High BETA stocks & Low BETA stocks
through June 10, 2022

There are fewer high BETA stocks and low BETA stocks than last week.  The extremely strong and extremely weak correlations between stocks and the indices are weakening.

The BETA of a stock is the degree of correlation between that stock and a specific stock index.  In our case, we use the $SPY, or the S&P 500 Index ETF to calculate annual BETA based on daily adjusted close prices. 

A stock with a very high BETA exaggerates and amplifies the movements of stock index.  A stock with a very low BETA moves very little relative to the overall market, and in some cases moves independently to the exchange.  As an example, Kellogg stock moves with customer's preference for Tony the Tiger on their cereal box, and likely not due to economic conditions. 

High BETA stocks may be more risky, as they act as a leveraged 'bet' on the overall stock market.  Stocks with low BETA tend to be seen as safe and less volatile.

If the overall US equities markets move, high BETA stocks tend to move more, and low BETA stocks tend to move less, all other conditions being equal.

We see fewer high and low BETA stocks in the past few weeks. Not sure what this means, but it seems important

Positive Net Income & Positive Cash Flow from Operations
(market cap > $25M, traded every day the past year, positive BETA):

​BETA >= 2.50:
    1 SI      Silvergate Capital Corp                        3.339
    2 COIN    Coinbase Global Inc                            2.719
    3 APPS    Digital Turbine Inc                            2.704
    4 SITM    SiTime Corp                                    2.688
    5 TTD     Trade Desk Inc                                 2.571
    6 LC      LendingClub Corp                               2.537
    7 LEU     Centrus Energy Corp                            2.524
There were 10 last week.
​

BETA >= 0.20:
    0 K       Kellogg Co                                     0.021
    1 TCFC    Community Financial Corp                       0.027
    2 CVLY    Codorus Valley Bancorp  Inc.                   0.037
    3 AZPN    Aspen Technology Inc                           0.044
    4 BRG     Bluerock Residential Growth REIT Inc           0.046
    5 TREC    Trecora Resources                              0.049
    6 FNCB    FNCB Bancorp Inc                               0.049
    7 FFNW    First Financial Northwest Inc                  0.050
    8 HWBK    Hawthorn Bancshares Inc                        0.060
    9 NEM     Newmont Corp                                   0.066
   10 MRBK    Meridian Corp                                  0.067
   11 ISTR    Investar Holding Corp                          0.067
   12 ASRV    Ameriserv Financial Inc                        0.070
   13 WMPN    William Penn Bancorporation                    0.073
   14 GBTG    Global Business Travel Group Inc               0.079
   15 SBFG    SB Financial Group Inc                         0.089
   16 WBT     Welbilt Inc                                    0.093
   17 CR      Crane Holdings Co.                             0.098
   18 WVVI    Willamette Valley Vineyard Inc.                0.128
   19 FCCO    First Community Corp.                          0.129
   20 LSAK    Lesaka Technologies Inc                        0.131
   21 PNM     PNM Resources Inc                              0.132
   22 HRL     Hormel Foods Corp.                             0.133
   23 UTL     Unitil Corp.                                   0.133
   24 NWFL    Norwood Financial Corp.                        0.138
   25 CALB    California Bancorp                             0.157
   26 SEB     Seaboard Corp.                                 0.162
   27 UBCP    United Bancorp  Inc. (Martins Ferry  OH)       0.166
   28 ATLO    Ames National Corp.                            0.166
   29 KMB     Kimberly-Clark Corp.                           0.167
   30 CBAN    Colony Bankcorp  Inc.                          0.170
   31 TSBK    Timberland Bancorp  Inc.                       0.170
   32 LMT     Lockheed Martin Corp.                          0.170
   33 EBMT    Eagle Bancorp Montana Inc                      0.176
   34 SASI    Sigma Labs Inc                                 0.178
   35 ATVI    Activision Blizzard Inc                        0.181
   36 CPB     Campbell Soup Co.                              0.188
   37 CRWS    Crown Crafts  Inc.                             0.190
   38 CLX     Clorox Co.                                     0.198
   39 CMS     CMS Energy Corporation                         0.200

There were 41 last week.

Negative Net Income
(market cap > $25M, traded every day the past year, positive BETA):

BETA >= 2.50:
1 AFRM Affirm Holdings Inc 3.47
2 PRTY Party City Holdco Inc 3.45
4 MARA MARATHON DIGITAL HOLDINGS  INC. 3.28
5 FTCH Farfetch Ltd 3.05
6 RIOT Riot Blockchain Inc 3.01
7 AMRS Amyris Inc 3.00
8 ACCD Accolade Inc 2.97
9 BTBT Bit Digital Inc 2.96
10 CLSK Cleanspark Inc 2.93
11 MSTR Microstrategy Inc. 2.90
12 REAL Therealreal Inc 2.88
13 BKKT Bakkt Holdings Inc 2.86
14 ASAN Asana Inc 2.83
15 CVNA Carvana Co. 2.79
16 EOSE Eos Energy Enterprises Inc 2.70
17 DOCN DigitalOcean Holdings Inc 2.69
18 AVCT American Virtual Cloud Technologies Inc 2.69
19 ANY Sphere 3D Corp 2.68
20 SQ Block Inc 2.68
21 FUBO fuboTV Inc. /FL 2.66
22 BILL Bill.com Holdings Inc 2.63
23 IONQ IonQ Inc 2.62
24 NET Cloudflare Inc 2.60
25 ARCT Arcturus Therapeutics Holdings Inc 2.59
26 SPT Sprout Social Inc 2.59
27 U Unity Software Inc 2.58
28 VERI Veritone Inc 2.56
29 ZY Zymergen Inc 2.56
30 SEER Seer Inc 2.55
31 SKLZ Skillz Inc 2.54
32 GLBE Global E Online Ltd 2.53
33 PACB Pacific Biosciences of California Inc 2.52
34 PRCH Porch Group Inc 2.51
35 DNMR Danimer Scientific Inc 2.51
36 OPEN Opendoor Technologies Inc 2.51
37 VRM Vroom Inc. 2.50
38 ATOM Atomera Inc 2.50
There were 39 last week.

BETA >= 0.20:
0 MIC Macquarie Infrastructure Holdings LLC 0.04
1 ICCC Immucell Corp. 0.05
2 RNGR Ranger Energy Services Inc 0.06
3 IAG Iamgold Corp. 0.08
4 SRLP Sprague Resources LP 0.13
5 RMCF Rocky Mountain Chocolate Factory Inc 0.14
6 SREV ServiceSource International Inc 0.14
7 REFR Research Frontiers Inc. 0.14
8 SLV iShares Silver Trust 0.15
9 NYMX Nymox Pharmaceutical Corp 0.16
10 VG Vonage Holdings Corp 0.18
11 TARO Taro Pharmaceutical Industries 0.19
12 SPOK Spok Holdings Inc 0.20

​There were 12 last week.

ETF:
3 TNA Direxion Daily Small Cap Bull 3X Shares 3.34

Stocks with very low, positive BETA do not move with changes in the S&P 500.  They act independently of the overall market movements.  Some are consumer staples, small banks, or utilities that have not been moving very much (and demand seems impervious to economic cycles).  These may be considered safer in a downward moving market. 

Others are moving by their own force (e.g., R&D, or politically driven), like Pfizer $PFE.