 to its shareholders on record as of Nov. 19, 2025.

Q4 & 2025 Guidance Revision by EQIXFor the fourth quarter of 2025, Equinix projects revenues between $2.411 billion and $2.531 billion, an increase of 7% at the midpoint over the previous quarter. The adjusted EBITDA is expected to be in the range of $1.187-$1.267 billion.

The company has raised its 2025 AFFO per share guidance, which is now expected to be between $37.95 and $38.77 compared to the previous range of $37.67 and $38.48. This suggests an 8-11% increase from the previous year. The Zacks Consensus Estimate of $38.19 is within the guided range.

For 2025, Equinix has revised its guidance for total revenues in the band of $9.208-$9.328 billion compared to the prior range of $9.233-$9.333 billion. This indicates growth of 5-7% from 2024. Management predicts adjusted EBITDA in the range of $4.531-$4.611 billion compared to the previous range of $4.517-$4.597 billion. The adjusted EBITDA margin is expected to be 49%, suggesting an improvement of around 250 basis points over the previous year.

EQIX’s Zacks RankEquinix carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other REITsDigital Realty Trust (DLR - Free Report) reported third-quarter 2025 core FFO per share of $1.89, beating the Zacks Consensus Estimate of $1.78. FFO also increased 13.2% year over year.

DLR’s result reflected steady leasing momentum with better rental rates amid rising demand. The company raised its 2025 core FFO guidance range.

Healthpeak Properties, Inc. (DOC - Free Report) reported third-quarter 2025 FFO as adjusted per share of 46 cents, beating the Zacks Consensus Estimate of 45 cents. The figure compared favorably with the prior-year quarter’s 45 cents per share.

DOC’s result reflected better-than-expected revenues. Growth in total merger-combined same-store cash (adjusted) net operating income was witnessed across the portfolio. However, higher interest expenses affected the results to some extent.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

, /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, announced today that it was again recognized by Vault as having one of the top 150 internship programs in the nation. The company's multi-year, award-winning summer internship program was recognized in the categories of Best Internships for Consumer and Industrial Products; Engineering; as well as Sales, Marketing and Communications.

Hormel Foods Corporation, a Fortune 500 global branded food company, was recently recognized by Vault as having one of the top 150 internship programs in the nation.

Vault Top Ranked Internship Award logo

"It's such an honor to be recognized for our outstanding internship program," said Angie Bissen, director of talent acquisition at Hormel Foods. "We hosted nearly 100 college students from 50 different universities last summer and worked hard to provide them with a best-in-class, hands-on experience managing key projects for the company."

Vault surveyed participating interns asking them to rate their experiences in specific areas including:

Overall career development (including four separate ratings for training and mentoring, quality of assignments, real-life experience, networking opportunities),
Employment prospects (opportunity to obtain a full-time job with this organization),
Quality of life (company culture, hours, work-life balance, flexibility),
Compensation and benefits.
Hormel Foods has a long-standing track record of hiring interns to full-time positions following their graduations.

"We typically convert at least 70% of our interns into full-time team members," said Bissen. "I think this speaks volumes to the fantastic work our teams do to welcome and mentor our interns as well as provide real-world work experiences for them to keep growing."

To view the Vault list of top-ranked internships, visit Vault Internship Rankings Landing Page.

About Hormel Foods — Inspired People. Inspired Food.™
Hormel Foods Corporation, based in Austin, Minnesota, is a global branded food company with approximately $12 billion in annual revenue. Its brands include PLANTERS®, SKIPPY®, SPAM®, HORMEL® NATURAL CHOICE®, APPLEGATE®, JUSTIN'S®, WHOLLY®, HORMEL® BLACK LABEL®, COLUMBUS®, JENNIE-O® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named one of the best companies to work for by U.S. News & World Report, one of America's most responsible companies by Newsweek, recognized by TIME magazine as one of the World's Best Companies and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit hormelfoods.com.

Contact: Media Relations
[email protected]

SOURCE Hormel Foods Corporation

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Dan Deming highlights two stocks he says don't "get the attention they deserve" and a third seeing strong momentum ahead of its earnings. He highlights key trends and example options trades for Corning (GLW), Cummins Inc. (CMI), and Palo Alto Networks (PANW).

Toyota Motor Corporation (TM - Free Report) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.

The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.

Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.

As such, the Zacks rating upgrade for Toyota Motor is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Toyota Motor imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for Toyota MotorFor the fiscal year ending March 2026, this company is expected to earn $18.21 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Toyota Motor. Over the past three months, the Zacks Consensus Estimate for the company has increased 1.1%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Toyota Motor to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Investors might want to bet on American Assets Trust (AAT - Free Report) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.

