Why Are These Stocks Today’s Leading Gainers?

Significant growth of its customer base has helped Godaddy Inc (NYSE:GDDY) beat third quarter Wall Street forecasts. The company released its financial report on Wednesday after the closing bell, reporting revenues of $411.1 million, citing the 8.8% increase in its customer base as the main catalyst. The company also posted a loss of $0.04 per share, easily beating estimates of a loss of $0.09 per share. This prompted investors to drive the stock higher this morning, with it currently up by more than 10%.

An operator of a web-domain marketplace, Godaddy Inc (NYSE:GDDY) has registered a 15.2% year-over-year increase in revenues and a 22.5% increase in adjusted EBITDA, as the company continues its expansion into other business areas, such as accounting software and cloud hosting, having recently bought Apptix’s public cloud customer division. Within our database, 19 hedge funds were invested in the company at the end of June and held a minor 3% of Godaddy’s outstanding stock. Rob Citrone is a big fan of the company, having built a position that amassed 1.17 million shares at the end of the second quarter, the largest among the funds we follow.

Although it posted a third quarter loss, SandRidge Energy Inc. (NYSE:SD) beat analysts’ estimates, sending the stock higher this morning. The oil and natural gas company registered a loss of $640.4 million or $1.23 per share. Adjusted for non-recurring costs, the loss stood at $0.07 per share, better than the consensus estimate of a loss of $0.11 per share. Revenues came in at $180.2 million, down by 54% year-over-year, having been severely hit by the slump in the energy markets. Shares are currently trading at $0.44 apiece, 11% higher than yesterday’s closing price, having traded around the $4 level a year ago.

Not a very popular stock among hedge funds, SandRidge Energy Inc. (NYSE:SD) could be found in the portfolios of 18 elite funds at the end of the second quarter, who nonetheless held 23% of the company’s common stock on June 30. Fairfax Financial Holdings, run by Prem Watsa, was the largest shareholder among the investment firms that we track, having reported ownership of 50.8 million SandRidge shares as of the end of the second quarter.

Disclosure: None