10 Stocks Making Big Moves After Earnings Reports

In this article, we will take a look at the 10 stocks making big moves after earnings reports.

Notable stocks from consumer cyclical, industrial, and technology sectors, including AutoZone, Inc. (NYSE:AZO), FedEx Corporation (NYSE:FDX), Adobe Inc. (NASDAQ:ADBE), Stitch Fix, Inc. (NASDAQ:SFIX), and Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) recently released their earnings reports.

Most of them made big moves following the results. For instance, Shares of AutoZone and Stitch Fix gained value, while Cracker Barrel shares plunged sharply. You can read the detailed review of the results and stock price movement in the remaining article.

Luis Louro / shutterstock.com

So, let’s start our list of 10 stocks making big moves after earnings reports.

10 Stocks Making Big Moves After Earnings Reports

10. FuelCell Energy, Inc. (NASDAQ:FCEL)

Number of Hedge Fund Holders: 14

FuelCell Energy, Inc. (NASDAQ:FCEL) recently announced better-than-expected financial results for its fiscal third quarter. The company reported a loss of 4 cents per share for the three months ended 31 July 2021, narrower than the loss of 5 cents per share in the same period last year.

Revenue for the quarter climbed 43.2 percent on a year-over-year basis to $26.8 million. Analysts were expecting FuelCell Energy, Inc. (NASDAQ:FCEL) to post a loss of 5 cents per share on revenue of $21.1 million.

If we break down the total sales, revenue from the service agreements and license climbed 102 percent to $14.3 million, while generation revenue jumped 32 percent to $6.2 million. On the downside, advanced technologies contract revenue fell 9 percent to $6.2 million.

Speaking on the results, CEO Jason Few said in a statement:

“FuelCell Energy delivered higher revenue in the third fiscal quarter, both sequentially compared to the second fiscal quarter and year over year. We are pleased by the continued execution of our project backlog and the advancement of our strategic agenda in terms of infrastructure, solutions and talent to support our ability to achieve our long-term goals.”

Like FuelCell Energy, Inc. (NASDAQ:FCEL), AutoZone, Inc. (NYSE:AZO), FedEx Corporation (NYSE:FDX), Adobe Inc. (NASDAQ:ADBE), and Stitch Fix, Inc. (NASDAQ:SFIX) also caught investors’ attention after releasing their quarterly results.

9. InnovAge Holding Corp. (NASDAQ:INNV)

Number of Hedge Fund Holders: 18

Shares of InnovAge Holding Corp. (NASDAQ:INNV) fell more than 8 percent on Tuesday, 21 September 2021, after its fiscal fourth-quarter earnings fell short of expectations. The healthcare delivery platform reported earnings of 5 cents per share for the three months ended 30 June 2021, just below the consensus forecast of 6 cents per share.

On the bright side, InnovAge Holding Corp. (NASDAQ:INNV) posted revenue of $171.6 million for the quarter, ahead of the consensus forecast of $161.03 million. The company had reported earnings of 9 cents per share on revenue of $152.5 million for the comparable period of 2020.

Discussing the quarterly performance, CEO Maureen Hewitt said in a statement:

“While COVID-19 impacted our business during fiscal year 2021, our team has done an outstanding job providing high quality, value-based care to our participants. We remain committed to ensuring our participants and employees are vaccinated against COVID-19 with a vaccination rate of 86% of participants and 90% of our employees to date.”

8. Cognyte Software Ltd. (NASDAQ:CGNT)

Number of Hedge Fund Holders: 19

Shares of Cognyte Software Ltd. (NASDAQ:CGNT) fell for three straight days after the company issued muted outlook along with its second-quarter results on Monday, 20 September 2021.

Cognyte Software Ltd. (NASDAQ:CGNT) reported adjusted earnings of 17 cents per share for the quarter, down from 29 cents per share in the same period last year. In addition, adjusted revenue rose 9.5 percent on a year-over-year basis to $116.4 million.

Analysts were expecting Cognyte Software Ltd. (NASDAQ:CGNT) to report earnings of 15 cents per share on revenue of $115.57 million.

Looking forward, Cognyte Software Ltd. (NASDAQ:CGNT) expects adjusted earnings of 82 cents per share for the third quarter, behind analysts’ average estimate of 19 cents per share. Moreover, adjusted revenue for the third quarter is expected to come between $112 million and $117 million, compared to the consensus forecast of $123.93 million.

