In this article, we will take a look at the 11 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.
Leading tech stocks, including Broadcom Inc. (NASDAQ:AVGO), Snowflake Inc. (NYSE:SNOW) and Marvell Technology, Inc. (NASDAQ:MRVL), recently published financial results for their respective quarters.
If we see their post-earnings stock movement, Marvell Technology shares fell despite its upbeat financial performance, while Broadcom shares turned green after topping profit and sales expectations for its fiscal first quarter. On the other hand, Snowflake stock took a deep dive, losing over 15 percent of its value, apparently on weak sales outlook for the full year.
Several other companies, including multi-department stores operator The Kroger Co. (NYSE:KR) and software company Splunk Inc. (NASDAQ:SPLK), were also seen trading on heavy volume following their earnings reports.
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Stocks Making Big Moves After Earnings Reports
11. Gogo Inc. (NASDAQ:GOGO)
Number of Hedge Fund Holders: 20
Shares of Gogo Inc. (NASDAQ:GOGO) climbed over 18 percent on Thursday, March 3, 2022, following its upbeat financial performance for the fourth quarter. The inflight internet service provider reported adjusted earnings of 17 cents per share, topping expectations of 8 cents per share.
Revenue for the quarter jumped 19 percent on a year-over-year basis to $92.3 million, ahead of the consensus of $89.7 million. Gogo Inc. (NASDAQ:GOGO) also disclosed its segment-wise sales performance. Its service revenue climbed 22 percent to $69.3 million, while equipment revenue increased 11 percent to $23 million in the quarter.
Looking forward, Gogo Inc. (NASDAQ:GOGO) guided for revenue in the range of $380 – $395 million for the current fiscal year. This compares to analysts’ average estimate of $379 million.
Speaking on the results, CEO Barry Rowan said in a statement:
“Demand for connectivity in business aviation, combined with the excellent performance of our AVANCE platform, are driving record sales of equipment and high-margin service plans for Gogo. We remain on track for commercial deployment of our 5G ATG network in the second half of 2022 which we expect to further accelerate our growth.”
10. Best Buy Co., Inc. (NYSE:BBY)
Number of Hedge Fund Holders: 29
Shares of Best Buy Co., Inc. (NYSE:BBY) recently rose to a nearly three-month high despite posting mixed financial performance for its fiscal fourth quarter. The Minnesota-based consumer electronics retailer earned $2.73 per share on an adjusted basis, down from $3.48 per share in the year-ago period.
Revenue also decreased to $16.37 billion from $16.94 billion in the same period last year. Analysts were expecting Best Buy Co., Inc. (NYSE:BBY) to report earnings of $2.73 per share on revenue of $16.6 billion.
Best Buy Co., Inc. (NYSE:BBY) also released the financial outlook for its current fiscal year. It expects adjusted earnings in the range of $8.85 – $9.15 per share and revenue between $49.3 – $50.8 billion.
Like Best Buy Co., Inc. (NYSE:BBY), investors are also closely watching Broadcom Inc. (NASDAQ:AVGO), Snowflake Inc. (NYSE:SNOW) and Marvell Technology, Inc. (NASDAQ:MRVL), following their earnings reports.
9. BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ)
Number of Hedge Fund Holders: 30
BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) recently announced a better-than-expected profit for its fiscal fourth quarter. However, its sales fell short of expectations, sending its shares down more than 13 percent on Thursday, March 3, 2022.
The membership-only warehouse club chain reported adjusted earnings of 80 cents per share, leaving behind the consensus of 74 cents per share. On the downside, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) posted revenue of $4.36 billion for the quarter, missing expectations of $4.38 billion.
Looking forward, BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) expects its FY 2022 earnings per share to stay flat versus last year. Though, the company projected sales growth in the mid-single-digit range for the same period.
8. Pure Storage, Inc. (NYSE:PSTG)
Number of Hedge Fund Holders: 32
Shares of Pure Storage, Inc. (NYSE:PSTG) recently rose to a nearly two-month high after announcing better-than-expected financial results for its fiscal fourth quarter. The developer of all-flash data storage hardware and software products reported adjusted earnings of 36 cents per share, above expectations of 26 cents per share.
In addition, Pure Storage, Inc. (NYSE:PSTG) generated revenue of $708.6 million for the quarter, up 41 percent versus last year and ahead of analysts’ average estimate of $629.26 million. Its subscription services revenue climbed 42 percent on a year-over-year basis to $216 million.
Pure Storage, Inc. (NYSE:PSTG) also issued its sales outlook for Q1 and FY 2023. It projected revenue of approx. $520 million for the current quarter and about $2.6 billion for the full year.
7. The Kroger Co. (NYSE:KR)
Number of Hedge Fund Holders: 41
Shares of The Kroger Co. (NYSE:KR) recently climbed to an all-time high after posting its fourth-quarter profit and sales above expectations. The Ohio-based retail company earned 91 cents per share on an adjusted basis, up from 81 cents per share in the year-ago period.
Revenue for the quarter came in at $33.05 billion, translating to a surge of 7.5 percent over the fourth quarter of 2020. Analysts were expecting The Kroger Co. (NYSE:KR) to earn 74 cents per share on revenue of $32.86 billion.
Looking forward, The Kroger Co. (NYSE:KR) guided for adjusted earnings in the range of $3.75 – $3.85 per share for the current fiscal year. The outlook is in line with the consensus of $3.45 per share.
Like The Kroger Co. (NYSE:KR), Broadcom Inc. (NASDAQ:AVGO), Snowflake Inc. (NYSE:SNOW) and Marvell Technology, Inc. (NASDAQ:MRVL), also traded on heavy volume after releasing their financial results.
6. Splunk Inc. (NASDAQ:SPLK)
Number of Hedge Fund Holders: 44
Splunk Inc. (NASDAQ:SPLK) recently surprised investors by posting a profit for its fiscal fourth quarter. The San Francisco-based software company reported adjusted earnings of 66 cents per share, contrary to a loss of 19 cents per share predicted by analysts.
In addition, Splunk Inc. (NASDAQ:SPLK) posted revenue of $901 million, crushing expectations of $777.28 million. Cloud revenue for the quarter climbed 69 percent on a year-over-year basis to $289 million.
For the current quarter, Splunk Inc. (NASDAQ:SPLK) expects revenue in the range of $615 – $635 million versus the consensus of $609.8 million. For its FY 2023, the company guided for revenue between $3.25 – $3.3 billion, compared to expectations of $3.01 billion.
Discussing the results, CEO Graham Smith said in a statement:
“Q4 was an excellent finish to a strong year for Splunk. Our team delivered across our platform, observability and security businesses as organizations around the world turned to Splunk to monitor and secure their business-critical infrastructure and applications.”
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Disclosure: None. 11 Stocks Making Big Moves After Earnings Reports is originally published on Insider Monkey.
