In this article, we will take a look at the 10 stocks making big moves on earnings reports. You can skip our detailed analysis of these companies, and go directly to the 10 Stocks Making Big Moves on Earnings Reports.
The fifth week of this third-quarter earnings season is underway. Several companies were seen making notable moves after releasing their financial results. For instance, PayPal Holdings, Inc. (NASDAQ:PYPL) shares plummeted to a nearly one-year low after posting lower-than-expected quarterly revenue.
On the other hand, shares of Roblox Corporation (NYSE:RBLX) and RingCentral, Inc. (NYSE:RNG) gained substantial value after releasing their financial results. In addition, several companies, including D.R. Horton, Inc. (NYSE:DHI), DoorDash, Inc. (NYSE:DASH) and Oak Street Health, Inc. (NYSE:OSH), also traded on heavy volume after posting their quarterly earnings.
We will thoroughly analyze the performance of these companies in the remaining article. So, let’s start our list of 10 stocks making big moves on earnings reports.
10 Stocks Making Big Moves on Earnings Reports
10. AMC Entertainment Holdings, Inc. (NYSE:AMC)
Number of Hedge Fund Holders: 21
Shares of AMC Entertainment Holdings, Inc. (NYSE:AMC) fell more than 11 percent on Tuesday, 9 November 2021, despite announcing better-than-expected financial results for the third quarter.
The Kansas-based movie theater chain reported an adjusted loss of 44 cents per share, substantially lower than an adjusted loss of $5.70 per share in the same period last year. Revenue came in at $763.2 million versus $119.4 million in the comparable period of 2020. Analysts were expecting AMC Entertainment Holdings, Inc. (NYSE:AMC) to report a loss of 53 cents per share on revenue of $708.3 million.
Speaking on the results, CEO Adam Aron said in a statement:
“Our financial results continue to improve. More and more major films are on the docket for release in the remainder of 2021, and throughout 2022. One can see and feel that our industry and our company are on a path of recovery and improvement. Therefore, our spirits are upbeat. However, even amidst such good news, we are not yet where we want and need to be.”
Like AMC Entertainment Holdings, Inc. (NYSE:AMC), PayPal Holdings, Inc. (NASDAQ:PYPL), Roblox Corporation (NYSE:RBLX), RingCentral, Inc. (NYSE:RNG), D.R. Horton, Inc. (NYSE:DHI), and DoorDash, Inc. (NYSE:DASH), also came into the spotlight after posting their earnings report.
9. Unity Software Inc. (NYSE:U)
Number of Hedge Fund Holders: 29
Shares Unity Software Inc. (NYSE:U) slipped more than six percent in the after-hours trading session on Tuesday, 9 November 2021, even though the company posted a narrower-than-expected loss for the third quarter.
Unity Software Inc. (NYSE:U) reported a loss of 6 cents per share on an adjusted basis, while analysts were expecting a loss of 7 cents per share for the quarter. In addition, the revenue of $286.3 million also surpassed the consensus forecast of $264.6 million. The company had posted an adjusted loss of 9 cents per share on revenue of around $200 million for the comparable period of 2020.
Looking forward, Unity Software Inc. (NYSE:U) expects revenue in the range of $285 million – $290 million for the fourth quarter. The company also raised its revenue outlook for the full year to a range of $1.08 billion – $1.09 billion versus its previous forecast between $1.05 billion – $1.06 billion.
8. Coty Inc. (NYSE:COTY)
Number of Hedge Fund Holders: 30
Shares of Coty Inc. (NYSE:COTY) hit a new 52-week high of $10.85 on Tuesday, 9 November 2021, after announcing solid results for its fiscal first quarter. The New York-based consumer beauty company reported adjusted earnings of 8 cents per share, compared to a loss of 1 cent per share in the year-ago quarter.
Analysts were expecting Coty Inc. (NYSE:COTY) to report earnings of 3 cents per share. In addition, revenue for the quarter jumped 22 percent versus last year to $1.37 billion, just ahead of the consensus forecast of $1.36 billion.
If we break down the total revenue by segments, revenue from the Americas region jumped 23.6 percent to $581.5 million, while EMEA revenue increased 18.2 percent to $627.1 million. In comparison, revenue from the Asia Pacific region climbed 32.5 percent to $163.1 million, mainly driven by solid growth in China.
Coty Inc. (NYSE:COTY) also updated the profit outlook for its fiscal year 2022. It expects adjusted profit in the range of 19 cents – 23 cents per share, in line with the consensus forecast of 20 cents per share.
7. Oak Street Health, Inc. (NYSE:OSH)
Number of Hedge Fund Holders: 33
Shares of Oak Street Health, Inc. (NYSE:OSH) took a deep dive, losing nearly 21 percent of their value, on Tuesday, 9 November 2021, after posting a wider-than-expected loss for the third quarter.
The provider of health care services reported a loss of 49 cents per share, compared to a loss of 15 cents per share in the same period last year. Analysts were expecting Oak Street Health, Inc. (NYSE:OSH) to report a loss of 42 cents per share. On the bright side, revenue for the quarter climbed 78 percent on a year-over-year basis to $388.7 million, beating the consensus forecast of $356.6 million.
Discussing the results, CEO Mike Pykosz said in a statement:
“We managed through the continued uncertainty related to the COVID-19 pandemic and Delta variant, eclipsing $1 billion of revenue for the first time in our Company’s history. We are encouraged by our clinical results in the third quarter and their implication on both our patients’ well-being and our future financial performance.”
Like Oak Street Health, Inc. (NYSE:OSH), investors are also closely watching PayPal Holdings, Inc. (NASDAQ:PYPL), Roblox Corporation (NYSE:RBLX), RingCentral, Inc. (NYSE:RNG), D.R. Horton, Inc. (NYSE:DHI), and DoorDash, Inc. (NYSE:DASH) following their earnings reports.
6. Doximity, Inc. (NYSE:DOCS)
Number of Hedge Fund Holders: 35
Shares of Doximity, Inc. (NYSE:DOCS) plummeted more than 13 percent in the after-hours trading session on Tuesday, 9 November 2021, despite delivering impressive financial results for its fiscal second quarter. The online networking service for medical professionals earned 19 cents per share on an adjusted basis, significantly higher than just 2 cents per share in the year-ago quarter.
In addition, Doximity, Inc. (NYSE:DOCS) posted revenue of $45.1 million, translating to a surge of 76 percent versus the comparable period of 2020. The results easily surpassed analysts’ average estimate of 10 cents per share for earnings and $73.50 million for revenue.
For its fiscal third quarter, Doximity, Inc. (NYSE:DOCS) expects revenue in the range of $85.8 million – $86.8 million. For its FY 2022, the company expects revenue between $326.1 million – $328.1 million.
Commenting on the quarter, CEO Jeff Tangney said:
“We’re pleased to report another strong financial quarter as the shift to digital among our clients continues. We’re particularly proud that our existing clients generated a record 173% net revenue retention rate (for the trailing 12 months), and that our telehealth platform grew to a record of over 330,000 active providers.”
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Disclosure: None. 10 Stocks Making Big Moves on Earnings Reports is originally published on Insider Monkey.
