In this article, we discuss the 5 market movers to watch on Wednesday. If you want to see some more stocks making moves today, go directly to 10 Market Movers to Watch on Wednesday.
5. United Airlines Holdings, Inc. (NASDAQ:UAL)
Number of Hedge Fund Holders: 35
Shares of United Airlines Holdings, Inc. (NASDAQ:UAL) rose nearly two percent after the opening bell on Wednesday after the Illinois-based airline lifted its sales outlook for the third quarter, citing a robust demand environment.
United Airlines Holdings, Inc. (NASDAQ:UAL) now expects Q3 revenue to increase 12 percent over the comparable period of 2019, up from its earlier projection calling for an 11 percent rise.
In addition, United Airlines Holdings, Inc. (NASDAQ:UAL) now expects Q3 adjusted operating margin to increase to 10.5 percent over the corresponding period of 2019, slightly higher than its previous forecast of a 10 percent gain.
4. Academy Sports and Outdoors, Inc. (NASDAQ:ASO)
Number of Hedge Fund Holders: 30
Academy Sports and Outdoors, Inc. (NASDAQ:ASO) surpassed profit expectations for its fiscal second quarter and lifted its outlook for the full year. As a result, its shares rose over 6 percent before the opening bell on Wednesday.
The sporting goods store chain earned $2.30 on an adjusted basis, topping estimates of $2.08 per share. On the downside, Academy Sports and Outdoors, Inc. (NASDAQ:ASO) posted revenue of $1.69 billion, marginally below the consensus of $1.71 billion.
Among other updates, Academy Sports and Outdoors, Inc. (NASDAQ:ASO) reported that it opened one new store during the quarter, bringing the total store count to 261. Overall, it intends to open nine new stores in the current fiscal year.
For the full year, Academy Sports and Outdoors, Inc. (NASDAQ:ASO) now anticipates adjusted earnings of $6.75 – $7.50 per share, up from its previous guidance of $6.55 – $7.25 per share.
3. GitLab Inc. (NASDAQ:GTLB)
Number of Hedge Fund Holders: 36
Shares of GitLab Inc. (NASDAQ:GTLB) turned green before the opening bell on Wednesday after the software solutions provider posted its fiscal second-quarter results above analysts’ expectations.
GitLab Inc. (NASDAQ:GTLB) reported an adjusted loss of 15 cents per share, compared to a loss of 49 cents per share in the year-ago period. Revenue for the quarter climbed 74 percent versus last year to $101 million. The results were better than analysts’ average estimate for a loss of 23 cents per share on revenue of $94.04 million.
Looking forward, GitLab Inc. (NASDAQ:GTLB) guided for an adjusted loss of 15 – 16 cents per share and revenue between $105 – $106 million for the current quarter. In addition, it projected an adjusted loss of 64 – 67 cents per share and revenue of $411 – $414 million for the full year.
Speaking on the results, CFO of GitLab Inc. (NASDAQ:GTLB), Brian Robins, said:
“We are pleased to have delivered another strong quarter. Q2 FY23 resulted in 74% year-over-year revenue growth and our largest number of new base customers added ever in a single quarter. We also added a substantial number of new team members, and continue to hire across the organization.”
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.
1. Pinterest, Inc. (NYSE:PINS)
Number of Hedge Fund Holders: 41
Shares of Pinterest, Inc. (NYSE:PINS) rose nearly five percent in pre-market trading Wednesday after Wolfe Research upgraded the visual discovery engine firm from “Peer Perform” to “Outperform.”
Wolfe Research analyst Deepak Mathivanan expressed optimism over the company’s user growth and monetization in the long term. Mathivanan also believes Pinterest, Inc. (NYSE:PINS) has multiple positive catalysts, such as margin growth and product roll-outs. He has a price target of $28 per share for Pinterest, Inc. (NYSE:PINS).
Earlier this year, investment management firm Harding Loevner also discussed Pinterest, Inc. (NYSE:PINS) in its first-quarter 2021 investor letter, stating:
“Other detractors within Communication Services included Pinterest (NYSE:PINS), which is finding it hard to sustain the extremely rapid growth they enjoyed over the past two years of pandemic lockdown and social distancing.”
You can also take a peek at 10 Stocks That Billionaire Rob Citrone Is Selling and 10 Best Cyclical Stocks for Inflation.
