In this article, we will take a look at the top 10 gainers on Wednesday. If you want to see some more stocks moving higher today, go directly to Top 5 Gainers on Wednesday.
Notable stocks from the tech and industrials sectors, including The Trade Desk, Inc. (NASDAQ:TTD), Unity Software Inc. (NYSE:U) and Plug Power Inc. (NASDAQ:PLUG), rose sharply this morning.
Shares of Unity Software Inc. (NYSE:U) jumped after receiving an acquisition proposal from rival AppLovin, while Plug Power Inc. (NASDAQ:PLUG) gained value after several analysts lifted their price target for the hydrogen fuel cell company. On the other hand, shares of The Trade Desk, Inc. (NASDAQ:TTD) jumped after it reported solid sales for Q2.
Several other companies, including microblogging site Twitter, Inc. (NYSE:TWTR) and social network giant Meta Platforms, Inc. (NASDAQ:META), were also spotted gaining value this morning. We will discuss the reasons behind the upward movement of these stocks in the remaining article.
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10. Wix.com Ltd. (NASDAQ:WIX)
Number of Hedge Fund Holders: 24
Shares of Wix.com Ltd. (NASDAQ:WIX) jumped to a nearly three-month high after the opening bell on Wednesday after posting a narrower-than-expected loss for the second quarter. The Israeli software firm reported an adjusted loss of 14 cents per share, compared to an adjusted loss of 28 cents per share in the year-ago period.
Revenue came in at $345.2 million, up 9 percent over the comparable period of 2021. Analysts expected Wix.com Ltd. (NASDAQ:WIX) to lose 34 cents per share on revenue of $344 million.
Looking forward, Wix.com Ltd. (NASDAQ:WIX) expects revenue of $341 – $345 million for the current quarter. The outlook represents a growth of 7 – 8 percent over the third quarter of 2021.
Among other updates, Wix.com Ltd. (NASDAQ:WIX) revealed a plan to reduce its costs by $150 million annually to better deal with the decelerating economy and strong dollar. The cost-cutting measures will also include job cuts.
Speaking on the results, CEO Avishai Abrahami said in a statement:
“Despite the current macroeconomic environment, we are focused on what is under our control — driving operational efficiencies to accelerate our path to profitability while continuing to execute on growth initiatives, such as launching the new Wix Editor this quarter.”
9. Axon Enterprise, Inc. (NASDAQ:AXON)
Number of Hedge Fund Holders: 29
Shares of Axon Enterprise, Inc. (NASDAQ:AXON) turned green in the pre-market trading session today. The surge came after the provider of law enforcement technology solutions posted better-than-expected financial results for the second quarter and lifted its sales outlook for the full year.
Axon Enterprise, Inc. (NASDAQ:AXON) reported adjusted earnings of 44 cents per share, up from 38 cents per share in the year-ago period. Revenue for the quarter jumped 31 percent versus last year to $286 million. The results exceeded the consensus of 39 cents per share for earnings and $258.96 million for revenue.
For fiscal 2022, Axon Enterprise, Inc. (NASDAQ:AXON) now expects revenue in the range of $1.07 – $1.12 billion, up from its previous guidance between $1.05 – $1.1 billion. The midpoint of the updated outlook represents a growth of 25 percent over 2021.
8. Invitae Corporation (NYSE:NVTA)
Number of Hedge Fund Holders: 29
Shares of Invitae Corporation (NYSE:NVTA) skyrocketed over 60 percent this morning following its second-quarter results. The biotechnology company reported an adjusted loss of 68 cents per share, narrower than an adjusted loss of 84 cents per share in the year-ago period.
In addition, Invitae Corporation (NYSE:NVTA) posted revenue of $136.6 million, representing a jump of 17.5 percent over the comparable period of 2021. Analysts were expecting Invitae Corporation (NYSE:NVTA) to lose 76 cents per share on revenue of $136.85 million.
Invitae Corporation (NYSE:NVTA) also reaffirmed its sales guidance for the full year. It continues to expect a low double-digit growth rate for fiscal 2022.
7. Exelixis, Inc. (NASDAQ:EXEL)
Number of Hedge Fund Holders: 30
Shares of Exelixis, Inc. (NASDAQ:EXEL) rose nearly four percent in the pre-market trading session today after the Alameda-based biotechnology company posted its second-quarter results above expectations.
Exelixis, Inc. (NASDAQ:EXEL) reported adjusted earnings of 28 cents per share, compared to 38 cents per share in the same period of 2021. Revenue increased to $419.4 million, from $385.2 million in the year-ago quarter. Analysts were calling for earnings of 19 cents per share and revenue of $390.91 million.
Exelixis, Inc. (NASDAQ:EXEL) also released its segment-wise sales results. Product revenue for the quarter increased to $347 million, from $284.2 million in the year-ago period. In comparison, collaboration revenue came in at $72.4 million versus $100.9 million last year.
Like Exelixis, Inc. (NASDAQ:EXEL), shares of The Trade Desk, Inc. (NASDAQ:TTD), Unity Software Inc. (NYSE:U) and Twitter, Inc. (NYSE:TWTR) also rose after the opening bell on Wednesday.
6. Plug Power Inc. (NASDAQ:PLUG)
Number of Hedge Fund Holders: 33
Shares of Plug Power Inc. (NASDAQ:PLUG) rallied over 16 percent this morning after a number of analysts lifted their price target for the hydrogen fuel cell company. They believe the company would likely benefit from the recently approved climate change bill in the U.S. Senate.
BMO Capital raised its price target for Plug Power Inc. (NASDAQ:PLUG) from $20 to $29, while Susquehanna increased its price target for the stock from $30 to $35. Moreover, B. Riley also lifted its price target for Plug Power from $31 per share to $32 per share.
The latest price-target hikes came a day after Plug Power Inc. (NASDAQ:PLUG) posted weak financial results for the second quarter. The company posted a loss of 30 cents per share, wider than analysts’ average estimate for a loss of 21 cents per share. Revenue came in at $151.3 million, while analysts were looking for $159 million.
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Disclosure: None. Top 10 Gainers on Wednesday is originally published on Insider Monkey.
