TipRanks has compiled a list of Tuesday’s biggest pre-market stock movements.
Amid the ongoing tough environment, disappointing earnings releases and other variables seem to have dominated today’s stock market. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
Artificial intelligence lending company Upstart Holdings, Inc. (UPST) was the biggest laggard in pre-market trading, plunging almost 57% in pre-market trading at the time of writing. Negative sentiment followed the company’s below-expectation Q2 2022 revenue guidance and bleak 2022 outlook despite upbeat first-quarter 2022 results. For Q2 2022, the company expects revenue in the range of $295 million to $305 million, versus the consensus estimate of $335 million. Revenue for 2022 is now anticipated to be about $1.25 billion, down from the prior guidance of $1.4 billion.
Upstart CFO Sanjay Datta said, “Given the general macro uncertainties and the emerging prospect of a recession later this year, we have deemed it prudent to reflect a higher degree of conservatism in our forward expectations.”
Another loser, GoodRx Holdings, Inc. (GDRX) lost about 34% in pre-market trading, at last glance. Despite upbeat first-quarter 2022 results, investor confidence was shaken by the second-quarter 2022 guidance miss. Additionally, management said that the full-year outlook seems unlikely to be achieved following recent actions taken by the telemedicine platform. For Q2 2022, GoodRx forecasts revenue of $190 million, below the Street’s estimate of $215.6 million.
Bausch Health Companies Inc. (BHC), a global specialty pharmaceutical, consumer health, and medical device company, dropped around 36.6% in pre-market trading at the time of writing. Disappointing first-quarter 2022 results and below-expectation full-year guidance elevated investor anxiety. For 2022, the company expects revenue in the range of $8.25 billion to $8.40 billion, excluding Bausch + Lomb. The consensus estimate stands at $11.01 billion.
American exercise equipment and media company Peloton Interactive, Inc. (PTON) declined 21% in pre-market trading at last glance. Negative sentiment followed the company’s wider-than-expected third-quarter Fiscal 2022 loss, along with disappointing revenues and guidance for the fourth quarter. For Fiscal Q4 2022, the company expects revenue to land between $675 million and $700 million, below analysts’ expectations of $821.7 million.
Biotech firm Novavax, Inc. (NVAX) completes the list. It dipped about 23.8% in pre-market trading, at last check. Despite reporting the a profitable quarter, the company still missed Wall Street’s expectations. For 2022, Novavax forecasts revenue in the range of $4 billion to $5 billion.
Continue to watch this space for possible volatility upon the market opens. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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