In this article, we will take a look at the 10 stocks in limelight after releasing their quarterly reports.
Companies from communication services, real estate, technology, consumer cyclical, and healthcare sectors recently released their earnings reports. The Walt Disney Company (NYSE:DIS), Opendoor Technologies Inc. (NASDAQ:OPEN), Marqeta, Inc. (NASDAQ:MQ), Tapestry, Inc. (NYSE:TPR), and Organon & Co. (NYSE:OGN) were among the notable stocks that posted their quarterly reports earlier this week.
Shares of The Walt Disney Company fell to their lowest price in more than a year after missing expectations. On the other hand, shares of Opendoor Technologies Inc. and Tapestry, Inc. closed higher as investors cheered their performance.
We will analyze the detailed financial results of these companies in the remaining article.
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Stocks in Limelight After Releasing Their Quarterly Reports
10. Luminar Technologies, Inc. (NASDAQ:LAZR)
Number of Hedge Fund Holders: 21
Shares of Luminar Technologies, Inc. (NASDAQ:LAZR) slipped over three percent in the after-hours trading session on Thursday, 11 November 2021, after announcing mixed financial results for the third quarter.
The autonomous vehicle sensor and software company reported an adjusted loss of 10 cents per share, narrower than the adjusted loss of 22 cents per share in the comparable period of 2020.
Revenue came in at $8 million, translating to a surge of 89 percent on a year-over-year basis. Analysts were expecting Luminar Technologies, Inc. to report a loss of 10 cents per share on revenue of $8.89 million.
The company also reaffirmed its sales outlook for the full year. Luminar Technologies, Inc. expects to generate revenue in the range of $30 million to $33 million, in line with the consensus forecast of $31.17 million.
9. Flowers Foods, Inc. (NYSE:FLO)
Number of Hedge Fund Holders: 21
Shares of Flowers Foods, Inc. (NYSE:FLO) rose nearly four percent in the after-hours trading session on Thursday, 11 November 2021, after announcing better-than-expected financial results for the third quarter.
The producer of packed bakery food earned 30 cents per share on an adjusted basis during the quarter, marginally higher than 29 cents per share in the same period last year. Analysts were looking for earnings of 25 cents per share. In addition, Flowers Foods, Inc. posted revenue of $1.03 billion for the quarter, up 3.9 percent versus last year and above the consensus forecast of $1 billion.
The company also raised its revenue outlook for 2021. Flowers Foods, Inc. is now anticipating revenue in the range of $4.3 billion – $4.344 billion for the full year, compared to its earlier forecast between $4.256 billion – $4.3 billion.
Like Flowers Foods, Inc., The Walt Disney Company, Opendoor Technologies Inc., Marqeta, Inc., Tapestry, Inc., and Organon & Co. also gained investors’ attention after posting their quarterly results.
8. Affirm Holdings, Inc. (NASDAQ:AFRM)
Number of Hedge Fund Holders: 25
Shares of Affirm Holdings, Inc. (NASDAQ:AFRM) jumped nearly 14 percent on Thursday, 11 November 2021, after posting solid revenue for its fiscal first quarter. The company’s revenue jumped 55 percent on a year-over-year basis to $269.4 million, beating the consensus forecast of $248 million.
On the downside, Affirm Holdings, Inc. reported a loss of $1.13 per share, wider than analysts’ average estimate for a loss of 30 cents per share. The company had posted a loss of 6 cents per share for the same period last year.
Affirm Holdings, Inc. also issued the revenue outlook for its fiscal second quarter and FY 2022. It expects to generate revenue in the range of $320 – $330 million during the December quarter. For the full year, it anticipates revenue between $1.225 – $1.25 billion.
Speaking on the results, CEO Max Levchin said in a statement:
“Over the last year, we expanded our network by increasing the number of active merchants on our platform to over 100,000 and more than doubling the number of active consumers. These deep connections and our partnerships with merchants drove growth in GMV, frequency of engagement, and revenue.”
