In this article, we discuss the top 5 gainers on Wednesday. If you want to see some more stocks moving higher today, go directly to Top 10 Gainers on Wednesday.
5. The Trade Desk, Inc. (NASDAQ:TTD)
Number of Hedge Fund Holders: 34
Shares of The Trade Desk, Inc. (NASDAQ:TTD) climbed over 16 percent in the pre-market trading session today following the company’s second-quarter results. The California-based tech company earned 20 cents per share on an adjusted basis, up from 18 cents per share in the year-ago period.
In addition, The Trade Desk, Inc. (NASDAQ:TTD) generated revenue of $377 million in the quarter, representing a jump of 34.6 percent over the comparable period of 2021. Analysts were looking for earnings of 20 cents per share on revenue of $364.87 million.
Looking forward, The Trade Desk, Inc. (NASDAQ:TTD) expects to produce revenue of at least $385 million in the third quarter, above analysts’ average estimate of $382.58 million.
Separately, investment management firm Rowan Street Capital LLC also talked about The Trade Desk, Inc. (NASDAQ:TTD) in its second-quarter 2022 investor letter, stating:
“Jeff Green, Founder/CEO of Trade Desk
Jeff has been on a mission to make data-driven advertising as ubiquitous as electronic trading in equities ever since he founded the Trade Desk in 2009. Since day one, his goal was to create a platform where advertisers could value media inventory through data-driven decisions. With the ability to buy and sell advertising inventory electronically or programmatically, advertisers could use data to make better decisions on what, when, and whom to show an ad impression. Jeff owns 10% of the company. Jeff has built Trade Desk into a leader in ad tech, with a record of $6.2 billion spend on the platform in 2021, up 6x since 2016. Revenues are estimated to hit $1.6 billion in 2022, up almost 8x since 2016.”
4. ironSource Ltd. (NYSE:IS)
Number of Hedge Fund Holders: 36
ironSource Ltd. (NYSE:IS) beat profit expectations for the second quarter, sending its shares up more than 8 percent in the mid-day trading session today. The Israel-based software firm reported adjusted earnings of 6 cents per share, up from 4 cents per share in the year-ago period.
Revenue for the quarter rallied 35 percent on a year-over-year basis to $182.785 million. Analysts expected ironSource Ltd. (NYSE:IS) to report earnings of 2 cents per share on revenue of $183.33 million.
Earlier this year, ironSource Ltd. (NYSE:IS) appeared in the first-quarter 2022 investor letter of investment management firm Argosy Investors. Here’s what the firm said:
“I purchased IronSource early in the quarter and have seen IS decline in value nearly 32% through the end of the quarter, and further after the quarter. IronSource is a platform that helps game publishers maximize the financial success of their games and earns a cut of the revenues generated using its technology. They have grown extremely quickly in recent years, as gaming has become an increasingly popular outlet for free time. They grew 46% last quarter to over $150 million in quarterly revenue, at an operating margin of 18%. They expect to generate $800 million in revenue this year, and likely $0.15 per share of free cash flow in 2022, with the potential for $0.25 a few years from now. I believe that IS has a very profitable business model with the potential for a long runway of growth. At the same time, I could have chosen a better purchase price to make the investment, and that has become clear quite quickly. At current prices below $4 per share, returns from here can be attractive over the course of a few years.”
3. Unity Software Inc. (NYSE:U)
Number of Hedge Fund Holders: 39
Shares of Unity Software Inc. (NYSE:U) rose nearly three percent this morning following the news that rival AppLovin Corp has sent a proposal to buy Unity Software in an all-stock transaction valued at $17.54 billion.
Unity Software Inc. (NYSE:U) said that its board has yet to make a decision regarding the offer. If the deal is finalized, CEO of Unity Software Inc. (NYSE:U) will become the new head of the combined company, while AppLovin’s CEO will become the chief operating officer.
Meanwhile, Unity Software Inc. (NYSE:U) recently delivered mixed financial results for the second quarter. The San Francisco-based software company reported an adjusted loss of 18 cents per share, narrower than analysts’ average estimate for a loss of 21 cents per share. On the downside, the quarterly revenue of $297 million came in slightly below the consensus of $298.30 million.
2. Twitter, Inc. (NYSE:TWTR)
Number of Hedge Fund Holders: 68
Shares of Twitter, Inc. (NYSE:TWTR) rose to a nearly three-month high today. The upward movement came after Elon Musk sold nearly $7 billion worth of shares in Tesla.
Many believe Musk is accumulating cash in case Twitter, Inc. (NYSE:TWTR) forces him to proceed with his earlier proposal of buying the microblogging site for $44 billion. Musk initially disclosed his plans of buying the company in April.
However, he later backed out of the agreement, saying he hasn’t received sufficient data about the fake accounts from Twitter. Subsequently, Twitter, Inc. (NYSE:TWTR) sued Tesla’s CEO for terminating the deal. The two parties will soon face each other in a court trial.
1. Meta Platforms, Inc. (NASDAQ:META)
Number of Hedge Fund Holders: 200
Shares of Meta Platforms, Inc. (NASDAQ:META) rose over six percent after the opening bell on Wednesday. The surge apparently came after the social network giant raised $10 billion through a bond offering.
Meta Platforms, Inc. (NASDAQ:META) plans to use the proceeds from the offering to repurchase its common stock. The company is also expected to invest in initiatives, such as metaverse, among other things.
This is the first time Meta Platforms, Inc. (NASDAQ:META) has raised funds through a bond offering. The latest move came nearly a month after the company reported a first-ever decline in its quarterly sales amid intense competition in the digital ads market.
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