TipRanks has compiled a list of Wednesday’s biggest pre-market stock movements.
Amid the ongoing tough environment, mixed market sentiment on earnings releases, company-specific news, 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
Minnesota-based general merchandise retailer Target Corporation (TGT) was the biggest laggard in pre-market trading, plummeting around 24.5% in pre-market trading at the time of writing. Negative sentiment followed disappointing first-quarter 2022 earnings, which were hit hard by supply chain challenges, elevated fuel costs, and lower-than-expected discretionary product sales. For 2022, Target maintained its revenue outlook of mid-single-digit growth and thereafter as well.
Doximity, Inc. (DOCS), a digital platform for U.S. medical professionals, lost around 14% in pre-market trading at the time of writing. Bleak revenue guidance for the first quarter of Fiscal 2023 rose investor anxiety despite upbeat results for the fourth quarter of Fiscal 2022. For Fiscal Q1 2023, the company expects revenue in the range of $88.6 million to $89.6 million, below the consensus estimate of $96.78 million. For Fiscal 2023, revenue is estimated to land between $454 million and $458 million, compared to analysts’ projections of $452.12 million.
Meanwhile, Uruguayan financial technology company DLocal Limited (DLO) surged 12.83% in pre-market trading at the time of writing. Strong first-quarter 2022 results on the back of elevated volumes from sectors such as delivery, travel, and advertising drove investor optimism. DLocal reported record revenues of $87.45 million, with triple-digit year-over-year growth, and beat the consensus estimate of $82.8 million. Net profit increased 55.4% to $26.3 million.
American sporting goods retail company DICK’S Sporting Goods, Inc. (DKS) plunged 7.8% in pre-market trading at last glance, after rising more than 2% at Tuesday’s close. There is no company-specific news to explain the trading frenzy but seems that Stephen Mandel’s Lone Pine Capital’s revelation of the stake’s acquisition in DKS with 3.73 million shares drove volatility.
Dynatrace, Inc. (DT), a provider of a software intelligence platform based on artificial intelligence and automation, completes the list. It increased around 6.7% in pre-market trading at the last check. Positive sentiment followed upbeat fourth-quarter Fiscal 2022 results and a strong outlook. For Fiscal Q1 2023, the company expects adjusted EPS in the range of $0.17 to $0.18, compared with the consensus estimate of $0.17, while revenue is forecast to land between $261 million and $263.5 million, versus the Street’s estimate of $262.35 million. For Fiscal 2023, adjusted EPS is anticipated in the range of $0.74 to $0.77, compared with analysts’ expectations of $0.74, while revenue is likely to range between $1.142 billion and $1.158 billion, versus the Street’s estimate of $1.16 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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