7. Fiverr International Ltd. (NYSE:FVRR)
Number of Hedge Fund Holders: 30
Shares of Fiverr International Ltd. (NYSE:FVRR) rose over three percent on Thursday, 11 November 2021, after delivering impressive financial results for the third quarter. The leading online marketplace for freelance services reported adjusted earnings of 21 cents per share, significantly higher than 13 cents per share in the year-ago quarter.
Analysts were expecting Fiverr International Ltd. to report a loss of 1 cent per share. Revenue for the quarter jumped 42 percent versus last year to $74.3 million, beating the consensus forecast of of $72.78 million.
If we look at the key growth drivers, active buyers in the quarter climbed 33 percent on a year-over-year basis to 4.1 million. In comparison, spending per buyer jumped 20 percent versus last year to $234 in the quarter.
Looking forward, Fiverr International Ltd. expects revenue in the range of $74.5 – $77.5 million for the fourth quarter, translating to a year-over-year gain of 33 – 39 percent. For the full year, it expects revenue between $292.4 – $295.4 million, representing a growth of 54 – 56 percent versus last year.
Commenting on the quarter, CFO Ofer Katz said:
“Fiverr continues to deliver strong financial results amidst the still uncertain backdrop of the pandemic. The underlying strength and scale of our business, together with secular trends towards digital transformation will drive long-term growth for the company.”
Like Fiverr International Ltd., investors are also closely watching The Walt Disney Company, Opendoor Technologies Inc., Marqeta, Inc., Tapestry, Inc., and Organon & Co. after they released their earnings reports.
6. The Wendy’s Company (NASDAQ:WEN)
Number of Hedge Fund Holders: 30
Shares of The Wendy’s Company fell more than seven percent on Wednesday, 10 November 2021, after posting mixed financial results for the third quarter. The Ohio-based fast food restaurant chain reported adjusted earnings of 19 cents per share, unchanged from the last year and just ahead of the consensus forecast of 18 cents per share.
In addition, The Wendy’s Company posted revenue of $470.3 million for the quarter, compared to $452.2 million in the year-ago period. However, it was short of analysts’ average estimate of $470.5 million. Same restaurant sales growth of 3.3 percent also came in below expectations of 4.9 percent growth.
Looking forward, The Wendy’s Company expects adjusted earnings in the range of 79 – 80 cents per share and sales growth between 11 – 12 percent for the full year. This compares to earnings of 82 cents per share and revenue growth of 9.1 percent projected by analysts.
5. Opendoor Technologies Inc. (NASDAQ:OPEN)
Number of Hedge Fund Holders: 35
Shares of Opendoor Technologies Inc. jumped more than 15 percent on Thursday, 11 November 2021, after posting better-than-expected financial results for the third quarter. The digital platform operator for residential real estate reported a loss of 9 cents per share, well below a loss of 91 cents per share in the year-ago quarter.
Revenue for the quarter skyrocketed 91 percent on a year-over-year basis to $2.3 billion. Analysts were expecting Opendoor Technologies Inc. to report a loss of 17 cents per share on revenue of $2 billion.
In addition, the company sold 5,988 homes in the quarter, representing a surge of 72 percent versus last year. Moreover, it acquired 15,181 homes, up 79 percent from the comparable period of 2020.
Looking forward, Opendoor Technologies Inc. expects revenue in the range of $3.1 billion – $3.2 billion for the fourth quarter, above analysts’ average estimate of $2.92 billion.
4. Marqeta, Inc. (NASDAQ:MQ)
Number of Hedge Fund Holders: 35
Marqeta, Inc. recently came into the limelight after beating expectations for the third quarter. The Oakland-based card issuing platform reported a loss of 8 cents per share, narrower than a loss of 13 cents per share estimated by analysts.
Revenue came in at $131.5 million, above analysts’ average estimate of $119.6 million. Marqeta, Inc. had posted a loss of 10 cents per share on revenue of $119.56 million for the comparable period of 2020.
The company also issued its revenue outlook for the fourth quarter. Marqeta, Inc. expects to generate revenue in the range of $134 million – $139 million, above the consensus forecast of $125.8 million.
