Ten small-cap stocks feasted early on Wednesday, soaring by as much as double digits before the Thanksgiving holiday.
The stocks mirrored a broader market optimism, with the three main indices on Wall Street finishing in the green.
To recall, the Nasdaq was up by 0.82 percent, the S&P 500 grew by 0.69 percent, while the Dow Jones increased by 0.67 percent.
In this article, we spotlight the 10 top-performing small-cap companies on Wednesday and detail the reasons behind their gains.
To come up with the list, we considered the stocks with a market capitalization between $300 million and $2 billion, and at least 5 million shares in trading volume.
The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels
10. New Fortress Energy Inc. (NASDAQ:NFE)
New Fortress grew its share prices by 8.93 percent on Wednesday to close at $1.22 apiece after receiving a credit rating upgrade from S&P Global.
In a report on Tuesday, S&P Global said it raised its credit rating for New Fortress Energy Inc. (NASDAQ:NFE) to “CCC-“ from Selective Default (SD) previously.
A CCC credit rating is one of the lowest credit ratings from S&P Global, suggesting that a company is currently vulnerable and dependent on favorable business, financial, and economic conditions to meet financial commitments.
In the event of adverse business, financial, or economic conditions, a CCC-graded borrower is not likely to have the capacity to meet its financial commitments on the obligation.
However, the CCC grade was a significant upgrade from New Fortress Energy Inc.’s (NASDAQ:NFE) previous rating of SD, which classifies a borrower selectively defaulted on a specific issue or class of obligations, but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner.
A rating on a borrower is lowered to SD if the company is conducting a distressed debt restructuring.
In addition to the credit rating, S&P Global also lowered its issue-level rating on New Fortress Energy Inc.’s (NASDAQ:NFE) senior secured term loan B to “CCC-“ from “CCC” previously; as well as its 2026 and 2029 notes to “CC” from “CCC-.”
9. Taseko Mines Ltd. (NYSEAmerican:TGB)
Taseko extended its winning streak to a third straight day on Wednesday to reach a new nine-year high as investors resumed taking path from an investment firm’s optimistic forecast for copper.
At intra-day trading, the stock soared to its highest price of $5.13 before trimming gains to finish the day just up by 10.77 percent at $5.04 apiece.
This followed UBS’ report last Friday that it expects copper prices for the next quarters of 2026 to hit $11,500 per ton in March; increase to $12,000 in June; and further to $12,500 and $13,000 in September and December, respectively.
According to UBS, the forecast took into account the persistent supply risks and lower inventories that are expected to keep conditions tight.
UBS also expected a deficit in both 2025 and 2026, reaching 230,000 and 407,000 tons, respectively, amid slower output from Freeport McMoran’s Grasberg mine—one of the largest copper producers in the world.
In other developments, Taseko Mines Ltd. (NYSEAmerican:TGB) confirmed last Friday an accident at its Gibraltar mine in British Columbia, Canada last Friday which claimed the life of one contract worker.
“We are saddened to report the loss of a valued colleague at Gibraltar, and offer our deepest condolences to affected family, co-workers and friends. Our primary concern is the health, safety and well-being of our employees. Accordingly, we have halted all activity at Gibraltar until the accident has been fully investigated, and will make counselling and support services available to Gibraltar employees affected by this tragic event,” Taseko Mines Ltd. (NYSEAmerican:TGB) Vice President of Corporate Affairs Sean Magee said.
8. Applied Optoelectronics, Inc. (NASDAQ:AAOI)
Applied Optoelectronics rallied for a fourth straight day on Wednesday, adding 12.49 percent to finish at $25.57 apiece as investors took heart from an investment firm’s reaffirmed “buy” recommendation for its stock.
In a market note, Needham & Company maintained its rating and $38 price target for Applied Optoelectronics, Inc. (NASDAQ:AAOI), marking a 48.6 percent upside potential from its latest closing price.
In other news, the company said that its chief finance and strategy officer, Stefan Murry, would present in a fireside chat at the Raymond James 2025 TMT & Consumer Conference on December 9, 2025.
Applied Optoelectronics, Inc. (NASDAQ:AAOI) is engaged in developing and manufacturing advanced optical and HFC networking products for AI datacenters, CATV, and broadband fiber access networks.
In the third quarter of the year, the company widened its net loss by 1.1 percent to $17.9 million from $17.7 million in the same period last year.
Total revenues, on the other hand, surged by 82 percent to $118.63 million from $65.15 million year-on-year, with the bulk coming from revenues from data centers, at $43.9 million, or 7.3 percent higher than the $40.9 million in the same quarter last year.