The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.

As such, the Zacks rating upgrade for American Assets Trust is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For American Assets Trust, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for American Assets TrustFor the fiscal year ending December 2025, this real estate investment trust is expected to earn $2.01 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for American Assets Trust. Over the past three months, the Zacks Consensus Estimate for the company has increased 1%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of American Assets Trust to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Agilysys (AGYS - Free Report) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.

Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.

As such, the Zacks rating upgrade for Agilysys is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For Agilysys, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for AgilysysFor the fiscal year ending March 2026, this software provider for the lodging and leisure sectors is expected to earn $1.66 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Agilysys. Over the past three months, the Zacks Consensus Estimate for the company has increased 4.1%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Agilysys to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Investors might want to bet on Ameris Bancorp (ABCB - Free Report) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.

The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.

Therefore, the Zacks rating upgrade for Ameris Bancorp basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For Ameris Bancorp, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for Ameris BancorpFor the fiscal year ending December 2025, this bank is expected to earn $5.75 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Ameris Bancorp. Over the past three months, the Zacks Consensus Estimate for the company has increased 1%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Ameris Bancorp to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Cirrus Logic (CRUS - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.

Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.

As such, the Zacks rating upgrade for Cirrus Logic is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For Cirrus Logic, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for Cirrus LogicFor the fiscal year ending March 2026, this chipmaker is expected to earn $7.11 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Cirrus Logic. Over the past three months, the Zacks Consensus Estimate for the company has increased 7.6%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Cirrus Logic to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Key Takeaways TotalEnergies' Q3 earnings of $1.77 missed estimates but rose 1.7% year over year.Revenues fell 6.4% to $48.69B but topped forecasts on a stronger production ramp-up.Refining & Chemicals income surged 185.1%, driving overall operating income growth.
TotalEnergies SE (TTE - Free Report) reported third-quarter 2025 operating earnings of $1.77 (€1.50) per share, which missed the Zacks Consensus Estimate of $1.81 by 2.2%. The bottom line improved 1.7% from the year-ago figure of $1.74 (€1.58).

TTE’s Total RevenuesTotal revenues for the third quarter were $48.69 billion, which declined from the year-ago reported figure of $52.02 billion by 6.4%. However, the figure beat the Zacks Consensus Estimate of $41.1 billion by 18.5%.

TTE’s Q3 Production DetailsIn the third quarter, hydrocarbon production averaged 2,508 thousand barrels of oil equivalent per day (“Mboe/d”), up 4.1% year over year. This year-over-year increase was due to contributions from start-ups and the ramp-up of production from existing assets. Contributions from acquired assets also boosted production volumes.

In the reported quarter, liquid production averaged 1,553 thousand barrels per day, up nearly 5.9% year over year.

Quarterly gas production was 5,182 thousand cubic feet per day, up 1.7% year over year.

TTE’s Realized PriceThe quarterly realized price for Brent was down 13.9% to $69.1 per barrel from $80.3 in the year-earlier period. The average realized liquid price was $66.5 per barrel, down 13.6% year over year.

Realized gas prices were up 4.8% year over year to $5.5 per thousand British thermal units ("Btu").

Realized LNG prices were down 10.1% year over year to $8.91 per thousand Btu.

Highlights of TTE’s ReleaseNet power production was 12.6 terawatt hours in the third quarter of 2025, up 13.5% year over year. Nearly 65% of the power generated came from renewable sources.

Net operating income was $4.66 billion, up 0.5% year over year due to strong contribution from the Refining & Chemical segment.

Interest expenses were $808 million, up 1.4% from the prior-year period.

In the third quarter of 2025, TotalEnergies acquired assets worth $474 million and sold assets worth $855 million.

TotalEnergies repurchased 99 million shares worth $6 billion in the first nine months of 2025 and in third-quarter 2025, it repurchased 36.8 million shares worth $2.3 billion.

TTE’s Segmental DetailsExploration & Production’s operating earnings were $2.16 billion, down 12.6% from $2.48 billion in the year-ago period.

Integrated LNG’s operating income was $0.85 billion, down 19.8% from $1.06 billion in the year-earlier quarter.

Integrated Power’s operating income was $571 million, up 17.7% from $485 million in the year-ago quarter.

Refining & Chemicals’ operating income of $687 million increased 185.1% from $241 million in the prior-year quarter.

Marketing & Services’ operating income of $380 million increased 4.4% from $364 million in the third quarter of 2024.