Speaking on the results, CEO Jason Gardner said:
“Modern card issuing is at the heart of today’s digital economy, and our third quarter results put that on display, both with the growth we’re seeing, and the way our platform is bringing to life unique new payments use cases for an incredible array of innovators.”
3. Tapestry, Inc. (NYSE:TPR)
Number of Hedge Fund Holders: 41
Shares of Tapestry, Inc. hit a nearly six-month high on Thursday, 11 November 2021, after delivering solid profit and sales for its fiscal first quarter. The luxury fashion company earned 82 cents per share on an adjusted basis, up from 58 cents per share in the same period of 2020.
In addition, Tapestry, Inc. posted revenue of $1.48 billion, up 26.3 percent versus the year-ago quarter. The results easily surpassed the consensus forecast of 70 cents per share for earnings and $1.48 billion for revenue.
If we break down the total sales by business units, Coach revenue climbed 27 percent to $1.11 billion, while Kate Spade’s revenue jumped 25 percent to $299.5 million in the quarter. In comparison, Stuart Weitzman’s revenue rose 18 percent versus last year to $66.5 million.
Tapestry, Inc. also updated its financial outlook for its fiscal year 2022. It expects adjusted earnings in the range of $3.45 – $3.50 per share, versus its previous of $3.30 – $3.35 per share. Moreover, the company now anticipates revenue of around $6.6 billion for the full year, compared to its earlier guidance of $6.4 billion.
Expressing his satisfaction with the results, CEO Joanne Crevoiserat said:
“We delivered another quarter of solid performance, reflecting strong customer engagement and increased demand for our brands. Importantly, revenue trends accelerated compared to pre-pandemic levels driven by North America, as well as continued growth in Digital and China – two key drivers of long-term opportunity.”
2. Organon & Co. (NYSE:OGN)
Number of Hedge Fund Holders: 44
Shares of Organon & Co. slipped over five percent on Thursday, 11 November 2021, despite beating expectations for the third quarter. The global health care company reported adjusted earnings of $1.67 per share, beating analysts’ average estimate of $1.44 per share.
Revenue came in at $1.6 billion, just ahead of the consensus forecast of $1.58 per share. Organon & Co. had posted adjusted earnings of $2.38 per share on revenue of $1.61 billion for the comparable period of 2020.
If we compare the performance of its flagship businesses, revenue from the Women’s Health segment decreased 10 percent, while revenue from the Established Brands segment slipped 6 percent in the quarter. On the bright side, biosimilars revenue jumped 41 percent on a year-over-year basis.
Organon & Co. also revised its revenue outlook for the full year. It expects to post revenue in the range of $6.2 – $6.3 billion for 2021, compared to its previous guidance between $6.1 – $6.4 billion.
1. The Walt Disney Company (NYSE:DIS)
Number of Hedge Fund Holders: 112
Shares of The Walt Disney Company recently fell to their lowest level in more than a year after announcing disappointing financial results for its fiscal fourth quarter. The California-based entertainment giant reported adjusted earnings of 37 cents per share, missing the consensus forecast of 51 cents per share.
The Walt Disney Company had posted a loss of 20 cents per share for the comparable period of 2020. In addition, revenue for the quarter jumped 26 percent versus last year to $18.53 billion but came in below analysts’ average estimate of $18.79 billion
Disney+ paid subscribers stood at 118.1 million at the end of the quarter, compared to 73.7 million in the comparable period of 2020. During the earnings call, The Walt Disney Company reaffirmed its long-term growth target for Disney+ subscribers. It expects Disney+ subscribers to grow in the range of 230 – 260 million by 2024.
Speaking on the results, CEO Bob Chapek said in a statement:
“This has been a very productive year for The Walt Disney Company, as we’ve made great strides in reopening our businesses while taking meaningful and innovative steps in Direct-to-Consumer and at our Parks, particularly with our popular new Disney Genie and Magic Key offerings.”
You can also take a peek at Yale University Stock Portfolio: Top 10 Picks and Top 10 Stock Picks of Brandon Osten’s Venator Capital Management.
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This article is originally published at Insider Monkey.
