Compass, IonQ, Tencent Music – 24/7 Wall St.

The three main US stock indexes closed on a lackluster Thursday. Dow Jones Industrialists gained 0.08% while the S&P 500 slipped 0.07% and the Nasdaq fell 0.58%. Only five of 11 sectors ended the day higher, led by energy (3.4%) and financials (1.2%). The producer price index was down half a point month-on-month, but still up 9.8% year-on-year, possibly indicating that wage and employment growth has yet to run its course. In Friday’s premarket session, the three indices were trading down around 0.3%.

After markets closed on Thursday, Rivian Automotive beat the consensus estimate for the loss per share by a penny and topped the revenue estimate. The electric pickup truck and SUV maker reiterated 2022 production estimates of 25,000 and said it received 98,000 pre-orders for its R1 SUV. The shares were trading down around 0.7% in pre-market Friday.

Payoneer Global beat revenue and profit estimates and raised its full-year revenue forecast. Shares traded around 20% higher in premarket action.

Toast also beat estimates on the top and bottom lines. The company raised its revenue forecast for the third quarter and the full year. The shares rose about 13%.

ESS Tech hammered the consensus revenue estimate of $380,000, reporting quarterly revenue of $686,000 and a net loss per share of $0.10, much better than the expected loss of $0.15. Shares traded more than 7% on Friday.

Illumina missed both earnings and revenue estimates, supplementing a lackluster report by lowering earnings and revenue estimates for the full year. Shares traded down about 15% in Friday’s premarket.

After US markets close on Friday and before they open on Monday, Bitfarms, Li Auto and Sundial Growers will release their results.

Here’s a look at three companies expected to report quarterly results after markets close on Monday.

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Compass

Online real estate brokerage Compass Inc. (NYSE: COMP) posted its 52-week high in mid-August last year and has been on a steep downward trajectory ever since. The stock fell to a 52-week low in late June, down 79% for the period. Four consecutive quarterly revenue declines, though higher year-over-year, have fueled investors’ race for the exit. Cash flow from operations also decreased in these four quarters. At the very least, a solid turnaround plan should be in sight.

Of eight brokerages covering the business, five have strong buy or buy ratings and the rest have hold ratings. At a recent price of around $4.65 per share, the upside potential based on a median price target of $7.00 is 50.5%. At the high price target of $8.50, the upside potential is nearly 83%.

Second-quarter revenue is expected to be $2.1 billion, which would increase 50.8% sequentially and 8.2% year-over-year. Analysts had forecast a loss per share of $0.01, compared to the break-even of the previous quarters and a year ago. For fiscal 2022, current estimates call for a loss per share of $0.61, down from a loss of $1.38 per share in 2021, on sales of $7.54 billion, up about 17.4%.

Compass is not expected to post profits until 2024. The stock trades at an enterprise value to sales multiple of 0.3 for 2022. The multiple for 2023 and 2024 is 0.2. The stock’s 52-week range is $3.31 to $17.70, and the company is not paying a dividend. Total shareholder return over the past year was negative 71.6%.

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