7. BlackBerry Limited (NYSE:BB)

Number of Hedge Fund Holders: 20

Shares of BlackBerry Limited (NYSE:BB) rose more than 6 percent in the after-hours trading session Wednesday, 22 September 2021, after the Canadian cybersecurity company surpassed expectations for the second quarter.

BlackBerry Limited (NYSE:BB) reported an adjusted loss of 6 cents per share for the three months ended 31 August 2021, compared to earnings of 10 cents per share in the year-ago quarter.

Revenue came in at $175 million, versus $259 million in the comparable period of 2020. Analysts were expecting BlackBerry Limited (NYSE:BB) to post a loss of 8 cents per share on $161.9 million in revenues.

Like BlackBerry, AutoZone, Inc. (NYSE:AZO), FedEx Corporation (NYSE:FDX), Adobe Inc. (NASDAQ:ADBE), and Stitch Fix, Inc. (NASDAQ:SFIX) also came into the limelight after posting their quarterly earnings.

Speaking on the results, CEO John Chen said in a statement:

“Revenue for all businesses beat expectations this quarter.  The Cyber Security business unit delivered robust sequential billings and revenue growth and the IoT business unit performed well in the face of global chip shortage pressures.”

6. KB Home (NYSE:KBH)

Number of Hedge Fund Holders: 27

KB Home (NYSE:KBH) is one of the leading homebuilders in the U.S. It specializes in both designing and building homes. The company has built more than 650,000 homes so far. KB Home recently came up with its fiscal third-quarter earnings report.

The homebuilding company reported earnings of $1.60 per share for the three months ended 31 August 2021, up from 83 cents per share in the comparable period of 2020. However, it slightly fell short of $1.63 per share estimated by analysts.

KB Home (NYSE:KBH) posted revenue of $1.47 billion, missing the consensus forecast of $1.56 billion. The company had reported revenue of $999 million in the same period last year. Looking at the key growth indicators, home deliveries in the quarter jumped 35 percent to 3,425, while the average selling price increased 11 percent to $426,800.

Discussing the results, CEO Jeffrey Mezger said in a statement:

“While our third quarter deliveries were impacted by the ongoing industry-wide supply chain issues and labor shortages that have extended build times, we are working through solutions to mitigate the issues and stabilize our construction times.”

5. Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL)

Number of Hedge Fund Holders: 28

Shares of Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) slipped nearly 3 percent on Tuesday, 21 September, 2021, after the company announced its fiscal fourth-quarter profit and sales below expectations.

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) reported adjusted earnings of $2.25 per share for the three months ended 30 July 2021, compared to a loss of 85 cents per share in the year-ago quarter.

Revenue for the quarter jumped 58.4 percent on a year-over-year basis to $784.4 million. Analysts were expecting Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) to report earnings of $2.33 per share on revenue of $794.7 million.

Speaking on the results, CEO Sandra Cochran said:

“Despite the well-known headwinds that the industry continues to face with respect to staffing, commodity and wage inflation, and the resurgence of the pandemic, we were pleased that our fourth quarter profitability continued to trend positively from the third quarter and that our off-premise sales, retail business, and Maple Street Biscuit Company concept continued to outperform.”

4. AutoZone, Inc. (NYSE:AZO)

Number of Hedge Fund Holders: 34

AutoZone, Inc. (NYSE:AZO) is a well known supplier of automotive parts and accessories in the U.S. AutoZone stock recently hit an all-time high of $1,694.27 after delivering impressive results for its fiscal fourth quarter.

The company reported earnings of $35.72 per share for the three months ended 28 August 2021, up from $30.93 per share in the comparable period of 2020. Analysts were expecting AutoZone, Inc. (NYSE:AZO) to report earnings of $30.06 per share.

Revenue for the quarter rose 8.1 percent on a year-over-year basis to $4.91 billion, beating analysts’ average estimate of $4.57 billion. In addition, AutoZone, Inc. (NYSE:AZO) opened 29 stores during the quarter, bringing the total store count to 6,767.