TTE’s Financial UpdateCash and cash equivalents as of Sept. 30, 2025, were $23.41 billion compared with $25.84 billion as of Dec. 31, 2024. Gearing, including leases, was 22.1% at the end of the third quarter of 2025 compared with 17.9% at third-quarter 2024-end.

Cash flow from operating activities in third-quarter 2025 was $8.35 billion, up 16.4% year over year.

TTE’s GuidanceTotalEnergies expects fourth-quarter 2025 production volumes to be in the range of 2,525-2,575 Mboe/d.

TTE anticipates investing in the range of $17-$17.5 billion in 2025. The company plans to buy back shares worth up to $1.5 billion in the fourth quarter.

TTE’s Zacks RankTotalEnergies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming ReleasesDevon Energy Corporation (DVN - Free Report) is slated to report third-quarter results on Nov. 5, after market close. The Zacks Consensus Estimate for earnings is pegged at 93 cents per share, which indicates a year-over-year decline of 15.45%.

Occidental Petroleum Corporation (OXY - Free Report) is slated to report third-quarter results on Nov. 10, after market close. The Zacks Consensus Estimate for earnings is pegged at 51 cents per share, which indicates a year-over-year decline of 49%.

Murphy Oil Corporation (MUR - Free Report) is slated to report third-quarter results on Nov. 5. The Zacks Consensus Estimate for earnings is pegged at 16 cents per share, which indicates a year-over-year decline of 78.4%.

Key Takeaways Four stocks were screened for increasing cash flow trends and solid financial resilience.RadNet, Mission Produce, Castle Biosciences and FreightCar America met all screening criteria.Each company showed improved earnings estimates and strong VGM Scores of A or B.
We are in one of the busiest weeks of the current reporting cycle, and betting on stocks based on profit numbers and earnings surprises is in trend. But looking beyond profits and figuring out a company’s cash position can be far more rewarding.

In this regard, stocks such as RadNet, Inc. (RDNT - Free Report) , Mission Produce, Inc. (AVO - Free Report) , Castle Biosciences, Inc. (CSTL - Free Report) and FreightCar America, Inc. (RAIL - Free Report) are worth buying.

Even though profit is a company’s goal, cash is necessary for its existence, development and success, and it is indeed a measure of resiliency. A profitable company can still encounter cash shortages and risk bankruptcy while meeting its obligations. However, strong cash flow provides the company with resilience against market volatility, enabling strategic flexibility, the pursuit of investment opportunities and sustained growth momentum.

Assessing a company's cash-generating efficiency has become increasingly important in today’s environment, marked by global economic uncertainties, market disruptions and liquidity challenges stemming from geopolitical tensions.

To figure out this efficiency, one needs to consider a company’s net cash flow. While in any business, cash moves in and out, it is net cash flow that explains how much money a company is actually generating.

If a company is experiencing a positive cash flow, it denotes an increase in its liquid assets, which gives it the means to meet debt obligations, shell out for expenses, reinvest in the business, endure downturns and finally return wealth to shareholders. On the other hand, a negative cash flow indicates a decline in the company’s liquidity, which in turn lowers its flexibility to support these moves.

However, having a positive cash flow merely does not secure a company’s future growth. To ride on the growth curve, a company must have its cash flow increasing because that indicates management’s efficiency in regulating its cash movements and less dependency on outside financing for running its business.

Therefore, keep yourself abreast with the following screen to bet on stocks with rising cash flows.

Screening Parameters:To find stocks that have seen increasing cash flow over time, we ran the screen for those whose cash flow in the latest reported quarter was at least equal to or greater than the 5-year average cash flow per common share. This implies a positive trend and increasing cash over a period of time.

In addition to this, we chose:

Zacks Rank 1: No matter whether market conditions are good or bad, stocks with a Zacks Rank #1 (Strong Buy) have a proven history of outperformance. You can see the complete list of today’s Zacks #1 Rank stocks here.

Average Broker Rating 1: This indicates that brokers are also highly hopeful about the company’s future performance.

Current Price greater than or equal to $5: This sieves out low-priced stocks.

VGM Score of B or better: This score is also of great assistance in selecting stocks. Importantly, this scoring system helps in picking winning stocks in their industry categories.

Here are four stocks that qualified the screening:

RadNet, Inc., is a national market leader providing high-quality, cost-effective diagnostic imaging services through a network of fully-owned and operated outpatient imaging centers. RadNet offers radiology IT and AI solutions through its DeepHealth brand, and other products and services for diagnostic imaging clients.

