TipRanks has compiled a list of Friday’s biggest pre-market stock movements.
Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
iRhythm Technologies, Inc. (IRTC), a commercial-stage digital healthcare company, proved to be the biggest gainer in the pre-market trading session. The stock had jumped around 22% at the time of writing. Despite reporting a wider-than-expected Q1 2022 loss, positive sentiment followed the company’s upbeat reported revenue and a strong full-year revenue outlook. For 2022, the company expects revenue in the range of $410 million to $420 million, representing year-over-year growth of 27% to 30%.
Meanwhile, the provider of cloud-based software solutions, Bill.com Holdings, Inc. (BILL), had plunged 18.9% in the pre-market trading session at the time of writing. Despite the company’s upbeat third-quarter Fiscal 2022 results and strong guidance, shares seemed to slide on macro issues. For Q4 2022, the company forecasts adjusted loss expectations in the range of $0.14-$0.13 per share, compared with the consensus estimate of $0.15. Additionally, revenues are expected to land between $182.3 million and $183.3 million, above analysts’ expectations of $168.8 million.
Online residential real estate company Opendoor Technologies Inc. (OPEN) had jumped over 13% at the time of writing. The company reported a surprise profit in the first quarter of 2022, driving investor optimism. Upbeat revenues and a strong outlook added fuel to the fire. For Q2 2022, Opendoor expects revenue in the range of $4.1 billion to $4.3 billion, compared with the consensus estimate of $3.93 billion.
Cloudflare, Inc. (NET), a web infrastructure and website security company, had dropped 12.5% in the pre-market trading session at last watch. Despite better-than-expected first-quarter 2022 results, investor anxiety rose on loss expectations for the second quarter. For Q2 2022, Cloudflare expects EPS in the range of ($0.01)-$0.00, compared with the consensus estimate of $0.00. Nevertheless, revenue is anticipated to land between $226.5 million and $227.5 million, above the consensus estimate of $217.9 million.
Online real estate marketplace Zillow Group, Inc. (ZG) completes the list. Shares of the company slumped in the pre-market trading session, recording a loss of 12% at the time of writing. The negative sentiment follows a bleak outlook despite the first-quarter 2022 revenue beat. In a letter to shareholders, executives at Zillow wrote, “With forecasts varying widely, one thing that is clear about the 2022 housing market is that the path ahead is uncertain. Inventory levels remain low, new for-sale listings remain down year over year, and our average page views per listing were at record highs in Q1, demonstrating the ongoing supply-demand imbalance.”
Continue to watch this space for possible volatility when the market opens. On Monday, we’ll have another up-to-date piece on Pre-Market Stock Movers…
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