$HUB.TA Outpaces CyberSecurity Sector Ahead of NASDAQ Listing
After hitting dramatic lows in June that saw the ^IXIC (Nasdaq Comp. Index) down >30% YTD, Nasdaq and the tech sector as a whole has witnessed a bullish rally over the past month. Despite some of the tech giants missing the mark on Q2 earnings, Nasdaq has enjoyed robust capital inflows in the past month as investor sentiment begins to improve. The passage of the US CHIPS Act last week was seen by many tech investors as a windfall for the semiconductor, chips, and computing industry thanks to upcoming subsidies and governmental incentives for domestic manufacturers; this legislative action has infused some confidence into the broader market.
One area of the broader tech space that has consistently traded strongly despite poor performance this year are cyber security stocks. The rising trend of offensive cyber operations targeting public and private actors alike has reinforced the critical need for cyber defensive architecture. The HXR Cyber ETF as well as RDWR are +12% and +8.3% respectively, closely tracking QQQ's +12% jump the past month. Other have shown more modest growth, such as PANQ (+2%) and CHKP (+2.6%).
And then onto the outliers. FTNT got hammered in August with 12% losses due to erroneous revenue guidance issued by management on top of some analyst downgrades to overvalued. In other words, looks like Fortinet is going through a short-term correction.
Our bullish outlier is HUB Security, as Israeli confidential computing equity that is in the final stages of completing a SPAC-driven NASDAQ listing. HUB shares on TASE are up 38% in the past month and continuing to climb as more investors jump on board in anticipation of the company's much-vaunted US listing.
One area of the broader tech space that has consistently traded strongly despite poor performance this year are cyber security stocks. The rising trend of offensive cyber operations targeting public and private actors alike has reinforced the critical need for cyber defensive architecture. The HXR Cyber ETF as well as RDWR are +12% and +8.3% respectively, closely tracking QQQ's +12% jump the past month. Other have shown more modest growth, such as PANQ (+2%) and CHKP (+2.6%).
And then onto the outliers. FTNT got hammered in August with 12% losses due to erroneous revenue guidance issued by management on top of some analyst downgrades to overvalued. In other words, looks like Fortinet is going through a short-term correction.
Our bullish outlier is HUB Security, as Israeli confidential computing equity that is in the final stages of completing a SPAC-driven NASDAQ listing. HUB shares on TASE are up 38% in the past month and continuing to climb as more investors jump on board in anticipation of the company's much-vaunted US listing.
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