The Zacks Consensus Estimate for 2025 earnings per share has improved significantly to 45 cents from 16 cents over the past three months. RDNT has a VGM Score of B.

Mission Produce sources, produces, packs, distributes and markets avocados principally in the United States and internationally. The company serves retail, wholesale and foodservice customers.

The Zacks Consensus Estimate for Mission Produce’s fiscal 2025 earnings has been revised upward by 13.6% to 67 cents per share over the past two months. AVO has a VGM Score of A.

Castle Biosciences is a diagnostic company providing tests for skin cancers, Barrett’s esophagus and uveal melanoma, with R&D efforts targeting additional high-need conditions like moderate-to-severe atopic dermatitis.

Estimates for Castle Biosciences’ 2025 earnings have improved over the months, depicting analysts’ optimism about the company’s prospects. Also, CSTL has a VGM Score of B.

FreightCar America designs, manufactures and supplies railroad freight cars, along with railcar parts and components. The company also provides railcar repair services, full railcar rebody solutions and railcar conversion projects that return idle rail assets to active, revenue-generating use.

The Zacks Consensus Estimate for FreightCar America’s current-year earnings has moved 14.9% north over the past three months to 54 cents per share. RAIL currently has a VGM Score of A.

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Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance

.

Q3: 2025-10-29 Earnings SummaryEPS of $1.65 beats by $0.25

 |

Revenue of

$178.98M

(44.76% Y/Y)

beats by $7.12M

Bel Fuse Inc. (BELFA) Q3 2025 Earnings Call October 30, 2025 8:30 AM EDT

Company Participants

Farouq Tuweiq - President, CEO & Director
Lynn Hutkin - CFO, Treasurer, Secretary & Principal Accounting Officer

Conference Call Participants

Jean Young - Three Part Advisors, LLC
Robert Brooks - Northland Capital Markets, Research Division
Theodore O'Neill - Litchfield Hills Research, LLC
James Ricchiuti - Needham & Company, LLC, Research Division
Danny Eggerichs - Craig-Hallum Capital Group LLC, Research Division
Christopher Glynn - Oppenheimer & Co. Inc., Research Division
Luke Junk - Robert W. Baird & Co. Incorporated, Research Division
Hendi Susanto - Gabelli Funds, LLC

Presentation

Operator

Ladies and gentlemen, good morning, and welcome to the Bel Fuse Inc. Third Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to Jean Marie Young with Three Part Advisors. Please go ahead.

Jean Young
Three Part Advisors, LLC

Thank you, and good morning, everyone.

Before we begin, I'd like to remind everyone that during today's conference call, we will make statements relating to our business that will be considered forward-looking statements under federal securities laws, such as statements regarding the company's expected operating and financial performance for future periods, including guidance for future periods in 2025. These statements are based on the company's current expectations and reflect the company's views only as of today and should not be considered representative of the company's views as of any subsequent date. The company disclaims any obligation to update any forward-looking statements or outlook.

Actual results for future periods may differ materially from those projected by these forward-looking statements due to a number of risks, uncertainties and other factors. These material risks are summarized in the press release that we issued after market close yesterday. Additional information about the material risks and

Recommended For You

CALGARY, AB / ACCESS Newswire / October 30, 2025 / CANEX Metals Inc. ("Canex") is pleased to report that at its Annual & Special Meeting, held on October 30, 2025, Shane Ebert, Jean-Pierre Jutras, Lesley Hayes, Gregory Hanks and Blair Schultz were re-elected to the Board of Directors. Shareholders also approved fixing the number of directors at five, the appointment of BDO Canada LLP as Auditors and ratified Canex's stock option plan.

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Qorvo (QRVO - Free Report) . This company, which is in the Zacks Semiconductors - Radio Frequency industry, shows potential for another earnings beat.

When looking at the last two reports, this chipmaker has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 44.49%, on average, in the last two quarters.

For the most recent quarter, Qorvo was expected to post earnings of $0.62 per share, but it reported $0.92 per share instead, representing a surprise of 48.39%. For the previous quarter, the consensus estimate was $1.01 per share, while it actually produced $1.42 per share, a surprise of 40.59%.

Price and EPS Surprise

With this earnings history in mind, recent estimates have been moving higher for Qorvo. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Qorvo currently has an Earnings ESP of +7.69%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #2 (Buy) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on November 3, 2025.

Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.

Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Key Takeaways BHRG underwrites reinsurance globally, steadily boosting Berkshire's insurance underwriting earnings.BRK.B's float rose from $114B in 2017 to $174B in Q2 2025, fueling investments and acquisitions.BRK.B shares are up 5% YTD, with consensus estimates showing rising revenues through 2026.
Berkshire Hathaway’s (BRK.B - Free Report) insurance portfolio includes GEICO (auto insurance), Berkshire Hathaway Primary Group and Berkshire Hathaway Reinsurance Group (“BHRG”). While GEICO serves as the cornerstone, BHRG is an important pillar, producing underwriting “float” that Warren Buffett has long leveraged for investments.

BHRG underwrites excess-of-loss, quota-share and facultative reinsurance across 24 countries.  Given the unprecedented nature of catastrophes, profitability can be volatile, but its contribution to insurance pre-tax underwriting earnings has been continually increasing.

BHRG is also a major contributor to Berkshire’s float—the premiums collected before claims are paid—which can be invested to generate returns without drawing on shareholder capital. Float, a low-cost capital source for the company, has grown from approximately $114 billion at the end of 2017 to $174 billion at the end of the second quarter of 2025, underscoring that Berkshire consistently achieves underwriting profitability. This means that it not only grows float but does so while earning a profit.

The profits and float generated by BHRG are deployed in growth initiatives (GEICO and other primary insurance units) and for funding strategic acquisitions and making equity investments across the company.

BHRG’s disciplined and prudent underwriting, financial capacity and efficient capital utilization make it a vital growth engine for Berkshire Hathaway. It not only delivers consistent profitability across insurance operations but also strengthens Berkshire’s ability to invest strategically, diversify its portfolio and compound value through market cycles.

What About BRK.B’s Competitors?Reinsurance operations are crucial to the growth, stability and profitability of both Arch Capital Group (ACGL - Free Report) and Everest Group (EG - Free Report) .

For Arch Capital, reinsurance provides diversified earnings, global reach and capital efficiency, complementing its insurance and mortgage segments. ACGL’s disciplined underwriting and selective risk appetite help deliver consistent profitability and strong returns on equity.

For Everest Group, the reinsurance division anchors its business model, offering a balanced portfolio across property, casualty, and specialty lines. By leveraging deep client relationships, analytics and prudent risk management, EG achieves stability despite catastrophe volatility.

For both Arch Capital and Everest Group, reinsurance serves as a strategic growth engine and a key source of long-term value creation.

BRK.B’s Price PerformanceShares of BRK.B have gained 5% year to date, outperforming the industry.

Image Source: Zacks Investment Research

BRK.B’s Expensive ValuationBRK.B trades at a price-to-book value ratio of 1.53, above the industry average of 1.5. It carries a Value Score of D.

Image Source: Zacks Investment Research

Estimate Movement for BRK.BThe Zacks Consensus Estimate for BRK.B’s third-quarter 2025 EPS has moved 23% north over the past 30 days, while that for fourth-quarter 2025 has witnessed no movement in the same time frame. The consensus estimate for full-year 2025 EPS moved 0.3% north over the past 30 days, while that for 2026 witnessed no movement in the same time frame.
 

Image Source: Zacks Investment Research

The consensus estimates for BRK.B’s 2025 and 2026 revenues indicate year-over-year increases. While the consensus estimate for BRK.B’s 2025 EPS indicates a decline, the same for 2026 suggests an increase.

BRK.B stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key takeaways:

Bitcoin’s bearish MACD cross and engulfing candle on the three-week chart signal a cycle top. 

Market analysts suggest that 558 days post-2024 halving indicate the Bitcoin bull cycle’s top is imminent.

Other analysts say BTC price still has room to run, with $180,000 still in the cards.

Bitcoin (BTC) price traded 3% lower on Thursday and 13% below its $126,000 all-time high reached on Oct. 6, with some traders suggesting that this level may have marked the cycle top for BTC. 

Bitcoin technicals suggest “top is in“Bitcoin’s price action appears to have confirmed a “bearish MACD crossover,” according to one crypto analyst, who suggests this could signal the end of the BTC bull run based on historical patterns. 

There is a “pending bearish MACD crossover on Bitcoin's 3-week chart,” analyst Jesse Olson said in an X post on Wednesday, adding: 

“The histogram also shows longer-term bearish divergence.”The crossover was confirmed once the moving average convergence indicator (MACD) (blue wave)— a technical indicator used by traders to identify trend changes and momentum shifts — moved below the signal line (orange wave), as shown in the chart below. 

Note that the last two times MACD sent this bearish signal were at the height of the 2017 and 2021 bull cycles, marking the top for Bitcoin.

