Ten companies soared by double digits on Wednesday, mirroring a broader market rally, as investors continued to earn a boost from impressive corporate earnings performance and a more optimistic growth outlook, among others.
Notably, the stocks climbed by as much as 15 to 30 percent in just the previous trading session.
Meanwhile, the tech-heavy Nasdaq jumped by 1.21 percent, the S&P 500 rose by 0.73 percent, and the Dow Jones was up by 0.18 percent.
In this article, we highlight the 10 top performers on Wednesday and detail the reasons behind their gains.
To compile the list, we focused on stocks with at least $2 billion in capitalization and more than 5 million shares in trading volume.
A trader cheers his market gains. Photo by Tima Miroshnichenko on Pexels
10. Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR)
Bitmine Immersion extended its rally for a second day on Wednesday, jumping 15.53 percent to close at $38.47 apiece after hiking its Ethereum ownership to $3 billion, making it the largest holder of the said cryptocurrency to date.
Last Monday, Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) said it raised its ownership in Ethereum to a total of 833,137 in just over 30 days. The coins bear an average price of $3,491.86.
Following the acquisition, Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) now ranks as the third largest crypto treasury in the world, next to Microstrategy and MARA Blockchain.
The recent acquisition forms part of the company’s ETH treasury strategy announced on June 30 as it eyes becoming one of the major holders of Bitcoin and Ethereum coins globally.
Meanwhile, Ethereum prices were up by 1.6 percent to $3,669 as of this writing.
“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5 [percent]’ of ETH, growing our ETH holdings to over 833,000 from zero 35 days ago,” said Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) Chairman Thomas Lee.
9. The New York Times Company (NYSE:NYT)
The New York Times soared by 15.54 percent on Wednesday to close at $61.95 apiece as investor sentiment was fueled by a strong income performance in the second quarter of the year.
In an updated report, The New York Times Company (NYSE:NYT) said net income increased by 26.6 percent in the second quarter of the year to $82.9 million from $65.5 million in the same period last year. Revenues grew by 9.7 percent to $685.87 million from $625 million year-on-year on the back of strong figures across all segments.
In the six-month period, net income jumped by 25 percent to $132.5 million from $105.9 million year-on-year, while revenues were up by 8.4 percent to $1.32 billion from $1.2 billion.
Additionally, The New York Times Company (NYSE:NYT) continued to post a sequential increase in its total subscribers, by 1.9 percent quarter-on-quarter, and by 9.6 percent year-on-year.
For the third quarter, The New York Times Company (NYSE:NYT) expects total revenues to grow by low- to mid-single digits; digital advertising revenues to rise by low double-digits; digital subscriptions between 13 and 16 percent; and total subscription revenues by 8 to 10 percent.
8. SSR Mining Inc. (NASDAQ:SSRM)
SSR Mining extended its winning streak to a fourth consecutive day on Wednesday, jumping 17.32 percent to close at $15.24 apiece following an impressive earnings performance in both the second quarter and first half of the year.
In an earnings release, SSR Mining Inc. (NASDAQ:SSRM) said net income attributable to shareholders expanded by 828 percent to $90 million from $9.7 million in the same period last year. Revenues more than doubled to 405 million from $185 million year-on-year.
In the six-month period, SSR Mining Inc. (NASDAQ:SSRM) swung to an attributable net income of $148.8 million from a $277 million net loss in the same comparable period.
For full-year 2025, SSR Mining Inc. (NASDAQ:SSRM) reaffirmed its guidance of 410,000 to 480,000 gold equivalent ounces across all mining sites at consolidated cost of sales of $1,375 to $1,435 per payable ounce and AISC of $2,090 to $2,150 per payable ounce.
7. Arista Networks Inc (NYSE:ANET)
Arista Networks soared by 17.49 percent on Wednesday to close at $138.78 apiece on the back of a flurry of catalysts, including a strong earnings performance and bullish ratings from analysts.
