Wall Street Weekly: Riskified Tops $1B, Similarweb Slides on New CEO
Wall Street finished the week higher as Israeli tech firms made waves. Riskified surpassed a $1 billion valuation, Similarweb shares slid following a CEO appointment, and Ormat secured up to $35 million in US energy funding.
Wall Street closed the trading week on a positive note, with major indices including the S&P 500, Dow Jones, and Nasdaq adding 0.5% to 0.6% over the final two trading days of the week. Several Israeli and Israel-linked companies stood out during the sessions.
Riskified Hits Almost a 5-Year High, Surpassing $1 Billion Valuation
A 10.8% surge in Riskified stock last Thursday brought the share price to levels not seen since late 2021. On Friday, the stock experienced a slight correction, yet ended the week with a market capitalization exceeding $1 billion for the first time in a long period. Riskified is a fintech firm providing e-commerce fraud prevention solutions. Led by co-founder and CEO Eido Gal, the company went public on the New York Stock Exchange during the 2021 IPO boom at a valuation of $3.3 billion, a mark it has not yet reached again.
The company released no reports last week that would directly explain the stock spike. According to the investment platform Zacks, Riskified is benefiting from rising demand driven by increasingly sophisticated fraud methods.
In its second-quarter earnings report released last month, Riskified posted its highest revenue growth in recent years, with revenues up 22% to $98.7 million. The company reported a net loss of $9.1 million—an improvement compared to the same quarter last year—while positive EBITDA reached $3.9 million.
Riskified expects to conclude 2026 with revenues between $400 million and $410 million, and an EBITDA of $33 million to $39 million. The midpoint of this forecast reflects a 17.5% increase in revenues and a 34.7% jump in EBITDA compared to 2025.
Similarweb Shares Slide Amid New CEO Appointment
Months ago, software firm Similarweb announced that founder Or Offer intended to step down as CEO by mid-2027. Last Thursday, the company announced his successor, who will take office as early as early November—sooner than expected: Michael Ackerman, currently serving as chief business officer at Digital Turbine and previously holding senior roles at Uber Technologies and Pinterest. In response to the announcement, Similarweb shares tumbled 12.2% on Thursday, before rising about 0.7% on Friday. By the end of the trading week, the stock closed at a price reflecting a market cap of $669 million.
Similarweb analyzes online user behavior, providing its clients with data that generates crucial business insights. The company debuted on the stock market in 2021 at a valuation of $1.6 billion.
Alongside the CEO transition announcement, several reports surfaced in recent weeks regarding share sales by Offer. Earlier this year, when the stock plummeted to historic lows, Offer and several executives acquired shares at prices ranging between $3.20 and $3.90 per share. Since then, Similarweb stock has rebounded significantly, and recent disclosures indicate Offer sold shares totaling $4.5 million this month at prices ranging from $7.69 to $8.54 per share. Commenting on Ackerman’s appointment, Offer stated: "I have dedicated nearly 20 years to building this company, and I could not be prouder of where we stand today—a business that has successfully navigated the transition into the AI era and is well-positioned for its next growth phase." Offer added that Ackerman brings high standing, deep expertise, and immense energy to propel Similarweb forward.
Ormat to Receive Up to $35 Million from US Department of Energy
Geothermal energy firm Ormat Technologies announced on Friday that it has been selected to receive up to $35 million in funding from the US Department of Energy (DOE). Dual-listed Ormat, led by CEO Doron Blachar, trades simultaneously on the New York Stock Exchange and the Tel Aviv Stock Exchange, boasting a market cap of approximately $5.8 billion. The stock edged up 1.2% following the announcement, though its share price remains roughly 35% below its peak earlier this year.
The funding will support two major projects: the Dixie Valley project in Nevada, receiving up to $25 million to support Enhanced Geothermal Systems (EGS) well design, drilling, testing, and validation, and the Cove Fort project, backed by up to $9.7 million to support well drilling and subsurface characterization. CEO Blachar noted that these grants underscore the importance of innovation and collaboration in advancing geothermal development across the United States.
