In this article, we will take a look at the top 10 trending stocks today. If you want to check out some more companies making headlines on Tuesday, go directly to Top 5 Trending Stocks Today.
Retail giant Walmart Inc. (NYSE:WMT), consumer internet company Sea Limited (NYSE:SE) and home improvement retailer The Home Depot, Inc. (NYSE:HD) came into the limelight this morning following their earnings.
Shares of Walmart Inc. (NYSE:WMT) and The Home Depot, Inc. (NYSE:HD) rose after their upbeat financial performance. In comparison, Sea Limited (NYSE:SE) shares fell following its mixed results for Q2.
Many other companies, including Bed Bath & Beyond Inc. (NASDAQ:BBBY) and Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), were also among the top trending stocks of the day.
Check out the complete article below to see why these stocks are trending today.
Image by Sergei Tokmakov Terms.Law from Pixabay
10. Bed Bath & Beyond Inc. (NASDAQ:BBBY)
Number of Hedge Fund Holders: 15
Shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) extended their rally this morning, skyrocketing more than 50 percent on a massive volume. The stock has now climbed about 400 percent so far in August, including today’s gain.
There is no company-specific news behind the latest winning streak. The rally has been primarily driven by platforms like Reddit’s WallStreetBets, where individual traders are pumping the shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY).
Meanwhile, several analysts have downgraded Bed Bath & Beyond Inc. (NASDAQ:BBBY), citing its unrealistic valuation. For instance, B. Riley lowered its ratings for the New Jersey-based retail store operator to “Neutral.” The research firm also reiterated a price target of $5 for Bed Bath & Beyond Inc. (NASDAQ:BBBY), compared to the stock’s current trading price of about $25.
9. Nu Holdings Ltd. (NYSE:NU)
Number of Hedge Fund Holders: 17
Shares of Nu Holdings Ltd. (NYSE:NU) climbed over 12 percent in the pre-market trading session today after the Brazilian digital banking platform posted record sales for the second quarter.
Nu Holdings Ltd. (NYSE:NU) generated revenue of nearly $1.2 billion, representing a massive surge of 230 percent over the comparable period of 2021. It was also significantly higher than analysts’ average estimate of $907.82 million.
In addition, the company reported adjusted earnings of $17 million for the quarter. Among other updates, Nu Holdings Ltd. (NYSE:NU) said that it added 5.7 million customers during the three months ended June 30, up 57 percent on a year-over-year basis.
8. The GEO Group, Inc. (NYSE:GEO)
Number of Hedge Fund Holders: 17
The GEO Group, Inc. (NYSE:GEO) is making headlines today after Michael Burry’s hedge fund Scion Asset Management disclosed stakes in the Florida-based prison company. According to a recent filing, Scion holds about 0.5 million shares of The GEO Group, Inc. (NYSE:GEO).
The filing also showed that Scion sold stakes in famous companies, including Meta Platforms, Inc. (NASDAQ:META), Apple Inc. (NASDAQ:AAPL) and Cigna Corporation (NYSE:CI). Moreover, The GEO Group, Inc. (NYSE:GEO) was the only long stock holding disclosed by the investment firm in the regulatory filing yesterday.
Shares of The GEO Group, Inc. (NYSE:GEO) climbed to a nearly eight-month high this morning following the latest development.
Like The GEO Group, Inc. (NYSE:GEO), Walmart Inc. (NYSE:WMT), Sea Limited (NYSE:SE) and The Home Depot, Inc. (NYSE:HD) also came into the spotlight today.
7. Tencent Music Entertainment Group (NYSE:TME)
Number of Hedge Fund Holders: 20
Tencent Music Entertainment Group (NYSE:TME) beat profit and sales expectations for the Q2, sending its shares up nearly 4 percent in the pre-market trading session on Tuesday.
The Chinese music streaming service reported adjusted earnings of 0.63 yuan per ADS, beating the consensus of 0.56 yuan per ADS. In addition, Tencent Music Entertainment Group (NYSE:TME) posted revenue of 6.91 billion yuan, down 13.8 percent versus last year but above analysts’ average estimates of 6.62 billion yuan.
Tencent Music Entertainment Group (NYSE:TME) also disclosed its segment-wise sales results. Its music subscription revenue jumped 17.6 percent to 2.11 billion yuan, while social entertainment services revenue fell 20.4 percent to 4.03 billion yuan in the quarter.
6. IonQ, Inc. (NYSE:IONQ)
Number of Hedge Fund Holders: 21
Shares of IonQ, Inc. (NYSE:IONQ) skyrocketed over 25 percent after the opening bell on Tuesday. The surge came after the quantum computing company’s Q2 results improved significantly on a year-over-year basis.
IonQ, Inc. (NYSE:IONQ) reported a loss of 1 cent per share, narrower than a loss of 8 cents per share in the year-ago period. Revenue for the quarter increased to $2.6 million, from just $93,000 in the second quarter of 2021. Analysts, on average, predicted a loss of 10 cents per share on revenue of $2.39 million.
Looking forward, IonQ, Inc. (NYSE:IONQ) expects revenue in the range of $2.6 – $2.9 million for the third quarter and between $10.2 – $10.7 million for the full year.
Discussing the results, CEO Peter Chapman said in a statement:
“We are thrilled to share the progress we made in the second quarter. I am excited to announce that we are bringing to the cloud a computer that is over 130,000 times more computationally powerful than our previous cloud offering, as defined by the useful computational space.”
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Disclosure: None. Top 10 Trending Stocks Today is originally published on Insider Monkey.