For the fourth quarter, Applied Optoelectronics, Inc. (NASDAQ:AAOI) targets revenues between $125 million and $140 million, and net loss between $2.8 million and $9 million.
7. Petco Health and Wellness Company, Inc. (NASDAQ:WOOF)
Petco extended its winning streak to a fourth consecutive day on Wednesday, jumping 14.48 percent to end at $3.40 apiece as investors continued to digest its strong earnings performance in the third quarter of the year.
In an updated report, Petco Health and Wellness Company, Inc. (NASDAQ:WOOF) said it swung to a net income attributable to shareholders of $9.3 million from a $16.67 million net loss in the same period last year, on the back of a 634-percent jump in operating income at $29.2 million from $3.98 million year-on-year.
Net sales, on the other hand, dipped by 3.3 percent to $1.46 billion from $1.51 billion, but fell in line with the company’s outlook.
“Once again, we delivered on Petco’s profitability goals as we continue to execute on our multi-phased transformation,” Petco Health and Wellness Company, Inc. (NASDAQ:WOOF) CEO Joel Anderson said.
“Rebuilding the base of our economic model has been a priority in 2025. This strengthened base sets the foundation for a return to growth during fiscal 2026,” he noted.
Looking ahead, Petco Health and Wellness Company, Inc. (NASDAQ:WOOF) expects full-year revenues to drop by 2.5 to 2.8 percent. However, it raised its adjusted EBITDA guidance to a range of $395 million to $397 million from $385 million to $395 million previously.
For the fourth quarter alone, net sales are expected to dip by low single digits, while adjusted EBITDA is targeted at $93 million to $95 million.
6. Sana Biotechnology, Inc. (NASDAQ:SANA)
Sana Biotechnology soared by 14.53 percent on Wednesday to finish at $4.02 apiece as investors loaded portfolios ahead of its business updates next week.
In a statement, Sana Biotechnology, Inc. (NASDAQ:SANA) said that its president and chief executive officer, Steve Harr, would present the company’s business overview and update at the Citi 2025 Global Healthcare Conference on Tuesday, December 2, as well as the 8th Annual Evercore Healthcare Conference on Wednesday, December 3.
Investors will be closely watching out for updated outlooks, particularly for SC451 and SG293—its drug candidates for the treatment of diabetes, as well as B-Cell cancer and autoimmune diseases, respectively.
Earlier this month, Sana Biotechnology, Inc. (NASDAQ:SANA) said that it would prioritize its operations in the development of the two treatments.
Sana Biotechnology, Inc. (NASDAQ:SANA) is a biotechnology company focused on creating and delivering engineered cells as medicines.
In the third quarter of the year, the company narrowed its net loss by 30 percent to $42.15 million from $59.92 million in the same period last year.
Total operating expenses also dwindled by 29.5 percent to $43.51 million from $61.76 million year-on-year.
5. T1 Energy Inc. (NYSE:TE)
T1 Energy climbed for a third consecutive day on Wednesday, adding 16.72 percent to end at $3.84 apiece as investors continued to load up portfolios following its chief executive’s meeting with US Vice President JD Vance to discuss American energy and manufacturing.
In a statement, T1 Energy Inc. (NYSE:TE) said its chairman and chief executive officer, Dan Barcelo, is committed to supporting the development of energy in the US.
According to T1 Energy Inc. (NYSE:TE), it is accelerating the development of its 2.1 GW solar cell fabrication facility to support project completion by the end of the year.
Upon completion, the first phase of the facility, called G2_Austin, is targeted to start producing solar cells in the fourth quarter of 2026 with an estimated investment of $400 million to $425 million, as well as generate some 1,700 new jobs.
Apart from G2_Austin, T1 Energy Inc. (NYSE:TE) also owns and operates the G1_Dallas solar module facility in Wilmer, Texas—one of the most advanced solar manufacturing plants globally, with a capacity to produce between 2.6 and 3 GW of solar modules in 2025.
4. Wheels Up Experience Inc. (NYSE:UP)
Wheels Up jumped by 18.51 percent on Wednesday, as investors scrambled to push its share prices up after already falling below its minimum bid price requirement.
Wednesday’s session marked Wheels Up Experience Inc.’s (NYSE:UP) eighth straight session of trading below the $1 minimum bid price requirement of the New York Stock Exchange, having fallen below the threshold since November 17.
A company that fails to trade above the said price would then receive a letter from the exchange notifying them of their failure to comply, and the need for them to regain compliance within 180 days to continue listing their shares.
In other recent developments, Wheels Up Experience Inc. (NYSE:UP) announced earlier this month that it widened its net loss in the third quarter of the year by 45 percent to $83.73 million from $57.73 million in the same period last year.
