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, macro factors, and other variables. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
Cricut, Inc. (CRCT) was the biggest laggard in pre-market trading, as the stock plummeted almost 32% at the time of writing. The designer of a creativity platform that enables users to turn ideas into professional-looking handmade goods posted disappointing fourth-quarter 2021 results. The reported quarterly earnings of $0.05 per share, missed the consensus estimate of $0.22. This was while quarterly revenue stood at $387.8 million, falling short of analysts’ expectations of $407.51 million.
Meanwhile, online dating company Bumble Inc. (BMBL) surged over 23% in pre-market trading, at last watch. Despite disappointing fourth-quarter 2021 results, the positive sentiment followed upbeat paying users of 1.64 million in the quarter versus the consensus estimate of 1.59 million, and a strong outlook. For 2022, the company expects revenue of $934-$944 million, versus the consensus estimate of $939 million, while Q1 2022 revenue is expected in the range of $207-$210 million, compared with analysts’ expectations of $211 million.
New York-based MongoDB, Inc. (MDB) rose in pre-market trading, recording gains almost 12% at the time of writing. The software company reported a smaller-than-expected loss in the fourth quarter of Fiscal Year 2022 and upbeat guidance raising investors’ optimism. For Fiscal Q1 2023, the company projects revenue in the range of $263 million to $267 million, versus the consensus estimate of $253 million. Additionally, earnings per share (EPS) is estimated to be in the range of $0.12-$0.08 per share, below expectations of $0.17 per share. For Fiscal 2023, total revenue is forecast in the range of $1.151 billion to $1.181 billion, above the consensus estimate of $1.15 billion, while EPS is expected to range between $0.51 and $0.29, compared with the consensus estimated loss of $0.60 per share.
FIGS, Inc. (FIGS), the American healthcare apparel brand based in California, popped 13.39% in pre-market trading, at last check. The surge in price followed above expectations fourth-quarter 2021 results and upbeat guidance. For 2022, the company forecasts revenue in the range of $550 million to $560 million, higher than the Street’s estimate of $547.3 million.
Marathon Digital Holdings, Inc. (MARA) completes the list. It moved upward around 9.4% in pre-market trading at the time of writing. There is no fundamental news explaining the uptrend. It seems that the statement on cryptocurrencies issued by the Treasury Secretary Janet Yellen, which was posted to the Treasury Department’s website on Tuesday night (now deleted), has driven investors’ optimism on the digital asset technology company. According to the statement, a balanced approach is expected over the development of the crypto sector and related regulations in the industry. Marathon is engaged in mining cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets.
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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