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
DocuSign, Inc. (DOCU), a cloud-based electronic signature solutions provider, was the biggest laggard in pre-market trading, dropping around 18.7% at the time of writing. Despite upbeat fourth-quarter Fiscal 2022 results, the negative sentiment followed disappointing guidance. For Fiscal Q1 2023, the company projects revenue in the range of $579 million to $583 million versus the consensus estimate of $594.4 million. Additionally, for Fiscal 2023, total revenue is forecast in the range of $2.47 billion to $2.482 billion, below the Street’s estimate of $2.61 billion.
Another loser, China-based RLX Technology Inc. (RLX), had lost around 17% in pre-market trading at last watch. Despite strong fourth-quarter 2021 results, ongoing geopolitical tensions seem to have raised investors’ anxiety. The company manufactures e-vapor products for adult smokers.
Chinese ride-hailing giant DiDi Global Inc. (DIDI) had lost 14% in pre-market trading at the time of writing. The fall in price followed the suspension of the company’s preparations for the stock listing in Hong Kong. The suspension followed DiDi’s failure to meet Chinese regulators’ demands to revamp its systems to prevent security and data leaks.
American electric vehicle (EV) automaker Rivian Automotive, Inc. (RIVN) was down 11.5% in the pre-market session at the time of writing. The negative sentiment followed disappointing fourth-quarter 2021 results and management’s warnings around planned production in 2022. Rivian warned that due to supply-chain challenges, production might be reduced by half to 25,000 vehicles this year.
Meanwhile, China-based 360 DigiTech, Inc. (QFIN) rounds off the list. It had gained 7.5% in the pre-market trading session at last watch. The surge in price followed the financial technology platform’s strong fourth-quarter 2021 results. Total net revenue grew 32.5% year-over-year to RMB 4,422.1 million ($693.9 million) from RMB 3,337.5 million. Additionally, adjusted net income stood at RMB 1,362.9 million ($213.9 million), up 3.9%.
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