In this article, we will take a look at the 10 stocks making big moves after earnings reports. You can skip our detailed analysis of these companies, and go directly to the 5 Stocks Making Big Moves After Earnings Reports.
Notable stocks from consumer cyclical, industrial, and technology sectors, including AutoZone, Inc. (NYSE:AZO), FedEx Corporation (NYSE:FDX), Adobe Inc. (NASDAQ:ADBE), Stitch Fix, Inc. (NASDAQ:SFIX), and Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) recently released their earnings reports.
Most of them made big moves following the results. For instance, Shares of AutoZone and Stitch Fix gained value, while Cracker Barrel shares plunged sharply. You can read the detailed review of the results and stock price movement in the remaining article.
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So, let’s start our list of 10 stocks making big moves after earnings reports.
10 Stocks Making Big Moves After Earnings Reports
10. FuelCell Energy, Inc. (NASDAQ:FCEL)
Number of Hedge Fund Holders: 14
FuelCell Energy, Inc. (NASDAQ:FCEL) recently announced better-than-expected financial results for its fiscal third quarter. The company reported a loss of 4 cents per share for the three months ended 31 July 2021, narrower than the loss of 5 cents per share in the same period last year.
Revenue for the quarter climbed 43.2 percent on a year-over-year basis to $26.8 million. Analysts were expecting FuelCell Energy, Inc. (NASDAQ:FCEL) to post a loss of 5 cents per share on revenue of $21.1 million.
If we break down the total sales, revenue from the service agreements and license climbed 102 percent to $14.3 million, while generation revenue jumped 32 percent to $6.2 million. On the downside, advanced technologies contract revenue fell 9 percent to $6.2 million.
Speaking on the results, CEO Jason Few said in a statement:
“FuelCell Energy delivered higher revenue in the third fiscal quarter, both sequentially compared to the second fiscal quarter and year over year. We are pleased by the continued execution of our project backlog and the advancement of our strategic agenda in terms of infrastructure, solutions and talent to support our ability to achieve our long-term goals.”
Like FuelCell Energy, Inc. (NASDAQ:FCEL), AutoZone, Inc. (NYSE:AZO), FedEx Corporation (NYSE:FDX), Adobe Inc. (NASDAQ:ADBE), and Stitch Fix, Inc. (NASDAQ:SFIX) also caught investors’ attention after releasing their quarterly results.
9. InnovAge Holding Corp. (NASDAQ:INNV)
Number of Hedge Fund Holders: 18
Shares of InnovAge Holding Corp. (NASDAQ:INNV) fell more than 8 percent on Tuesday, 21 September 2021, after its fiscal fourth-quarter earnings fell short of expectations. The healthcare delivery platform reported earnings of 5 cents per share for the three months ended 30 June 2021, just below the consensus forecast of 6 cents per share.
On the bright side, InnovAge Holding Corp. (NASDAQ:INNV) posted revenue of $171.6 million for the quarter, ahead of the consensus forecast of $161.03 million. The company had reported earnings of 9 cents per share on revenue of $152.5 million for the comparable period of 2020.
Discussing the quarterly performance, CEO Maureen Hewitt said in a statement:
“While COVID-19 impacted our business during fiscal year 2021, our team has done an outstanding job providing high quality, value-based care to our participants. We remain committed to ensuring our participants and employees are vaccinated against COVID-19 with a vaccination rate of 86% of participants and 90% of our employees to date.”
8. Cognyte Software Ltd. (NASDAQ:CGNT)
Number of Hedge Fund Holders: 19
Shares of Cognyte Software Ltd. (NASDAQ:CGNT) fell for three straight days after the company issued muted outlook along with its second-quarter results on Monday, 20 September 2021.
Cognyte Software Ltd. (NASDAQ:CGNT) reported adjusted earnings of 17 cents per share for the quarter, down from 29 cents per share in the same period last year. In addition, adjusted revenue rose 9.5 percent on a year-over-year basis to $116.4 million.
Analysts were expecting Cognyte Software Ltd. (NASDAQ:CGNT) to report earnings of 15 cents per share on revenue of $115.57 million.
Looking forward, Cognyte Software Ltd. (NASDAQ:CGNT) expects adjusted earnings of 82 cents per share for the third quarter, behind analysts’ average estimate of 19 cents per share. Moreover, adjusted revenue for the third quarter is expected to come between $112 million and $117 million, compared to the consensus forecast of $123.93 million.
7. BlackBerry Limited (NYSE:BB)
Number of Hedge Fund Holders: 20
Shares of BlackBerry Limited (NYSE:BB) rose more than 6 percent in the after-hours trading session Wednesday, 22 September 2021, after the Canadian cybersecurity company surpassed expectations for the second quarter.
BlackBerry Limited (NYSE:BB) reported an adjusted loss of 6 cents per share for the three months ended 31 August 2021, compared to earnings of 10 cents per share in the year-ago quarter.
Revenue came in at $175 million, versus $259 million in the comparable period of 2020. Analysts were expecting BlackBerry Limited (NYSE:BB) to post a loss of 8 cents per share on $161.9 million in revenues.
Like BlackBerry, AutoZone, Inc. (NYSE:AZO), FedEx Corporation (NYSE:FDX), Adobe Inc. (NASDAQ:ADBE), and Stitch Fix, Inc. (NASDAQ:SFIX) also came into the limelight after posting their quarterly earnings.
Speaking on the results, CEO John Chen said in a statement:
“Revenue for all businesses beat expectations this quarter. The Cyber Security business unit delivered robust sequential billings and revenue growth and the IoT business unit performed well in the face of global chip shortage pressures.”
6. KB Home (NYSE:KBH)
Number of Hedge Fund Holders: 27
KB Home (NYSE:KBH) is one of the leading homebuilders in the U.S. It specializes in both designing and building homes. The company has built more than 650,000 homes so far. KB Home recently came up with its fiscal third-quarter earnings report.
The homebuilding company reported earnings of $1.60 per share for the three months ended 31 August 2021, up from 83 cents per share in the comparable period of 2020. However, it slightly fell short of $1.63 per share estimated by analysts.
KB Home (NYSE:KBH) posted revenue of $1.47 billion, missing the consensus forecast of $1.56 billion. The company had reported revenue of $999 million in the same period last year. Looking at the key growth indicators, home deliveries in the quarter jumped 35 percent to 3,425, while the average selling price increased 11 percent to $426,800.
Discussing the results, CEO Jeffrey Mezger said in a statement:
“While our third quarter deliveries were impacted by the ongoing industry-wide supply chain issues and labor shortages that have extended build times, we are working through solutions to mitigate the issues and stabilize our construction times.”
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Disclosure: None. 10 Stocks Making Big Moves After Earnings Reports is originally published on Insider Monkey.
