A handful of stocks will likely remain unfazed by brewing economic turbulence. In fact, they might even benefit from it.
Boston-based software company Klaviyo made a successful debut on the New York Stock Exchange (NYSE) on Wednesday, boosting hopes for a revival of the tech IPO market after a near two-year lull. The marketing and data automation provider saw its shares jump 23% to $36.75 in their debut, following the pricing of 19.2 million shares at $30 each on Tuesday, leading to a valuation of just over $9 billion on a fully diluted basis.
Late last week, sports data company Genius Sports (NYSE: GENI) plunged more than 10% in just one trading session. Interestingly, tech investor and CEO of Ark Invest, Cathie Wood, took advantage of the depressed stock price by adding 1.27 million shares to her position in the company. On the same day, Wood also sold roughly 66,000 shares of e-commerce company Shopify.