In this article, we will take a look at the top 10 trending stocks of this morning. If you want to check out some other hot stocks on Thursday, go directly to Top 5 Trending Stocks Today.
Notable tech companies, including NVIDIA Corporation (NASDAQ:NVDA), Salesforce, Inc. (NYSE:CRM) and Snowflake Inc. (NYSE:SNOW), came into the limelight today after posting their earnings reports.
Shares of Snowflake Inc. (NYSE:SNOW) skyrocketed over 20 percent after posting record sales for its fiscal second quarter, while Salesforce, Inc. (NYSE:CRM) shares fell on a disappointing financial outlook. On the other hand, NVIDIA Corporation (NASDAQ:NVDA) shares initially slipped but later rebounded despite its weak quarterly performance.
In addition, consumer cyclical stocks, including Tesla, Inc. (NASDAQ:TSLA) and Alibaba Group Holding Limited (NYSE:BABA), are also trending on Thursday. Check out the complete article to see what brought them on the list of top 10 trending stocks today.
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10. Plug Power Inc. (NASDAQ:PLUG)
Number of Hedge Fund Holders: 26
Plug Power Inc. (NASDAQ:PLUG) came into the limelight this morning after inking a supply deal with Amazon. According to the terms of the agreement, Plug Power Inc. (NASDAQ:PLUG) will provide nearly 11,000 tons of liquid green hydrogen to the e-commerce giant.
The hydrogen fuel cell maker will start the supply in 2025. The two companies didn’t disclose the exact details about the pricing. However, Plug Power Inc. (NASDAQ:PLUG) said the deal would help it achieve its sales target of $3 billion in 2025. Meanwhile, shares of Plug Power Inc. (NASDAQ:PLUG) rose more than 8 percent today following the latest development.
Discussing the deal, CEO of Plug Power Inc. (NASDAQ:PLUG), Andy Marsh, said in a statement:
“Landing a green hydrogen supply deal with a customer like Amazon validates our multi-year investment and strategic expansion into green hydrogen. We are excited to expand our relationship with Amazon in exploring the use of other hydrogen applications, such as fuel-cell electric trucks and fuel-cell power generation stations that could provide electricity to Amazon buildings and the deployment of electrolyzers in fulfillment centers.”
9. Dollar Tree, Inc. (NASDAQ:DLTR)
Number of Hedge Fund Holders: 38
Shares of Dollar Tree, Inc. (NASDAQ:DLTR) plummeted to a nearly two-month low after the opening bell on Thursday. The drop came after the discount retailer delivered a mixed financial performance for its fiscal second quarter and trimmed its profit outlook for the full year.
Dollar Tree, Inc. (NASDAQ:DLTR) reported earnings of $1.60 per share, up from $1.23 per share in the year-ago period. Revenue increased to $6.77 billion, from $6.34 billion in the comparable quarter of 2021. Analysts were looking for earnings of $1.58 per share on revenue of $6.79 billion.
Among other updates, Dollar Tree, Inc. (NASDAQ:DLTR) reported that it repurchased $235.8 million worth of its common stock during the three months ended July 30.
Moving forward, Dollar Tree, Inc. (NASDAQ:DLTR) lowered its full-year adjusted earnings outlook to a range of $7.10 – $7.40 per share, from its earlier projection between $7.80 – $8.20 per share.
8. Peloton Interactive, Inc. (NASDAQ:PTON)
Number of Hedge Fund Holders: 39
Peloton Interactive, Inc. (NASDAQ:PTON) delivered weak financial results for its fiscal fourth quarter along with a disappointing sales outlook. As a result, its shares sank over 20 percent after the opening bell on Thursday.
The exercise equipment maker reported a loss of $3.68 per share, considerably wider than a loss of $1.05 per share in the year-ago period. Revenue also plummeted 28 percent on a year-over-year basis to $678.7 million. Analysts expected Peloton Interactive, Inc. (NASDAQ:PTON) to report a loss of 76 cents per share on revenue of $682 million.
Looking forward, Peloton Interactive, Inc. (NASDAQ:PTON) expects to generate revenue in the range of $625 – $650 million in the current quarter, representing a drop of about 21 percent over the corresponding quarter of 2021. The guidance indicates that the demand for Peloton’s products is going down.
Like Peloton Interactive, Inc. (NASDAQ:PTON), analysts are also closely watching NVIDIA Corporation (NASDAQ:NVDA), Salesforce, Inc. (NYSE:CRM) and Snowflake Inc. (NYSE:SNOW) after their recent earnings.
7. Splunk Inc. (NASDAQ:SPLK)
Number of Hedge Fund Holders: 47
Shares of Splunk Inc. (NASDAQ:SPLK) fell over seven percent this morning after Cowen lowered its price target for the cloud-first software firm from $110 per share to $95 per share. Cowen analyst J. Derrick Wood said the company’s annual recurring revenue (ARR) for Q2 came in below his expectations. Wood also referred to Splunk’s weak cloud growth.
The price-target cut came even after Splunk Inc. (NASDAQ:SPLK) surpassed financial expectations for its fiscal second quarter. The California-based company reported a loss of 22 cents per share, while analysts were looking for a loss of 36 cents. Revenue for the quarter climbed 32 percent on a year-over-year basis to $798.75 million, topping the expectations of $747.78 million.
Splunk Inc. (NASDAQ:SPLK) also raised its full-year revenue outlook to a range of $3.35 – $3.4 billion, from its earlier guidance between $3.3 – $3.35 billion. The updated outlook is above the consensus of $3.33 billion.
6. Autodesk, Inc. (NASDAQ:ADSK)
Number of Hedge Fund Holders: 53
Autodesk, Inc. (NASDAQ:ADSK) came into the spotlight this morning following its better-than-expected financial performance for Q2. The software firm reported adjusted earnings of $1.65 per share, topping the consensus of $1.57 per share.
Revenue for the quarter climbed 17 percent on a year-over-year basis to $1.24 billion, helped by solid demand for its products. On the other hand, analysts expected Autodesk, Inc. (NASDAQ:ADSK) to post revenue of $1.22 billion.
Looking forward, Autodesk, Inc. (NASDAQ:ADSK) guided for adjusted earnings in the range of $6.52 – $6.71 per share and revenue growth between 14 – 15 percent for its fiscal year 2023.
Impressed by its latest quarterly performance, Citi analyst Tyler Radke lifted his price target for Autodesk, Inc. (NASDAQ:ADSK) from $258 per share to $277 per share. Radke referred to the resilient quarterly performance of the company despite recession concerns.
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Disclosure: None. Top 10 Trending Stocks Today is originally published on Insider Monkey.
