In this article, we will take a look at the 10 biggest gainers on Thursday. If you want to check out some more stocks gaining value today, go directly to 5 Biggest Gainers on Thursday.
U.S. stocks slipped after the opening bell today. The key U.S. indices are still trying to make a rebound after August’s consumer price index (CPI) report sent them sharply lower earlier this week.
S&P 500, Dow Jones Industrial Average and NASDAQ Composite were marginally down in mid-day trading Thursday. The drop suggests that investors are avoiding riskier investments, including stocks.
However, financial stocks, including Goldman Sachs and JPMorgan, outperformed the broad market this morning. In addition, video-streaming giant Netflix, Inc. (NASDAQ:NFLX), health insurer Humana Inc. (NYSE:HUM) and luxury department store chain Nordstrom, Inc. (NYSE:JWN), also gained value today.
Shares of Netflix, Inc. (NASDAQ:NFLX) and Nordstrom, Inc. (NYSE:JWN) rose after analysts turned bullish on them. On the other hand, Humana Inc. (NYSE:HUM) shares rallied after lifting its profit outlook for the full year.
Moreover, STORE Capital Corporation (NYSE:STOR) and Wynn Resorts, Limited (NASDAQ:WYNN) were also on the list of the 10 biggest gainers on Thursday.
Photo by Austin Distel on Unsplash
10. Velo3D, Inc. (NYSE:VLD)
Number of Hedge Fund Holders: 18
Shares of Velo3D, Inc. (NYSE:VLD) rose more than five percent this morning after announcing that it sold seven Sapphire printers to Kevton Technologies, marking one of the largest sales in the history of the company.
Speaking on the development, Velo3D, Inc. (NYSE:VLD) said additive manufacturing is currently experiencing significant growth and it’s just a start. The company added that the technology would help businesses boost their market share in the coming years.
On the other hand, Kevton Technologies’ President Kevin Nguyen said their collaboration with Velo3D, Inc. (NYSE:VLD) would help them maintain their dominance in the market. Nguyen added that his company is seeing solid trends with respect to additive manufacturing technology.
9. SoFi Technologies, Inc. (NASDAQ:SOFI)
Number of Hedge Fund Holders: 22
SoFi Technologies, Inc. (NASDAQ:SOFI) is famous for its personal finance services ranging from mortgages and loans to online investing and savings accounts. The San Francisco-based company came into the limelight this morning after receiving an upgrade from BofA analyst Mihir Bhatia.
The analyst improved his ratings for SoFi Technologies, Inc. (NASDAQ:SOFI) from “Neutral” to “Buy” and lifted his price target from $8 to $9. He thinks the company’s risk/reward proposition is attractive.
Bhatia also believes SoFi Technologies, Inc. (NASDAQ:SOFI) would benefit from opportunities in student lending in the coming quarters. He also pointed towards the company’s marketing investment around NFL and user engagement associated with it.
8. STORE Capital Corporation (NYSE:STOR)
Number of Hedge Fund Holders: 22
Shares of STORE Capital Corporation (NYSE:STOR) skyrocketed over 20 percent before the opening bell on Thursday. The surge came after GIC and Oak Street decided to acquire STORE Capital in a cash transaction valued at roughly $14 billion.
STORE Capital Corporation (NYSE:STOR) said its shareholders would receive cash of $32.25 for every share they hold. The price represents a premium of 20.4 percent over the stock’s closing price in the previous trading session.
Discussing the development, STORE Capital Corporation (NYSE:STOR) said the deal offers a meaningful premium to shareholders. The company expects the deal to close in the first quarter of 2023.
7. Wynn Resorts, Limited (NASDAQ:WYNN)
Number of Hedge Fund Holders: 26
Shares of Wynn Resorts, Limited (NASDAQ:WYNN) rose nearly eight percent in mid-day trading Thursday after Credit Suisse raised its ratings for the high-end hotels and casinos operator from “Neutral” to “Outperform.”
Credit Suisse analyst Benjamin Chaiken was primarily moved by the positive trends in Vegas and an expected recovery in Macau. Chaiken also referred to the attractive risk/reward proposition of the stock. He set a price target of $117 per share for Wynn Resorts, Limited (NASDAQ:WYNN).
Like Wynn Resorts, Limited (NASDAQ:WYNN), shares of Netflix, Inc. (NASDAQ:NFLX), Humana Inc. (NYSE:HUM) and Nordstrom, Inc. (NYSE:JWN) also rose this morning.
6. Steel Dynamics, Inc. (NASDAQ:STLD)
Number of Hedge Fund Holders: 29
Steel Dynamics, Inc. (NASDAQ:STLD) is next on the list of 10 biggest gainers on Thursday. The company’s shares rose over two percent this morning after issuing its third-quarter profit guidance above expectations.
The steel producer expects to earn $5.33 – $5.37 per share on an adjusted basis, up from $4.96 per share in the corresponding period of 2021. The outlook exceeded analysts’ average estimate of $5.03 per share.
Steel Dynamics, Inc. (NASDAQ:STLD) also issued an update on the stock repurchase. The company said that it has acquired $412 million worth of its common stock so far in the third quarter.
Discussing the outlook, Steel Dynamics, Inc. (NASDAQ:STLD) said in a statement:
“Third quarter 2022 profitability from the company’s steel operations is expected to be historically strong, but significantly lower than second quarter 2022 results, due to lower earnings from the company’s flat rolled steel operations, as lower average flat rolled steel pricing is expected to more than offset lower raw material costs and higher shipments.”
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Disclosure: None. 10 Biggest Gainers on Thursday is originally published on Insider Monkey.