Revenues, on the other hand, dropped by 4.3 percent to $185.49 million from $193.90 million year-on-year, dragged by lower flight revenues from the discontinued Connect and Pay-As-You-Fly segment.
Looking ahead, Wheels Up Experience Inc. (NYSE:UP) said that it expects the fourth quarter of the year “to be the best” since it kicked off its transformation two years ago.
“Last month marked one full year since we announced our fleet modernization strategy, a crucial part of our overall business transformation that is reshaping our programs, aircraft, and operations to better serve our customers. We are encouraged by the financial and operating performance of our new fleet and customer feedback has been strongly positive. Signature membership sales of our new fleet offerings are off to a very strong start, and we expect to see accelerating growth of corporate and individual Signature membership sales in the fourth quarter and coming year,” said Wheels Up Experience Inc. (NYSE:UP) CEO George Mattson.
3. Beyond Meat, Inc. (NASDAQ:BYND)
Beyond Meat clawed back to the $1 level on Wednesday, soaring 19.01 percent to close at $1.02 apiece as investors worked to boost its share prices back to comply with the minimum bid price requirement.
The Nasdaq requires listed companies to trade at a minimum price of $1 to continue listing on the exchange. Firms trading below the said level for 30 consecutive days would then be notified and be required to take steps to regain compliance.
In other news earlier this week, Beyond Meat, Inc. (NASDAQ:BYND) was slapped with a $40 million penalty by a US court after it found that the company had infringed on a trademark of its rival firm, Vegadelphia.
According to reports citing court documents, Beyond Meat violated Vegadelphia’s trademark, “Where Great Taste is Plant-Based,” with its own slogan, “Great Taste, Plant-Based.”
In its filing lodged in 2022, Vegadelphia said that Beyond Meat, Inc. (NASDAQ:BYND) could cause confusion among customers.
Meanwhile, Beyond Meat, Inc. (NASDAQ:BYND) expressed disagreement over the court result, saying that it intends to “seek further judicial review of the decision and appeal the verdict.”
2. DeFi Technologies Inc. (NASDAQ:DEFT)
DeFi Technologies rallied for a second day on Wednesday, soaring 20.87 percent as investors cheered the approval of its own stablecoin.
In a statement on the same day, DeFi Technologies Inc. (NASDAQ:DEFT) said that its venture portfolio company, Canada Stablecorp Inc., and the QCAD Digital Trust have secured regulatory approvals for its QCAD stablecoin, making it Canada’s first compliant CAD stablecoin.
Following the approval, DeFi Technologies Inc. (NASDAQ:DEFT) said that it intends to focus on scaling QCAD across three core areas: product development, liquidity and market access, as well as security and future-proofing.
Through Valour Inc., DeFi Technologies Inc. (NASDAQ:DEFT) said that it would develop QCAD-integrated products, including CAD-linked ETPs, yield products, and structured solutions that provide regulated access to the digital asset economy for retail and institutional investors.
It would also partner with BTQ Technologies Corp. to ensure a post-quantum security roadmap for QCAD.
“QCAD’s approval as Canada’s first compliant CAD stablecoin is a pivotal milestone for Stablecorp and for the Canadian digital asset market,” said DeFi Technologies Inc. (NASDAQ:DEFT) Chairman and CEO Johan Wattenstrom.
“Having a fully regulated Canadian-dollar rail fits squarely within our strategy of backing category-defining infrastructure and allows us to support QCAD’s growth across our platform and our broader institutional network.”
1. Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD)
Ironwood Pharmaceuticals soared by 23.32 percent on Wednesday to end at $3.86 apiece as investors cheered the new price set by the Health Department for its bowel treatment, which fell in line with its expectations.
In a regulatory filing, Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) said that the US Department of Health and Human Services released the maximum fair price (MFP) for Linzess to $136.
“The revised MFP for LINZESS is in line with the expectations of Ironwood Pharmaceuticals, Inc.,” it said. The new price will take effect on January 1, 2027.
Linzess was among the treatments selected in the most recent round of government price setting as part of the Inflation Reduction Act of 2022, in a bid to make healthcare costs more affordable to American senior citizens.
According to the Centers for Medicare and Medicaid Services (CMS), the lower Medicare would help save the government billions of dollars in healthcare costs, at least $12 billion if it started in 2024.
In recent news, Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) said it expanded its net income by 1,013 percent in the third quarter of the year to $40.08 million from $3.6 million in the same period last year.
Revenues jumped by 33.27 percent to $122.06 million from $91.59 million year-on-year, thanks to $119.6 million of US revenues from Lizness.
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