In this article, we will take a look at the top 10 trending stocks on Friday. If you want to check out some more companies trending today, go directly to Top 5 Trending Stocks on Friday.
Cloud security firm Zscaler, Inc. (NASDAQ:ZS), retail company The Kroger Co. (NYSE:KR) and industrial products manufacturer 3M Company (NYSE:MMM) made their way into the headlines this morning.
Zscaler, Inc. (NASDAQ:ZS) and The Kroger Co. (NYSE:KR) came into the limelight after posting their earnings. On the other hand, 3M Company (NYSE:MMM) shares gained value on an unusual volume after receiving an upgrade from UBS.
Many other stocks, including Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) and RH (NYSE:RH), also caught investors’ attention this morning. Check out the complete article to find out what brought them on the list of top 10 trending stocks on Friday.
10. Zumiez Inc. (NASDAQ:ZUMZ)
Number of Hedge Fund Holders: 12
Shares of Zumiez Inc. (NASDAQ:ZUMZ) plummeted to a new 52-week low this morning after posting its fiscal second-quarter results below expectations. The specialty clothing retailer’s results were primarily weighed down by macroeconomic headwinds.
Zumiez Inc. (NASDAQ:ZUMZ) reported earnings of 16 cents per share, significantly lower than 94 cents per share in the year-ago quarter. Revenue also declined 18.1 percent to $220 million. The results missed the consensus of 47 cents per share for earnings and $231.5 million for revenue.
Looking forward, Zumiez Inc. (NASDAQ:ZUMZ) lowered its full-year outlook to a range of $1.30 – $1.55 per share, well below the expectations of $3.44 per share.
Speaking on the results, CEO of Zumiez Inc. (NASDAQ:ZUMZ), Rick Brooks, said in a statement:
“As the second quarter progressed, we experienced continued pressure on our U.S. business as macroeconomic headwinds, led by inflation weighed on consumer discretionary spending.”
9. Smith & Wesson Brands, Inc. (NASDAQ:SWBI)
Number of Hedge Fund Holders: 13
Smith & Wesson Brands, Inc. (NASDAQ:SWBI) is next on the list of top 10 trending stocks on Friday. The Massachusetts-based company came into the limelight after announcing disappointing financial results for its fiscal first quarter. As a result, its shares touched a new 52-week low of $12.47 this morning.
The firearm maker earned 11 cents per share on an adjusted basis, down from $1.57 per share in the same period of 2021. Revenue plummeted over 69 percent on a year-over-year basis to $84.4 million. Analysts expected Smith & Wesson Brands, Inc. (NASDAQ:SWBI) to earn 34 cents per share on revenue of $129.78 million.
Gross margins also declined to 37.3 percent, from 47.3 percent in the comparable period of 2021. Smith & Wesson Brands, Inc. (NASDAQ:SWBI) attributed the weak results to normalizing demand trends.
8. Virgin Galactic Holdings, Inc. (NYSE:SPCE)
Number of Hedge Fund Holders: 15
Shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) fell over six percent this morning after Bernstein analyst Douglas Harned lowered his ratings for the spaceflight company from “Market Perform” to “Underperform.”
Harned was moved by a series of weak quarterly performances, delays in flight operations and insufficient capital. He cut his price target for Virgin Galactic Holdings, Inc. (NYSE:SPCE) from $7 per share to $4 per share.
Virgin Galactic Holdings, Inc. (NYSE:SPCE) hasn’t been able to start its commercial space tourism services due to several reasons. The delay has continuously pushed its stock price lower. The company’s shares have lost about 77 percent of their value during the past 12 months.
Like Virgin Galactic Holdings, Inc. (NYSE:SPCE), Zscaler, Inc. (NASDAQ:ZS), The Kroger Co. (NYSE:KR) and 3M Company (NYSE:MMM) are also on the list of top 10 trending stocks on Friday.
7. Sprinklr, Inc. (NYSE:CXM)
Number of Hedge Fund Holders: 15
Shares of Sprinklr, Inc. (NYSE:CXM) rose over six percent this morning after beating financial expectations for its fiscal second quarter. The enterprise software provider reported an adjusted loss of 3 cents per share, narrower than an adjusted loss of 9 cents per share in the year-ago period.
In addition, Sprinklr, Inc. (NYSE:CXM) posted revenue of $150.6 million, up from $118.7 million in the corresponding period of 2021. The results were better than analysts’ average estimate for a loss of 6 cents per share on revenue of $147.31 million.
Sprinklr, Inc. (NYSE:CXM) also issued its financial outlook for the current quarter. It guided for an adjusted loss of 1 – 2 cents per share and revenue of $155 – $157 million for its fiscal third quarter.
6. DocuSign, Inc. (NASDAQ:DOCU)
Number of Hedge Fund Holders: 37
DocuSign, Inc. (NASDAQ:DOCU) beat financial expectations for its fiscal second quarter, sending its shares up more than 16 percent before the opening bell on Friday. The cloud-based electronic signature platform reported adjusted earnings of 44 cents per share, above the expectations of 42 cents.
Revenue came in at $622.2 million, up 22 percent on a year-over-year basis and better than the consensus of $602.34 million. DocuSign, Inc. (NASDAQ:DOCU) also disclosed its segment-wise sales results. Its subscription revenue jumped 23 percent to $605.2 million, while professional services and other revenue fell 11 percent to $17 million in the quarter.
For the current quarter, DocuSign, Inc. (NASDAQ:DOCU) expects to generate revenue in the range of $624 – $628 million. The midpoint of the outlook is above the consensus of $625.05 million.
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Disclosure: None. Top 10 Trending Stocks on Friday is originally published on Insider Monkey.
