TipRanks has compiled a list of Wednesday’s biggest pre-market stock movements.
Today’s stock market is dominated by mixed market sentiment on earnings releases 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
Upstart Holdings, Inc. (UPST), a provider of credit services, was the biggest gainer during pre-market trading as the stock popped around 26%, at the time of writing. Positive sentiment followed the company’s upbeat fourth-quarter 2021 results and above expectations revenue guidance. For Q1 2022, revenue is expected in the range of $295 million to $305 million, versus the consensus estimate of $258 million, while for 2022, the company forecasts revenue of $1.4 billion, compared with the Street’s expectations of $1.2 billion.
Meanwhile, Toast (TOST), tanked 17% during pre-market trading at the time of writing. The all-in-one digital technology platform built for restaurants reported a wider-than-expected loss in the fourth quarter of 2021, raising investors’ concerns. Meanwhile, for Q1 2022, the company projects revenue in the range of $469 million to $499 million, versus the consensus estimate of $463.02 million. For 2022, total revenue is forecast in the range of $2.349 billion to $2.409 billion, while the consensus estimate is pegged at $2.28 billion.
Another loser, California-based Roblox Corporation (RBLX), dropped 16.3% in pre-market trading, at the time of writing. The American video game developer posted a wider-than-expected fourth-quarter 2021 loss and below expectations revenues. Meanwhile, on a year-over-year basis, quarterly bookings jumped 20% to $770.1 million, while average daily active users (DAUs) grew 33% to 49.5 million.
ZoomInfo Technologies Inc. (ZI) plunged 14.1% during pre-market trading, at the time of writing despite the company posting better-than-expected fourth-quarter 2021 results and upbeat guidance. The company forecasts Q1 2022 earnings per share (EPS) in the range of $0.14 to $0.15, versus the consensus estimate of $0.15, while revenue is expected to be between $226 million and $228 million, compared with the consensus estimate of $215.6 million. For 2022, EPS is expected to be in the range of $0.71 and $0.73, above analysts’ expectations of $0.68, while revenue is expected to range between $1.01 billion and $1.02 billion, versus the consensus estimate of $982.2 million. ZoomInfo provides a cloud-based platform for sales and marketing teams.
Stockholm-based Telefonaktiebolaget LM Ericsson (publ) (ERIC) completes the list. At the time of writing, Swedish multinational networking and telecommunications company slumped during pre-market trading, recording losses of about 11%. The negative sentiment followed the company’s revelation of “serious breaches of compliance rules” over Iraq dealings. Corruption-related misconduct and dubious payments in Iraq dealings in 2018 were disclosed.
Continue to watch this space. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers.
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