Trustpilot sees significant increase in shares and raises profit forecasts

Trustpilot sees significant increase in shares and raises profit forecasts

Trustpilot, the review website, impressed investors with its revised profit forecasts, resulting in a 12.1% increase in its share price to 76.35p. Although the stock is still 70% lower than its March 2021 listing price of 265p, the Copenhagen-based company is confident about returning to profitability, projecting £2.3 million in profits for the first half of the year after incurring losses of £4.1 million last year. Trustpilot also expressed satisfaction with the progress made in the search for a new CEO following Peter Holten Muhlmann’s departure after 16 years.

Bouncing back: Shares in Trustpilot, which allows customers to leave public reviews of businesses and their services, rose 12.1% after it hiked its profit forecasts

Seraphim Space Investment Trust also experienced a surge in its share price, rising by 14.9% to 30p. The space technology venture fund enlisted JP Morgan to repurchase shares, signaling a recovery from its initial listing price of 100p two years ago, which had recently plummeted to 26p. With former Virgin Galactic boss Will Whitehorn as its chairman, the trust raised £150 million during its listing and is banking on mainstream space tourism to drive growth.

The past year has been challenging for the trust, as rising interest rates from central banks and investors’ reluctance to invest in unprofitable stocks have impacted its performance. Meanwhile, the FTSE 100 climbed 0.3% to 7440.21, supported by gains in energy and mining stocks due to rising commodity prices. Antofagasta and Glencore saw respective increases of 2.1% and 2.5%.

Stock Watch – Predator Oil & Gas

Predator Oil & Gas, operating in Morocco, Trinidad, and Ireland, witnessed a 41% surge in its share price to 13.75p following positive drilling updates. The company managed to regain investor confidence, reflecting in its market capitalization of just under £60 million.

Aptitude Software Group’s share price declined by 18.8% to 276p after the departure of its CEO Jeremy Suddards. Similarly, Carnival, a major FTSE 250 player, saw its share price drop by 4.7% due to concerns raised by Shore Capital about its debt and past investment returns. Unbound Group and ITV faced setbacks as well, with the former considering administration as an option and the latter experiencing a slight decline despite a target price increase by Deutsche Bank.

Frasers Group increased its stake in N Brown to over 18% but witnessed a 0.4% share price decline, while N Brown saw a 1.1% rise. Babcock shares, on the other hand, rose by 3.5% after securing the contract to refit the HMS Victorious nuclear submarine.

Overall, Trustpilot’s positive earnings outlook and the performance of selected stocks contributed to a 0.3% increase in FTSE 100 and a 0.3% increase in FTSE 250, supported by gains in energy and mining stocks.

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