Sat. Mar 2nd, 2024
Israeli Company Cyberark Surges 16% in Two Days: What Influence Did they Have on Wall Street Over the Weekend?

Wall Street ended its trading week on a positive note, with the S&P 500 index surpassing the 5,000 point mark for the first time. The NASDAQ index also strengthened by 1.5%, while the Dow Jones index traded in a minor decline. Among the Israeli companies listed on Wall Street, Cyberark stood out as one of the top performers of the week.

Cyberark’s stock jumped 15.7% in just two trading days, adding $1.6 billion to its value and reaching a record high of 11.8 billion dollars. This makes Cyberark the fifth largest Israeli company on Wall Street after Mobileye, Check Point, Nice and Teva. The company’s strong performance can be attributed to its positive financial reports for the fourth quarter, which grew by 31.9% to $223 million, surpassing analysts’ forecasts of $210 million. Cyberark also provided a positive forecast for the first quarter and 2024, with revenues expected to be between $209-215 million and a net profit per share of 21-31 cents respectively, higher than analysts’ forecasts of $24 cents and $0.47 cents respectively.

In contrast, Onds announced its intention to delist from trading on the Tel Aviv Stock Exchange after falling by 31.5% since it began trading there last January despite being an American technology company listed simultaneously on Nasdaq. On Friday, Onds shares rose by 8.4%, reflecting a market value of $88 million but still down from its peak price before listing on the Tel Aviv Stock Exchange. Another American company Stixspay also experienced significant growth this week, jumping 17% and dealing in technology for satellite communications after receiving permission from NYSE management to meet their trading conditions again until May 2025 despite previously receiving a warning that they did not meet them initially due to business and technology developments anticipated in future positive reports of new customers and new orders which will lead to higher market value

By Editor

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