BTC/USD three-week chart. Source: Cointelegraph/TradingViewThe same three-week chart shows the appearance of a “bearish engulfing candle” similar to the ones seen at the peak of the 2017 and 2021 bull cycles. 

These and “several other warnings suggest that the top is in,” Jesse Olson said in another post on Thursday. 

These include declining network activity, pointing to reduced onchain demand. Data from Nansen reveals that the number of daily active addresses on the Bitcoin network decreased by 30% in October, from 632,915 to 447,225. 

Bitcoin active addresses. Source: NansenA reducing number of daily active addresses signals waning network engagement and less user demand, often preceding price corrections or prolonged consolidation. 

Bitcoin’s imminent cycle peakPseudonymous trader and investor Mister Crypto backed the cycle top thesis with the assertion that Bitcoin has reached a point where it “historically peaks out,” based on its four-year halving cycle.

Looking back at past Bitcoin halving cycles in 2012 and 2016, there’s indeed a similar trend. The price gradually builds momentum, typically reaching its peak between 518 and 580 days after the halving event, as illustrated in the chart below. 

It has been 558 days since the 2024 Bitcoin halving, which places the BTC market within +40 days of the historical 518-580 day peak window. 

“We are right around the time where Bitcoin historically peaks out,” Mister Crypto said in an X post, asking:

“Will this time be different?”Bitcoin: Days since last halving. Source: Mister CryptoFellow analyst CryptoBird said Bitcoin may only have a few days of price expansion left in the cycle, especially if it follows historical patterns based on past halvings. 

In his latest Bitcoin analysis, CryptoBird said Bitcoin is “consolidating before an explosion and the top window is open.”

Final leg waiting room.

BTC is rangebound at $112K, ETFs rising, fear fading. It's consolidating before explosion and top window is open.

You're not ready for what's coming.

(Thread)🧵 pic.twitter.com/g35tkf9tG2

— CRYPTO₿IRB (@crypto_birb) October 29, 2025
As Cointelegraph reported, some analysts, such as BitMEX's Arthur Hayes, say that the Bitcoin four-year cycle is dead, arguing that prices are currently driven by monetary policy and liquidity, rather than halvings. 

Others see a diminishing halving impact, arguing that a positive interest rate cycle, institutional adoption through ETFs and Bitcoin treasury companies and maturation as a mainstream asset, which could lead to more upside in 2026 for Bitcoin. 

Is Bitcoin’s upside really over?Apart from those who claim that the Bitcoin four-year cycle no longer determines the duration of the bull run, others believe that BTC still has more room to run based on technical indicators.

Bitcoin has “formed a higher low and the range remains intact,” said analyst Jelle, referring to BTC’s price action in the daily time frame.

“Reclaim the $116K region, and the fun resumes.”BTC/USD daily chart. Source: JelleFellow analyst Mags said Bitcoin is trading within a “bullish megaphone pattern” that has historically led to an upside breakout. 

“A massive breakout is loading.”#Bitcoin - Every bullish pattern on BTC has led to an upside breakout in the past.

Right now price is forming a bullish megaphone pattern.

A massive breakout is loading. pic.twitter.com/45z3WvRwKa

— Mags (@thescalpingpro) October 30, 2025
As Cointelegraph reported, the Bitcoin Mayer Multiple showed that BTC remains closer to “oversold” at current levels, suggesting that the $180,000 target is still in play.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Key Takeaways
What’s happening with Ethereum?
Ethereum’s daily active addresses have reached an all-time high of 1.985 million, while gas fees dropped to historic lows of $0.01 per transaction.

Why does it matter?
Despite a four-day price decline, Ethereum’s growing network activity and efficiency signal strong fundamentals, reinforcing the long-term HODL case.

Ethereum’s network activity is surging to record levels even as its price slides for the fourth consecutive day. This has left investors asking: Should you keep HODLing ETH through the dip?

Ethereum tokens see more activity
Data from CryptoQuant shows the Ethereum Ecosystem Daily Activity Index has reached a new all-time high of 1.985 million.

The data tracks the 30-day Simple Moving Average [SMA-30] of daily active addresses across 76 ERC-20 tokens. 

Source: CryptoQuant

This sustained uptrend highlights growing on-chain engagement, not short-term speculation, underscoring the network’s fundamental strength.

Gas fee continues to drop
At the same time, Ethereum transaction fees have fallen to historic lows of 0.16 gwei, which is roughly $0.01 per transaction. This comes even as the network processes over 1.6 million daily transactions.

Data from Etherscan confirm that gas prices have hovered near record lows through most of October, despite brief early-month spikes near 18 gwei. 

