Ten stocks ended the first trading week of the month with double-digit gains, bucking a mixed performance on the broader market, as investor sentiment was boosted by industry-specific developments.
Meanwhile, only the Dow Jones and the S&P 500 finished in the green among all Wall Street indices, up 0.51 percent and 0.01 percent, respectively. The tech-heavy Nasdaq fell 0.28 percent.
In this article, we focus on the names of the best-performing companies on Friday and detail the reasons behind their strong performance.
To come up with the list, we focused exclusively on mid-cap stocks with more than $2 billion in market capitalization and 5 million shares in trading volume.
10. Bitdeer Technologies Group (NASDAQ:BTDR)
Shares of Bitdeer Technologies jumped by 10.28 percent on Friday to close at $19.42 apiece, as investor sentiment was influenced by the rally in Bitcoin prices and an overall market optimism for more rate cuts.
As of writing, the price of Bitcoin was at $122,375, marking an increase of 9 percent from a week earlier and 1.62 percent from the previous day.
Over the next few days, investors of Bitdeer Technologies Group (NASDAQ:BTDR) will expect the announcement of its September production results.
Last month, Bitdeer Technologies Group (NASDAQ:BTDR) officially launched new self-developed Bitcoin mining machines. Called the Sealminer A3 series, the series maintains a low-noise feature while significantly reducing power consumption per unit of hash rate.
“This advancement enhances the energy efficiency and environmental sustainability of the mining process, leading to lower operational costs for miners. Moreover, its increased hashrate fulfills the requirements for large-scale mining operations, offering strong support in computational capabilities,” Bitdeer Technologies Group (NASDAQ:BTDR) said.
9. QuantumScape Corporation (NYSE:QS)
QuantumScape propelled to a new 52-week high on Friday, as investors poured funds into shares of battery companies following the US government’s ongoing initiatives to prop up the lithium industry in the country.
During the session, the stock climbed to its highest price of $16.49 before trimming gains to finish the day just up by 11.33 percent at $15.92 apiece.
Earlier this week, the US government announced plans to acquire a 5 percent stake in Lithium Americas and another 5 percent in its Thacker Pass mine in Nevada, in a bid to boost the domestic supply of lithium and reduce the country’s reliance on imports.
QuantumScape Corporation (NYSE:QS)—a company heavily reliant on lithium to produce batteries for electric vehicles—is set to indirectly benefit from the investment as switching to domestic supplies could significantly lower the costs of raw materials and reduce supply chain disruptions, especially given that China,—the largest lithium producer in the world—remains locked in a trade conflict with the US.
In other news, QuantumScape Corporation (NYSE:QS) recently announced a partnership with Corning Inc. for the joint development of ceramic separator manufacturing capabilities for QS solid-state batteries. The partnership targets to ramp up production of its ceramic separators for commercial applications.
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