In a market note, KeyBanc raised its price target for Arista Networks Inc (NYSE:ANET) to $145 from $115 previously while maintaining an “overweight” rating, primarily due to bullish outlooks and expectations that two of its clients, Meta and Microsoft, will continue ramping up capital expenditures.
Additionally, hyperscale cloud capital expenditures were expected to jump by more than 50 percent this year and by 20 percent in 2026.
For its part, Piper Sandler raised its price target for Arista Networks Inc (NYSE:ANET) to $143 from $89 previously, but remained “neutral” for the company.
Piper Sandler said that while it believes in the full potential of Arista Networks Inc (NYSE:ANET), it remains cautious about new investments at current valuation levels.
In the second quarter of the year, net income jumped by 33.6 percent to $888.8 million from $665.4 million in the same period last year. Revenues jumped by 30 percent to $2.2 billion from $1.69 billion year-on-year.
6. Shopify Inc. (NASDAQ:SHOP)
Shopify extended its winning streak to a third straight day on Wednesday, surging 21.97 percent to close at $154.9 apiece amid a strong income performance and bullish outlook for the rest of the year.
In an earnings release, Shopify Inc. (NASDAQ:SHOP) said that net income in the second quarter soared by 430 percent to $906 million from only $171 million in the same period last year. Total revenues grew 31 percent to $2.68 billion from $2.04 billion.
“Shopify delivered another outstanding quarter, with both GMV (gross merchandise value) and revenue growth rates accelerating in North America, Europe, and Asia Pacific, quarter over quarter. Europe was a particular source of strength, where GMV grew 42 percent on a constant currency basis,” Shopify Inc. (NASDAQ:SHOP) CFO Jeff Hoffmeister said.
“Merchants of every size—from first-time founders to global brands—are choosing Shopify to grow their businesses and their success is what is driving our success,” he added.
Encouraged by the results, Shopify Inc. (NASDAQ:SHOP) said it expects revenues in the third quarter of the year to grow by more than 20 percent on a year-on-year basis.
5. Avidity Biosciences, Inc. (NASDAQ:RNA)
Avidity Biosciences rallied for a third day on Wednesday, jumping 26.14 percent to close at $48.26 as investors gobbled up shares following reports that it received an acquisition bid from Swiss drugmaker Novartis AG (NYSE:NVS).
A report by the Financial Times, citing people privy to the matter, said that Novartis AG (NYSE:NVS) offered Avidity Biosciences, Inc. (NASDAQ:RNA) to acquire the company, in line with the former’s plans to boost its pipeline of medicines targeting rare genetic disorders.
Meanwhile, the report said that Avidity Biosciences, Inc. (NASDAQ:RNA) was mulling over the offer, although the talks could still collapse as other companies have emerged with separate takeover offers.
Late last month, Avidity Biosciences, Inc. (NASDAQ:RNA) secured a Breakthrough Therapy designation from the Food and Drug Administration for its del-zota treatment for Duchenne muscular dystrophy (DMD) in patients with DMD44.
DMD is a rare genetic condition characterized by progressive muscle damage and weakness due to the loss of dystrophin protein that typically starts at a young age. Del-zota, on the other hand, was designed to deliver phosphorodiamidate morpholino oligomers (PMOs) to skeletal muscle and heart tissue to specifically skip exon 44 of the dystrophin gene and enable production of near-full length dystrophin.
4. RingCentral, Inc. (NYSE:RNG)
RingCentral climbed by 26.97 percent on Wednesday to finish at $29.99 apiece as investors cheered a series of positive developments, including a strong earnings performance and a bullish analyst rating for its stock.
In an updated report, RingCentral, Inc. (NYSE:RNG) said it swung to a net income of $13.19 million from a $14.7 million net loss in the same period last year. Total revenues grew by 4.6 percent to $620.4 million from $592.9 million year-on-year.
In the first half, net income ended at $2.86 million, a reversal from the $43 million net loss in the same comparable period. Total revenues inched up by 2 percent to $1.2 billion from $1.18 billion year-on-year.
