Why These 10 Stocks Are Skyrocketing

Wall Street saw a quiet trading session this week amid the lack of major catalysts to perk up the market. Despite an overall thin trading volume, 10 companies managed to outperform and mirror gains of all major indices.

Let’s take a look at the Top 10 Gainers this week and how they performed so far.

To come up with the Top 10 Gainers this week, we focused on stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.

10. Veren Inc. (NYSE:VRN)

Veren Inc., a Canadian-based oil and gas exploration company, registered an unusually heavy trading volume in this week’s trading session, with 6.5 million shares changed hands, an increase of 30 percent from the 4.97 million registered the day prior.

Veren opened the week at $4.66 apiece and ended Tuesday higher by 6 percent at $4.94 each after the Royal Bank of Canada set an “outperform” rating on the stock in a research report published on Friday.

The company also earned a “strong buy” rating from investment bank and financial services company Raymond James Financial Inc., which set its price target on the stock at $13 apiece.

9. Nvidia Corporation (NASDAQ:NVDA)

Semiconductor giant Nvidia Corp. (NVDA) opened the week at $136.4 each and ended Tuesday at $140.22 apiece, marking an increase of 2.8 percent during a quiet trading session.

Analysts said that investor optimism was fueled by news that the company raised as much as $30 million from the sale of additional clusters to Hive Digital Technologies. According to reports, the purchase was aligned with its goal to strengthen its position in artificial intelligence (AI) and high-performance computing (HPC) and enhance its role in the digital transformation landscape.

Nvidia (NVDA) also remains to be the biggest beneficiary in the ongoing AI boom, with more cloud vendors and internet companies continuing to purchase its graphics processing units. Due to advancements in AI, Nvidia has already perked up its annual revenues by 94 percent in the past six quarters, with growth exceeding 200 percent three times in that stretch.