Why These 10 Stocks Are Soaring Friday
In this article, we’ll take a look at the 10 stocks that are skyrocketing on Friday. If you want to find out more stocks rallying today, head straight to Why These 5 Stocks Are Soaring Friday.
Notable consumer cyclical and technology stocks, including Peloton Interactive, Inc. (NASDAQ:PTON), Toast, Inc. (NYSE:TOST) and Payoneer Global Inc. (NASDAQ:PAYO), rose sharply this morning.
Shares of Peloton Interactive, Inc. (NASDAQ:PTON) jumped after news that the company was cutting staff and raising prices for its popular exercise equipment. On the other hand, Toast, Inc. (NYSE: TOST) and Payoneer Global Inc. (NASDAQ: PAYO) rose in value after posting impressive financial results in the second quarter.
Additionally, healthcare stocks including Cardinal Health, Inc. (NYSE:CAH) and Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) also rose this morning. Check out the full article below to see what drove these stocks higher.
Image by Gerd Altmann from Pixabay
10. LegalZoom.com, Inc. (NASDAQ: LZ)
Number of hedge fund holders: 13
Shares of LegalZoom.com, Inc. (NASDAQ:LZ) soared more than 20% this morning after beating second-quarter earnings and sales expectations. The online legal technology company reported adjusted earnings of 5 cents per share, beating the consensus of 2 cents per share.
Revenue reached $163.9 million, while analysts were looking for $161.6 million. LegalZoom.com, Inc. (NASDAQ:LZ) also disclosed its sales performance by segment. Subscription revenue jumped 32% to $91.3 million, while transaction revenue fell 9% to $66.5 million in the quarter. By comparison, partner revenue fell to $6.1 million from $7.7 million a year ago.
In contrast, LegalZoom.com, Inc. (NASDAQ:LZ) lowered its full-year sales outlook. The company now forecasts revenue of $612-616 million compared to its previous forecast of $650-660 million. The updated outlook is below consensus at $653.17 million.
9. Broadridge Financial Solutions, Inc. (NYSE:BR)
Number of hedge fund holders: 17
Broadridge Financial Solutions, Inc. (NYSE:BR) reported strong earnings and sales for its fourth fiscal quarter. As a result, its shares hit a nearly seven-month high after Friday’s opening bell. The fintech company earned $2.65 per share on an adjusted basis, beating consensus of $2.63 per share.
Additionally, Broadridge Financial Solutions, Inc. (NYSE:BR) reported revenue of $1.72 billion, up 12% year on year and above expectations of $1.67 billion. If we break down total sales by segment, recurring royalty revenue jumped 15% to $1.19 billion, while distribution revenue rose 12% to $49 million in the quarter. By comparison, event-related fee revenue fell 3% to $70 million.
Looking ahead, Broadridge Financial Solutions, Inc. (NYSE:BR) forecasts recurring revenue growth of 6-9% and Adjusted EPS growth of 7-11% for fiscal 2023.
Welcoming the results, CEO Tim Gokey said in a statement:
“A strong fourth quarter capped another excellent year for Broadridge, with record sales, recurring revenue growth of 16%, continued margin expansion and adjusted EPS growth of 14%. Our results reflect continued the execution of our long-term growth strategy, the ongoing digitalization of financial services, and the strong performance of our acquisition of Itiviti.”
8. Rocket Lab USA, Inc. (NASDAQ:RKLB)
Number of hedge fund holders: 19
Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) rose more than 14% this morning despite mixed second-quarter results. The aerospace maker reported a loss of 8 cents per share, higher than analysts’ average estimate for a loss of 4 cents per share.
On the bright side, revenue for the quarter soared 392% year on year to $55.5 million, as analysts expected Rocket Lab USA, Inc. (NASDAQ: RKLB) to generate revenue of $49.24 million.
Rocket Lab USA, Inc. (NASDAQ: RKLB) also released its sales outlook for the current quarter. The California-based company expects to generate revenue between $60 million and $63 million in the third quarter.
Like Rocket Lab USA, Inc. (NASDAQ:RKLB), shares of Peloton Interactive, Inc. (NASDAQ:PTON), Toast, Inc. (NYSE:TOST) and Payoneer Global Inc. (NASDAQ:PAYO) also rose after the opening bell on Friday.
7. EVgo, Inc. (NASDAQ:EVGO)
Number of hedge fund holders: 27
EVgo, Inc. (NASDAQ: EVGO) operates one of the largest public fast-charging networks in the United States. The company has more than 850 fast-charging sites across 30 states. EVgo stock soared more than 15% this morning after signing a supply deal with energy management solutions provider Delta Electronics.
Under the terms of the agreement, EVgo, Inc. (NASDAQ: EVGO) will receive 1,000 fast chargers from Delta. The chargers will come with an output power of 350 kW and will help EVgo with its recently announced projects.
Speaking about the collaboration, EVgo, Inc. (NASDAQ:EVGO) CEO Cathy Zoi said in a statement:
“EVgo and Delta share a reputation as industry pioneers and this collaboration will showcase our complementary strengths and expertise, while supporting EVgo’s momentum and deployment goals to expand access to charging experiences. of world-class EVs across the United States”
6. Viavi Solutions Inc. (NASDAQ:VAV)
Number of hedge fund holders: 27
Shares of Viavi Solutions Inc. (NASDAQ:VIAV) turned green during today’s pre-market session. The rise came after the Arizona-based company reported better-than-expected financial results for its fiscal fourth quarter.
Viavi Solutions Inc. (NASDAQ:VIAV) earned 24 cents per share on an adjusted basis, compared to 22 cents per share in the same period of 2021. Total sales for the quarter increased 7.8% from the last year to reach $335.3 million. The results beat consensus by 23 cents per share for earnings and $320.62 million for revenue.
For its fiscal first quarter, Viavi Solutions Inc. (NASDAQ:VIAV) forecast adjusted earnings of between 22 and 24 cents per share and revenue of between $317 million and $331 million.
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Disclosure: none. Why These 10 Stocks Are Soaring Friday is originally published on Insider Monkey.