5 Biggest Gainers and Losers: December 29, 2020

Below you can see today’s 5 biggest gainers and losers among the stocks that are widely followed by investors. If you’d like to hear how the markets are trading today and see a more comprehensive list of the day’s biggest movers please see Tuesday’s Notable Market Movers in the Limelight.

5. Snap Inc. (NYSE:SNAP)

Snap Inc. (NYSE:SNAP) stock jumped more than 10 percent in the early trading Tuesday after receiving a price target hike from Goldman Sachs. SNAP shares are currently trading around their 52-week high. Goldman increased its price target for SNAP stock from $47 per share to $70 per share, saying the Santa Monica, California-based social media company will likely achieve faster revenue growth in the coming quarters. The research firm has a “Buy” rating for the stock.

4. RMG Acquisition Corp. (NYSE:RMG)

RMG Acquisition Corp. (NYSE:RMG) shares fell nearly 13 percent on Tuesday after the special purpose acquisition company announced that its shareholders have approved its proposed deal to merge with Romeo Power. Following the merger, the combined company will be called Romeo Power Inc., which will trade on the NYSE under the symbol “RMO.” Romeo Power is engaged in the manufacturing of lithium-ion battery modules for commercial electric vehicles (EV).

3. Pinduoduo Inc. (NASDAQ: PDD)

Pinduoduo Inc. (NASDAQ: PDD) shares soared more than 15 percent in the mid-day trading Tuesday after an analyst at KeyBanc Capital Markets said that the company could be a prime beneficiary of recently initiated antitrust proceedings against its biggest rival Alibaba (BABA). Analyst Hans Chung said the investigation mostly revolves around Alibaba’s exclusive deals with online vendors that restricts them from leaving the platform. However, Pinduoduo could greatly benefit if restrictions are removed, considering the huge number of merchants.