TipRanks has compiled a list of Wednesday’s biggest pre-market stock movements.
Today’s stock market is dominated by mostly upbeat earnings releases, strong outlooks, positive market sentiment, 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
California-based technology company New Relic, Inc. (NEWR) was the biggest laggard in pre-market trading, as the stock dropped almost 23% at the time of writing. The company posted a wider-than-expected third-quarter Fiscal 2022 loss and provided disappointing Q4 2022 earnings guidance. Management expects fourth-quarter Fiscal 2022 loss per share in the range of $0.19 to $0.22, versus the Street estimated loss of $0.02 per share.
Meanwhile, Enphase Energy, Inc. (ENPH) surged 18.3% in pre-market trading, at last watch. Positive sentiment followed the energy technology company’s upbeat fourth-quarter 2021 results and above-expectations first-quarter 2022 revenue guidance. For Q1 2022, revenue is expected in the range of $420 million to $440 million, versus the consensus estimate of $409 million.
Another gainer, Doximity, Inc. (DOCS), rose 10.4% in pre-market trading at the time of writing. The surge in price was on the back of strong third-quarter Fiscal 2022 results and upbeat guidance provided by the company. For Fiscal 2022, the digital platform for U.S. medical professionals expects revenue in the range of $338.9 million to $339.9 million, versus the consensus estimate of $327.6 million.
SolarEdge Technologies, Inc. (SEDG) also jumped in pre-market trading, recording gains over 9% at the time of writing. Though there is no fundamental news explaining the uptrend, it seems that strong earnings and revenue expectations have raised investors’ confidence. The company is expected to report fourth-quarter 2021 results on February 15, with the Street’s earnings expectations of $1.32 per share on revenues of $550.43 million. Israel-based SolarEdge provides power optimizers, solar inverters, and monitoring systems for photovoltaic arrays.
Oklahoma-based Paycom Software, Inc. (PAYC) rounded off the list. It increased 7.7% in pre-market trading following its fourth-quarter 2021 results, which surpassed expectations. The company also provided upbeat revenue guidance. For Q1 2022, the company forecasts revenue of $342 million to $344 million, above the consensus estimate of $341.7 million. Additionally, for FY2022, revenue is expected in the range of $1.314 billion to $1.316 billion, compared with analysts’ expectations of $1.05 billion. Paycom provides cloud-based human capital management (HCM) software services to small to mid-sized companies in the United States.
Continue to watch this space. Tomorrow, we’ll have another up-to-date report on stock Pre-Market Movers…
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