This stability points to major improvements in Ethereum’s scalability and cost-efficiency, thanks to upgrades in rollup compression, Layer-2 efficiency, and validator participation.

ETH price under pressure
Despite these bullish fundamentals, ETH has dropped nearly 3% in the past 24 hours, trading around $3,796 at press time. 

The decline extends its four-day losing streak, as broader market sentiment remains cautious after the Federal Reserve’s rate cut earlier this week.

Source: TradingView

Analysis shows that price and fundamentals don’t always move in sync. Ethereum’s surging network activity and record-low transaction costs suggest underlying strength that could take time to reflect in price action. 

When on-chain metrics rise and fees fall, it usually signals preparation for the next growth phase.

The HODL case
Ethereum’s resilience lies in its ecosystem, not just its token price. As participation climbs and costs remain low, the network continues to attract new users, developers, and liquidity. 

For long-term holders, these trends make a strong argument to stay the course rather than panic-sell. Ethereum’s fundamentals are solid, and for patient investors, that’s often reason enough to keep HODLing.

Market buzz revolves around over 100M sold off by Cardano's whales, but the $1 target might still be intact.

Ethereum traders are cooking up a cauldron of leverage on the eve of Halloween. With the October expiry landing on Oct. 31, the charts look like something straight out of a haunted mansion — full of eerie calm, hidden leverage, and a few lurking liquidations.

In brief
Bernstein initiated coverage of SharpLink with an "outperform" rating.
The analysts said Ethereum is an ideal asset for crypto treasury strategies.
SharpLink shares should trade at a premium to its Ethereum holdings, they added.
Analysts at investment firm Bernstein initiated coverage of SharpLink Gaming with an “outperform” rating on Thursday, saying the Ethereum treasury firm’s shares could nearly double as the Federal Reserve lowers borrowing costs.

Bernstein analysts issued a price target of $24 per share for SharpLink, representing an 80% increase from current prices. The firm’s shares recently changed hands around $13.08, after peaking at $124.12 earlier this year, according to Yahoo Finance.

“We expect SBET to emerge as a compliant-first-institutional focused investment vehicle to access Ethereum as an investment and yield-generating asset,” the analysts wrote. “As we head into a lower rate regime, we expect significant investor appetite for SBET’s ability to deliver a sustainable Ethereum yield over the industry Ethereum staking yield.”

Like Strategy, the world’s largest corporate holder of Bitcoin, SharpLink seeks to grow the amount of cryptocurrency that it owns per diluted share to maximize value for shareholders. SharpLink currently owns 859,400 Ethereum that was recently worth $12.65 billion.

Unlike Bitcoin, Ethereum can be natively staked, allowing anyone to earn rewards by participating in the process of validating transactions. That’s one factor making Ethereum “ideal for a digital assets strategy,” they wrote, along with the asset’s robust liquidity.

“Ethereum’s sustainable native staking yield (and other blockchain based yield opportunities) allows a digital asset treasury model to build sustainable operating earnings from the core treasury strategy over and above the capital market funded acquisitions,” they wrote.

Bernstein highlighted SharpLink’s management team, including its Chairman, Ethereum co-founder Joseph Lubin, who also created Consensys, the firm behind MetaMask. (Disclaimer: Consensys is one of 22 investors in an editorially independent Decrypt.)

SharpLink’s management team is “strongly aligned with the Ethereum ecosystem,” the analysts noted. Earlier this week, SharpLink signaled it would eventually deploy $200 million worth of its Ethereum holdings into Ethereum layer-2 Linea, which Consensys created. 

The company said that would allow them to generate enhanced yield, which includes rewards from securing EigenCloud Autonomous Verifiable Services through a process known as restaking.

“This will likely enable them to generate incremental yield from multiple sources,” Bernstein analysts wrote. “Over the long term, we believe, SBET’s differentiation could result in more sustainable economics and greater ability to tap institutional debt and equity markets.”

‘Significantly Undervalued’

Although SharpLink can grow its Ethereum holdings sustainably through staking and associated activities, a common tool among its competitors hasn’t been consistently available.

Most treasury firms grow the amount of crypto that they own per share by issuing common equity. When a company’s shares trade at a premium relative to its crypto holdings, the move allows firms to grow their holdings by capitalizing on the difference.

Oftentimes, this premium is referred to as mNAV, or multiple-to-net asset value. Some view this metric as indicative of investors’ faith in a company’s vision for delivering on its strategy, whether that involves Bitcoin, Ethereum, or other digital assets.

