TipRanks has compiled a list of Tuesday’s biggest pre-market stock movements.
Today’s stock market is dominated by mixed market sentiment on earnings releases, guidance, and other variables.
Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top 5 pre-market stock movers, as detailed below.
5 Biggest Movers
Consumer-focused digital healthcare platform GoodRx Holdings, Inc. (GDRX) was the biggest laggard in pre-market trading, as the stock dropped over 31% at the time of writing. The company posted lower-than-expected fourth-quarter 2021 results and provided disappointing Q1 2022 revenue guidance. Management expects first-quarter 2022 revenue to be around $200 million versus the Street’s estimate of $227.92 million. For 2022, the company expects approximately 23% year-over-year growth in revenue.
Another loser, Ambarella, Inc. (AMBA) plummeted 15.7% in pre-market trading, at last watch. The negative sentiment followed mixed fourth-quarter Fiscal 2022 results for the developer and seller of video compression and image processing solutions. Earnings beat estimates, while revenues met expectations. The company also provided Q1 2023 revenue guidance in the range of $88.5-$91.5 million, the mid-point of which fell short of analysts’ expectations of $90.88 million.
Lucid Group, Inc. (LCID), the American electric vehicle manufacturer, lost 13.4% in pre-market trading at the time of writing. The fall in price was on the back of disappointing fourth-quarter 2021 results and the revised production outlook provided by the company. Lucid CEO Peter Rawlinson said, “Looking ahead, we’re updating our outlook for 2022 production to a range of 12,000 to 14,000 vehicles. This reflects the extraordinary supply chain and logistics challenges we’ve encountered and our unrelenting focus on delivering the highest-quality products.”
Meanwhile, 3D Systems Corporation (DDD) jumped in pre-market trading, recording gains over 11% at the time of writing. Positive sentiment followed the upbeat fourth-quarter 2021 results and strong revenue guidance for 2022. For 2022, the company forecasts revenue in the range of $570 million to $630 million against the consensus estimate of $573.5 million. The company engineers, manufactures, and sells 3D printers, 3D printing materials, and 3D scanners, and offers a 3D printing service.
California-based biotech stock 10x Genomics, Inc. (TXG) rounded off the list. It increased 10% in pre-market trading without any fundamental news explaining the uptrend.
Continue to watch this space. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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