In this article, we will take a look at the 10 stocks skyrocketing today. If you want to check out some other stocks gaining value on Monday, go directly to These 5 Stocks are Skyrocketing Today.
U.S. stocks inched lower this morning as investors feared that China might reimpose mobility restrictions following the resurgence of Covid cases and some Covid-related deaths in the country. Analysts believe the renewed restrictions would slow down the global economic recovery.
Meanwhile, The Walt Disney Company (NYSE:DIS), Sotera Health Company (NASDAQ:SHC) and Imago BioSciences, Inc. (NASDAQ:IMGO) were spotted gaining value on a massive volume despite the broad market selloff.
The Walt Disney Company (NYSE:DIS) shares jumped as investors cheered the return of former chief executive officer Bob Iger, while Sotera Health Company (NASDAQ:SHC) shares climbed after winning a lawsuit. On the other hand, Imago BioSciences, Inc. (NASDAQ:IMGO) shares skyrocketed more than 100 percent after Merck & Co., Inc. (NYSE:MRK) decided to buy the clinical-stage biopharmaceutical firm for $1.35 billion.
In addition, Restaurant Brands International Inc. (NYSE:QSR) and The J. M. Smucker Company (NYSE:SJM) were also among the notable gainers of the day. Check out the complete article to see why these stocks gained value today.
Photo by Austin Distel on Unsplash
10. Ituran Location and Control Ltd. (NASDAQ:ITRN)
Number of Hedge Fund Holders: 7
Shares of Ituran Location and Control Ltd. (NASDAQ:ITRN) jumped nearly 9 percent in the pre-market trading session on Monday following the company’s earnings beat for Q3. The stolen vehicle recovery and tracking service provider reported a profit of 49 cents per share, compared to 35 cents per share in the year-ago period.
In addition, Ituran Location and Control Ltd. (NASDAQ:ITRN) posted revenue of $72.7 million, up 11 percent on a year-over-year basis. The results exceeded the consensus of 46 cents per share for earnings and $71.09 million for revenue.
Ituran Location and Control Ltd. (NASDAQ:ITRN) also released its segment-wise sales results. Its subscription fees revenue jumped 10 percent to $53.1 million, while product revenue increased 12 percent to $19.5 million in the quarter.
9. Imago BioSciences, Inc. (NASDAQ:IMGO)
Number of Hedge Fund Holders: 9
Shares of Imago BioSciences, Inc. (NASDAQ:IMGO) skyrocketed over 100 percent this morning. The surge came after Merck & Co., Inc. (NYSE:MRK) announced that it is buying Imago in a transaction valued at $1.35 billion.
Imago BioSciences, Inc. (NASDAQ:IMGO) will receive $36 per share, representing a massive premium of about 107 percent to the stock’s closing price in the previous trading session. The latest acquisition is a part of Merck’s efforts to expand its drug portfolio.
The two companies expect to complete the deal in the first quarter of 2023. Imago BioSciences, Inc. (NASDAQ:IMGO) is a clinical-stage biopharmaceutical firm engaged in developing therapies for bone marrow-related disorders.
8. Squarespace, Inc. (NYSE:SQSP)
Number of Hedge Fund Holders: 11
Squarespace, Inc. (NYSE:SQSP) shares rose over four percent in mid-day trading Monday after receiving an upgrade from Piper Sandler. The research firm improved its ratings for the website publishing and online content management software platform from “Neutral” to “Overweight,” citing its sales and bookings growth for the third quarter.
Analyst Clarke Jeffries seemed particularly impressed with the company’s bookings growth. Jeffries also raised his price target for Squarespace, Inc. (NYSE:SQSP) from $22 per share to $30 per share.
Earlier this month, Squarespace, Inc. (NYSE:SQSP) released its financial results for Q3. The company posted revenue of $217.7 million, up 8 percent versus last year and above expectations of $215.7 million.
Total bookings also jumped 10 percent on a year-over-year basis. On the downside, Squarespace, Inc. (NYSE:SQSP) reported earnings of 7 cents per share, which fell below analysts’ average estimate of 11 cents.
7. Drive Shack Inc. (NYSE:DS)
Number of Hedge Fund Holders: 12
Share of Drive Shack Inc. (NYSE:DS) climbed more than 20 percent this morning after the operator of golf-related leisure and entertainment businesses posted a narrower-than-expected loss for the third quarter.
Drive Shack Inc. (NYSE:DS) reported a loss of 9 cents per share, compared to the consensus forecast calling for a loss of 12 cents. Revenue for the quarter jumped 16.1 percent on a year-over-year basis to $88.67 million, topping expectations of $87.07 million.
Discussing the results, CEO of Drive Shack Inc. (NYSE:DS), Hana Khouri, said in a statement:
“Event revenue this quarter is over $3 million higher than prior year. We have seen the demand for future events across both the corporate and social categories continue to rise, which will translate into strong revenue results in the back half of this year.”
Like Drive Shack Inc. (NYSE:DS), shares of The Walt Disney Company (NYSE:DIS), Restaurant Brands International Inc. (NYSE:QSR) and The J. M. Smucker Company (NYSE:SJM) also rose this morning.
6. Sotera Health Company (NASDAQ:SHC)
Number of Hedge Fund Holders: 21
Shares of Sotera Health Company (NASDAQ:SHC) soared more than 30 percent in mid-day trading Monday. The surge came after a Cook County jury ruled that Sotera was not responsible for causing cancer in a woman living close to its Sterigenics unit.
Sotera Health Company (NASDAQ:SHC) is facing hundreds of cases over ethylene oxide emissions from its plants. Plaintiffs have blamed the company for various diseases, including cancer, due to the emissions.
The latest verdict came just a couple of months after a separate jury in Illinois ruled that Sotera Health Company (NASDAQ:SHC) should pay $363 million to a woman who caught breast cancer due to emissions from its plant.
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Disclosure: None. These 10 Stocks are Skyrocketing Today is originally published on Insider Monkey.
