Using TipRanks’ Top Stock Gainers/Losers tool, we have compiled a list of Wednesday’s biggest pre-market stock movers, which is as follows:
Five Biggest Movers
California-based tech firm Trade Desk, Inc. (NASDAQ: TTD) topped the list on Wednesday, with its stock price gaining 17.3% in the pre-market trading session. The uptrend was driven by a 35% year-over-year rise in revenue to $377 million in the second quarter. Further, the company reported a profit of 20 cents per share, which was in line with the Street’s estimate, but two cents above the year-ago figure.
Shares of technology-driven beauty company Olaplex Holdings, Inc. (NASDAQ: OLPX) were trading 15.5% up at the time of writing, on the back of upbeat second-quarter results. Net sales increased 38.6% year-over-year to $210.9 million, surpassing the consensus estimate of $201.25 million. Adjusted earnings of 14 cents per share came in above the Street’s expectation of 13 cents and the previous year’s profit of 11 cents per share.
Next on the list is video game developer Roblox Corp. (NYSE: RBLX), which lost 14.1% early Wednesday, after declining 17.4% in Tuesday’s extended trade. The downward trend was triggered by weak results for the second quarter of 2022. Revenue of $591.2 million fell significantly short of the consensus estimate of $639.19 million, and a loss of 30 cents per share came in five cents wider than analysts’ expectations.
Vir Biotechnology, Inc.’s (NASDAQ: VIR) stock was down 13.4% at the last check, due to disappointing second-quarter results. The commercial-stage immunology company reported revenues of ($40.6 million), compared to $177.1 million in the same quarter last year. Its net loss amounted to 58 cents per share versus a profit of 46 cents a year ago. The consensus EPS estimate stood at 33 cents a share.
Finally, shares of New Mexico-based Array Technologies, Inc. (NASDAQ: ARRY) were trending almost 9% higher in Wednesday’s early trading session, after gaining 10% in Tuesday’s extended trade. Robust second-quarter results led to the stock’s uptick. Revenues increased 116% year-over-year to $424.9 million, beating the Street’s expectation of $335.74 million. Adjusted EPS of nine cents per share was seven cents above the consensus estimate and the year-ago figure.
Continue to watch this space for possible volatility upon the market open. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…