Coinbase, Virgin Galactic, Nvidia, UnitedHealth, and more

Check out the companies that are making headlines during afternoon trading.

UnitedHealth – Shares of the healthcare giant are up more than 3% after results beat Street’s forecasts. Adjusted earnings were $ 5.31 per share, more than the $ 4.39 per share analysts expect, according to FactSet. UnitedHealth also raised its earnings expectations for 2021.

Virgin Galactic – Space stock plummeted more than 12% and turned negative year-on-year after a filing revealed that founder Richard Branson had sold more than $ 150 million worth of company stock in the past three days. Branson, and four entities he controls, including Virgin Group, sold 5,584,000 shares of Virgin Galactic between April 12 and April 14.

Rite Aid – Shares of the pharmacy chain plummeted more than 8% after the company’s fourth-quarter loss was greater than expected. Rite Aid reported a loss of 78 cents a share on $ 5.92 billion in revenue. Analysts polled by Refinitiv expected a loss of 76 cents a share and $ 5.80 billion in revenue. The company’s CEO said in a press release that the company was affected by a “historically mild” cold and flu season.

Coinbase – A day after the cryptocurrency exchange’s debut on the Nasdaq, shares were up 1.5%. The company received a buy rating and a price target of $ 500 a share, which is an increase of about 50% from yesterday’s close. The cryptocurrency exchange also got a vote of confidence from popular investor Cathie Wood, whose firm bought Ark Invest for approximately $ 250 million worth of Coinbase on Wednesday.

Charles Schwab – Shares of the e-broker were down more than 3%, despite a higher and lower profit in the first quarter. Schwab also said it added a record 3.2 million new customers in the first quarter of 2021. The company added approximately 2.4 million new accounts throughout 2020, excluding those added to the acquisitions.

Nvidia – Chip inventory was up 4.6% after Raymond James upgraded the company to a strong buy. “Our call … is to express our belief in both the short and long term,” the firm wrote in a note to clients. Raymond James also raised his target on the stock from $ 700 to $ 750. The new target implies a 23% increase from where the stock closed on Wednesday.

American Eagle – The retailer gained 3.7% after American Eagle said it expects sales of more than $ 1 billion in the first quarter. The figure is higher than the $ 904.1 million analysts surveyed by Refinitiv. The company told CNBC it has seen strength in its denim division and customers have started buying more tops as well.

Bank of America – Bank stock fell 2.9%, even after a quarterly report that exceeded Wall Street estimates of soaring investment banking and trading results. Some analysts, including Jefferies’ Ken Usdin, pointed to Bank of America’s increased costs in the quarter, while others identified weaker-than-expected credit growth as a concern.

CNBC’s Maggie Fitzgerald, Tom Franck, Pippa Stevens and Jesse Pound contributed to the reporting.