Bernstein’s price target indicates a 15% premium to its crypto holdings, reflecting an ability to generate yield at a compound annual growth rate of 3.4% over the next decade. It also captures 2.4% yield from Ethereum and 1% from Ethereum and share purchases, they wrote.

On Thursday, SharpLink had an mNAV of 0.88, according to Strategic Ethereum Reserve. That means the company was valued at a 19% discount relative to its crypto holdings.

“We believe the premium to SBET’s ETH NAV is justified, driven by its ability to use leverage and ETH staking yields,” the analysts wrote, while acknowledging that market sentiment could also play a role and lead to fluctuations in SharpLink’s share price.

The company’s stock price plummeted 70% earlier this year after a registration-of-shares filing was deemed effective by the SEC. At that point, investors that funded the company’s pivot away from gambling marketing had the opportunity to sell their shares.

Last month, SharpLink repurchased one million shares for $32 million, saying it believed its common stock was “significantly undervalued” in the market. In August, the company said it had gained approval to repurchase up to $1.5 billion worth of common shares.

Eventually, SharpLink could issue its own debt, mirroring Strategy, Bernstein analysts wrote. The Bitcoin-buying firm has historically issued convertible debt as a way to accumulate more of the asset and effectively take on leverage.

“We expect SBET to continue to deploy share buybacks to fill the discount gap,” they wrote. “We [then] expect SBET to gradually scale its debt strategy, as SBET share value stabilizes relative to its Ethereum NAV.”

Ethereum was recently trading at about $3,780, down 5.3% over the past 24 hours. It is up 13.5% year-to-date.

In a Myriad prediction market, just 7% of respondents believe that SharpLink will hold more Ethereum than BitMine Immersion, which currently has the largest ETH treasury. Myriad is a unit of Dastan, the parent company of Decrypt.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Whales sold 100M ADA in 72 hours, pushing Cardano’s price down to $0.64. Key support sits at $0.55 as market momentum remains weak.

Cardano (ADA) faced strong selling pressure this week after large holders moved a large amount of tokens. Around 100 million ADA were sold in just 72 hours.

Meanwhile, this has raised new concerns among investors about the short-term direction of the asset. The sell-off also lines up with a price drop from $0.88 to $0.64.

Whales Exit Positions Within Days
Data shows that wallets holding between 100 million and 1 billion ADA trimmed their balances over a three-day period, which could be one of the reasons behind the asset’s price slip during this period.

100 million Cardano $ADA sold by whales in 72 hours! pic.twitter.com/2VXsZnx90m

— Ali (@ali_charts) October 29, 2025

Notably, the timing of the sales suggests a direct link between whale behavior and market movement. Since mid-October, the size of whale holdings has remained flat, which shows there hasn’t been much new buying activity from such accounts. This could mean that major players are staying cautious as market uncertainty persists.

What Comes Next for ADA?
In a recent video update, Martinez stated that Cardano “may still see one more leg down” before any meaningful recovery. He pointed to the $0.55 level as a key area of interest, where increased buying activity could lead to a price rebound. He also mentioned a potential upward move toward $0.74 if a bounce occurs from that support zone.

Moreover, as CryptoPotato reported, Martinez pointed to a possible long-term move toward $1.70 but noted it would likely need much stronger momentum to play out.

You may also like:

Apex Fusion Unveils Reputation-Based Airdrop System on Cardano

Cardano Hits 1M Transactions but is ADA’s Price Finally About to Break $1?

$0.84 Barrier Crushed: Experts Say Cardano (ADA) Could Be Just Getting Started

Price Levels and Trading Indicators
At the time of writing, ADA is trading at $0.64. It’s down slightly over the last 24 hours, but still up 1% across the past week. The $0.64 mark is being watched as a short-term support level.

Momentum remains weak as the Relative Strength Index (RSI) is at 40. That’s below the midpoint of 50, showing low demand. However, it hasn’t yet reached the oversold zone, which starts at 30.

Source: TradingView
Another key signal, the MACD, has shown a small bullish crossover. The MACD line recently crossed above the signal line. While this is often seen as a sign of changing momentum, the move is still weak and hasn’t confirmed a trend shift yet.

Institutional Flows and ETF Listing
This week, Cardano recorded $300,000 in outflows from crypto investment funds, based on CoinShares data. That follows $3.7 million in inflows the week before. The drop suggests that investor interest has cooled for now.

On a different note, ADA was recently included in the REX-Osprey Top 10 Crypto Index ETF, according to market commentator Mintern. This development could bring added visibility to Cardano among investors tracking regulated products.

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