In this article, we will take a look at the top 10 gainers on Wednesday. If you want to see some more stocks rallying today, go directly to Top 5 Gainers on Wednesday.
The three key U.S. indices, including S&P 500, Dow Jones Industrial Average and Nasdaq Composite, rose on Wednesday morning following better-than-expected Q2 results from several notable stocks.
PayPal Holdings, Inc. (NASDAQ:PYPL), Moderna, Inc. (NASDAQ:MRNA) and CVS Health Corporation (NYSE:CVS) were among the leading companies that contributed to the gains of these indices.
In addition, Gilead Sciences, Inc. (NASDAQ:GILD), Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) and Paycom Software, Inc. (NYSE:PAYC) were also spotted moving higher following their earnings reports.
Image by mohamed Hassan from Pixabay
10. Robinhood Markets, Inc. (NASDAQ:HOOD)
Number of Hedge Fund Holders: 19
Robinhood Markets, Inc. (NASDAQ:HOOD) released its financial results for the second quarter after the closing bell on Tuesday, August 2. The financial services company posted a narrower-than-expected loss and announced plans to cut 23 percent of its staff.
The latest quarterly performance and workforce reduction plan sent its shares up more than 12 percent this morning.
Robinhood Markets, Inc. (NASDAQ:HOOD), which went public in July 2021, has lost significant value over the last year. The drop is mainly attributed to dwindling crypto prices and record inflation. The company’s share price has plunged nearly 80 percent during the past 12 months and about 43 percent so far in 2022.
Coming back to Q2 results, Robinhood Markets, Inc. (NASDAQ:HOOD) posted a loss of 34 cents per share, while analysts were looking for a loss of 37 cents per share. On the downside, the quarterly revenue of $318 million missed the expectations of $321 million.
9. SoFi Technologies, Inc. (NASDAQ:SOFI)
Number of Hedge Fund Holders: 22
Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) jumped over 11 percent in the pre-market trading session today. The surge came after the digital financial services provider posted better-than-expected financial results for the second quarter.
SoFi Technologies, Inc. (NASDAQ:SOFI) reported an adjusted loss of 12 cents per share, narrower than analysts’ average estimate for a loss of 14 cents per share. Revenue for the quarter climbed 50 percent on a year-over-year basis to $356.1 million, beating the expectations of $340.8 million.
Looking forward, SoFi Technologies, Inc. (NASDAQ:SOFI) now expects to generate adjusted revenue in the range of $1.508 – $1.513 billion, up from its previous projection of $1.505 -$1.51 billion.
Like SoFi Technologies, Inc. (NASDAQ:SOFI), shares of PayPal Holdings, Inc. (NASDAQ:PYPL), CVS Health Corporation (NYSE:CVS), Gilead Sciences, Inc. (NASDAQ:GILD) also rose after their recent earnings.
8. Moderna, Inc. (NASDAQ:MRNA)
Number of Hedge Fund Holders: 41
Shares of Moderna, Inc. (NASDAQ:MRNA) rose over four percent in the pre-market trading session today after surpassing financial expectations for the second quarter. The biotechnology company earned $5.24 in the quarter, compared to $6.46 per share in the year-ago period.
In addition, Moderna, Inc. (NASDAQ:MRNA) posted revenue of $4.7 billion, up 9 percent over the comparable period of 2021. Analysts were looking for earnings of $4.58 per share on sales of $4.1 billion.
Among other updates, Moderna, Inc. (NASDAQ:MRNA) announced that its board of directors has authorized a plan to repurchase $3 billion worth of its common stock.
Commenting on the results, CEO Stéphane Bancel said in a statement:
“Despite the slowing economy and challenges in the biotech industry, Moderna is in a unique position: a platform to drive scale and speed in research of new medicines, a strong balance sheet with $18 billion of cash and an agile, mission-driven team of over 3,400 people and growing. We will continue to invest and grow as we have never been as optimistic about Moderna’s future.”
7. NortonLifeLock Inc. (NASDAQ:NLOK)
Number of Hedge Fund Holders: 42
Shares of NortonLifeLock Inc. (NASDAQ:NLOK) rose over six percent in the mid-day trading session today after receiving provisional consent from U.K.’s competition watchdog CMA to acquire Avast.
NortonLifeLock Inc. (NASDAQ:NLOK) initially disclosed its plan to buy Avast in August 2021. However, CMA launched an investigation earlier this year to see if the deal could hurt competition and affect customers in the U.K.
Nevertheless, CMA just announced that the merger doesn’t pose a threat to competition in the country as there are several alternative cyber security services available for customers. NortonLifeLock Inc. (NASDAQ:NLOK) has already secured approvals for the said merger in Germany, Spain and the United States.
Like NortonLifeLock Inc. (NASDAQ:NLOK), PayPal Holdings, Inc. (NASDAQ:PYPL), CVS Health Corporation (NYSE:CVS), Gilead Sciences, Inc. (NASDAQ:GILD) were also spotted gaining value this morning.
6. RingCentral, Inc. (NYSE:RNG)
Number of Hedge Fund Holders: 43
Shares of RingCentral, Inc. (NYSE:RNG) advanced over seven percent in the pre-market trading session today. The company’s solid financial results for the second quarter drove the surge.
RingCentral, Inc. (NYSE:RNG) earned 45 cents per share on an adjusted basis, up from 32 cents per share in the year-ago period. Revenue also climbed 28 percent on a year-over-year basis to $487 million. The results easily exceeded the consensus of 40 cents per share for earnings and $479 million for revenue.
For the full year, RingCentral, Inc. (NYSE:RNG) raised its adjusted earnings outlook to a range of $1.91 – $1.95 per share. It was previously looking for adjusted earnings between $1.83 – $1.87 per share.
Speaking on the results, CEO Vlad Shmunis said in a statement:
“We continue to see the benefits of scale, with solid top line contributions complemented by increasing bottom line profitability. The market opportunity in front of us is large, and customers continue to gravitate to RingCentral because of our industry leading UCaaS and integrated CCaaS solution, proven reliability and broad geographic reach.”
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Disclosure: None. Top 10 Gainers on Wednesday is originally published on Insider Monkey.