Commenting on the results, CEO Bill Rhodes said in a statement:

“Our strong sales and earnings this quarter are a testament to our AutoZoners’ ongoing commitment to going the extra mile for our customers. Our retail business performed very well this quarter ending with virtually flat same store sales on top of last year’s historic growth of over 20%. And, our commercial business growth continues to be exceptionally strong at 21.2%. The investments we are making continue to strengthen our competitive positioning in all the sectors and markets we compete. We are optimistic about our growth prospects heading into our new fiscal year.”

3. Stitch Fix, Inc. (NASDAQ:SFIX)

Number of Hedge Fund Holders: 35

Shares of Stitch Fix, Inc. (NASDAQ:SFIX) advanced more than 15 percent on Wednesday, 22 September, 2021 after the company surprised investors by reporting a profit for its fiscal fourth quarter.

The online personal styling service posted earnings of 19 cents per share, while analysts were expecting a loss of 12 cents per share. Stitch Fix, Inc. (NASDAQ:SFIX) had reported a loss of 44 cents per share in the comparable period of 2020.

Revenue for the quarter climbed 29 percent on a year-over-year basis to $571.2 million, exceeding the consensus forecast of $547.8 million. In addition, Stitch Fix, Inc. (NASDAQ:SFIX) posted revenue of $2.1 billion for its fiscal year ended 31 July 2021, marking the highest annual revenue in the history of the company.

Stitch Fix, Inc. (NASDAQ:SFIX) also issued its sales outlook for the current quarter and full year. It expects revenue in the range of $560 million to $575 million for its fiscal first quarter, translating to year-over-year growth between 14 – 17 percent. For its FY 2022, the company expects revenue growth of at least 15 percent on a year-over-year basis.

2. FedEx Corporation (NYSE:FDX)

Number of Hedge Fund Holders: 61

Shares of FedEx Corporation (NYSE:FDX) took a deep dive on Wednesday, 22 September 2021, after announcing disappointing results for its fiscal first quarter. The company blamed higher costs, constrained labor market, and network inefficiencies for the weak results.

FedEx Corporation (NYSE:FDX) reported adjusted earnings of $4.37 per share for the three months ended 31 August 2021, down from $4.87 per share in the comparable period of 2020. Revenue came in at $22 billion, up 14 percent from the year-ago quarter.

Analysts were expecting FedEx Corporation (NYSE:FDX) to report earnings of $4.88 per share on $21.93 billion in revenues.

FedEx Corporation (NYSE:FDX) also updated profit outlook for its fiscal year 2022. The logistics company now expects adjusted earnings of $19.75 – $21 per share for the full year, below its previous forecast between $20.50 – $21.50 per share.

CEO Frederick Smith seemed satisfied with the results. He said in a statement:

“The execution of our strategies continues to drive higher demand for our services, despite the disruptive impact of the pandemic to labor availability and global supply chains.”

1. Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Fund Holders: 89

Adobe Inc. (NASDAQ:ADBE) recently came into the limelight after announcing better-than-expected profit and sales for its fiscal third quarter ended 3 September 2021. The software giant reported adjusted earnings of $3.11 per share, up from $2.57 per share in the comparable period of 2020.

Revenue for the quarter surged 22 percent on a year-over-year basis to $3.94 billion. Analysts were expecting Adobe Inc. (NASDAQ:ADBE)  to report earnings of $3.01 per share and revenue of $3.89 billion.

If we go through the performance of key businesses, revenue from the digital media segment rose 23 percent to $2.87 billion, while creative revenue jumped 21 percent to $2.37 billion. In comparison, document cloud revenue climbed 31 percent to $493 million.

Looking forward, Adobe Inc. (NASDAQ:ADBE) expects adjusted earnings of around $3.18 per share on revenue of approx. $4.07 billion for its fiscal fourth quarter. The outlook is better than the consensus forecast of $3.08 per share for earnings and $4.04 billion for revenue.

Praising the results, CFO John Murphy said:

“We drove record revenues and strong profitability in the quarter, demonstrating our ability to succeed in a dynamic environment. Our operational rigor and data-driven insights enable us to execute while we continue to invest across massive market opportunities.”

You can also take a peek at 10 Cheap Semiconductor Stocks to Buy Now and 10 Hedge Funds are Betting Against Cathie Wood’s ARK Innovation ETF.

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Disclosure: None. 10 Stocks Making Big Moves After Earnings Reports is originally published on Insider Monkey.