5 Market Movers to Watch on Wednesday

2. Coupa Software Incorporated (NASDAQ:COUP)

Number of Hedge Fund Holders: 40

Shares of Coupa Software Incorporated (NASDAQ:COUP) rallied over 12 percent in pre-market trading Wednesday. The surge came after the IT firm surpassed financial expectations for its fiscal third quarter and issued a solid outlook for the full year.

Coupa Software Incorporated (NASDAQ:COUP) earned 20 cents per share on an adjusted basis, topping estimates of 9 cents per share. Revenue increased to $211.1 million, from $179.2 million in the corresponding period of 2021. Analysts were looking for revenue of $204.02 million.

For its fiscal year 2023, Coupa Software Incorporated (NASDAQ:COUP) anticipates adjusted earnings in the range of 37 – 44 cents per share and revenue between $838 – $844 million. This compares to the consensus of 26 cents per share for earnings and $840.31 million for revenue.