Following the results, investment firm Oppenheimer raised its stock rating for RingCentral, Inc. (NYSE:RNG) to “outperform” from “perform” previously, with a price target of $35.
According to Oppenheimer, it sees RingCentral, Inc. (NYSE:RNG) as a defensive play with upside potential at an attractive entry point, with the company currently nearing its five-year low.
It added that it expects a 50- to 100-basis point expansion annually for the company.
3. Zeta Global Holdings Corp. (NYSE:ZETA)
Zeta Global rallied for a third consecutive day on Wednesday, surging 27.47 percent to close at $20.23 apiece following an impressive earnings performance that bolstered its full-year outlook.
In an updated report, Zeta Global Holdings Corp. (NYSE:ZETA) said that it narrowed its net loss in the second quarter of the year by 54 percent to $12.8 million from $28 million in the same period last year, as revenues grew by 35 percent to $308 million from $228 million year-on-year. Revenues exceeded its earlier guidance by $11 million.
In the first semester of the year, net losses dwindled by 50 percent to $34 million from $67.6 million year-on-year, while revenues grew by 35 percent to $573 million from $423 million.
Following the results, Zeta Global Holdings Corp. (NYSE:ZETA) raised its growth outlook for both the third quarter and full-year 2025.
For the current quarter, revenues are expected to end at $327 million to $329 million, versus the $323 million expected previously. The revised guidance represents a year-on-year growth rate of 22 to 23 percent.
Meanwhile, full-year revenues are targeted at $1.258 billion to $1.268 billion, up from the prior guidance of $1.242 billion. The updated outlook represents a 25 to 26 percent growth year-on-year.
2. Astera Labs, Inc. (NASDAQ:ALAB)
Astera Labs jumped by 28.66 percent on Wednesday to end at $174.39 apiece following an impressive earnings performance in the second quarter of the year.
In its financial statement, Astera Labs, Inc. (NASDAQ:ALAB) said it swung to a net income of $51.2 million from a $7.5 million net loss in the same period last year. Revenues more than doubled to $192 million from $76.8 million year-on-year.
For the six-month period, the company recorded a net income of $83 million, reversing a $100.5 million net loss in the same comparable period. Revenues expanded by 147 percent to $351 million from $142 million year-on-year.
For the third quarter, Astera Labs, Inc. (NASDAQ:ALAB) said it was targeting GAAP revenues of $203 million to $210 million, as well as a gross margin of approximately 75 percent.
“Astera Labs is at the forefront of an AI infrastructure transformation, and we are accelerating our investments to realize our vision of rack-scale connectivity in next-generation AI systems,” said CEO Jitendra Mohan.
Earlier this week, Astera Labs, Inc. (NASDAQ:ALAB) earned a price target of $160 and maintained a “buy” recommendation from Deutsche Bank. The figure marked a 52-percent improvement from its $105 price target previously.
1. Viasat Inc. (NASDAQ:VSAT)
Viasat extended its winning streak to a sixth consecutive day on Wednesday to hit a new all-time high as investors took path from two investment firms’ higher price targets for its stock.
At intra-day trading, Viasat Inc. (NASDAQ:VSAT) soared to its highest 52-week high of $28.58 before a slight selling pulled the company lower to end the day just up by 30.67 percent at $27.82 apiece.
In a recent review of Viasat Inc. (NASDAQ:VSAT), investment firm Needham & Company raised its price target for the company to $25 from $16 previously, while giving it a “buy” recommendation.
For its part, JPMorgan more than doubled its price target to $23 from $10 previously, but remained neutral on its stock.
In the first quarter of fiscal year 2026, Viasat Inc. (NASDAQ:VSAT) widened its net loss by 71 percent to $56.4 million from $32.9 million in the same period last year. Revenues increased by 4 percent to $1.17 billion from $1.13 billion year-on-year.
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