In this article, we will take a look at the 11 stocks in the limelight after releasing their financial results.
Stocks from the consumer cyclical and communication services sectors, including The Home Depot, Inc. (NYSE:HD), Global-e Online Ltd. (NASDAQ:GLBE) and Take-Two Interactive Software, Inc. (NASDAQ:TTWO), recently came out with the financial results for their respective quarters.
Shares of Home Depot and Take-Two Interactive rallied in the pre-market trading session on Tuesday, May 17, after beating profit expectations. On the other hand, Global-e Online shares fell to an all-time low after posting a wider-than-expected loss for the first quarter.
In addition, Israel-based tech firms, including monday.com Ltd. (NASDAQ:MNDY) and Wix.com Ltd. (NASDAQ:WIX), also caught investors’ attention following their earnings reports.
Stocks in the Limelight After Releasing Their Financial Results
11. Weber Inc. (NYSE:WEBR)
Number of Hedge Fund Holders: 6
Shares of Weber Inc. (NYSE:WEBR) hit a new 52-week low of $5.72 on Monday, May 16, 2022, after posting disappointing financial results for its fiscal second quarter and a weak outlook for the full year.
Weber Inc. reported a loss of $1.02 per share, contrary to analysts’ average estimate for earnings of 18 cents per share. Revenue for the quarter dropped 7 percent on a year-over-year basis to $607.3 million, missing the expectations of $659 million.
For its fiscal year 2022. Weber Inc. expects to generate revenue in the range of $1.65 – $1.80 billion, significantly lower than analysts’ average estimate of $2.09 billion.
Commenting on the quarter, CEO Chris Scherzinger said in a statement:
“Our second-quarter results reflect our proactive responses to supply chain and material cost inflation, which helped drive higher sequential gross margin and adjusted EBITDA margin versus the prior quarter.”
10. Shoals Technologies Group, Inc. (NASDAQ:SHLS)
Number of Hedge Fund Holders: 11
Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) rose over five percent in the extended hours on Monday, May 16, 2022, despite announcing lower-than-expected results for the first quarter.
Shoals Technologies Group, Inc. earned 5 cents per share on an adjusted basis, unchanged from the year-ago period and behind the consensus of 7 cents per share. Revenue for the quarter jumped 49 percent versus last year to $68 million but missed the expectations of $70.38 million.
The solar-power components maker also issued its financial outlook for the full year. Shoals Technologies Group, Inc. guided for adjusted earnings in the range of $45 – $53 million and revenue between $300 – $325 million for fiscal 2022.
Like Shoals Technologies Group, Inc., investors are also closely watching The Home Depot, Inc., Global-e Online Ltd. and Take-Two Interactive Software, Inc. following their earnings reports.
9. BuzzFeed, Inc. (NASDAQ:BZFD)
Number of Hedge Fund Holders: 12
Shares of BuzzFeed, Inc. (NASDAQ:BZFD) plunged to an all-time low in the after-hours trading session on Monday, May 16, 2022, after missing financial expectations for the first quarter.
The New York-based digital media company reported a loss of 33 cents per share, compared to a loss of 75 cents per share in the year-ago period. Revenue came in at $91.6 million, versus $72.6 million in the year-ago period. Analysts were expecting BuzzFeed, Inc. to report a loss of 21 cents per share on revenue of $94.46 million.
BuzzFeed, Inc. also issued its segment-wise sales performance. Its ad revenue jumped 26 percent to $48.7 million, while content revenue climbed 65 percent to $32.3 million in the quarter. On the downside, commerce revenue fell 27 percent to $10.6 million.
8. IonQ, Inc. (NYSE:IONQ)
Number of Hedge Fund Holders: 19
Shares of IonQ, Inc. (NYSE:IONQ) turned green in the extended hours on Monday, May 16, 2022, after the quantum computing company announced better-than-expected financial results for the first quarter.
IonQ, Inc. reported a loss of 2 cents per share, narrower than analysts’ average estimate for a loss of 8 cents per share. In addition, the quarterly revenue of $2 million also exceeded the consensus of $1.93 million.
Looking forward, IonQ, Inc. expects revenue in the range of $2.3 – $2.5 million for the second quarter. Moreover, the company also reaffirmed its revenue guidance of $10.2 – $10.7 million for the full year.
Discussing the results, CEO Peter Chapman said in a statement:
“We continued to execute well in the first quarter, delivering financial results and operational achievements that exceeded our expectations, as well as breaking new barriers with the completion of our next generation of quantum computers, IonQ Forte.”
7. Stratasys Ltd. (NASDAQ:SSYS)
Number of Hedge Fund Holders: 22
Shares of Stratasys Ltd. (NASDAQ:SSYS) rose over three percent in the after-hours trading session on Monday, May 16, 2022, after beating profit and sales expectations for the first quarter.
Stratasys Ltd. reported adjusted earnings of 2 cents per share, swinging from an adjusted loss of 6 cents per share in the year-ago period. Revenue for the quarter jumped 21.8 percent on a year-over-year basis to $163.43 million. Analysts had projected a loss of 4 cents per share on revenue of $157.56 million.
If we break down the overall sales by segments, product revenue jumped 25.2 percent to $113.07 million in the quarter. In comparison, services revenue increased 14.8 percent to $50.36 million.
Stratasys Ltd. also released its financial outlook for fiscal 2022. It expects adjusted earnings in the range of 14 – 19 cents per share and revenue between $685 – $695 million for the full year. The guidance is nearly in line with the consensus of 16 cents per share for earnings and $686.95 million for revenue.
Like Stratasys Ltd., The Home Depot, Inc., Global-e Online Ltd. and Take-Two Interactive Software, Inc. also came into the limelight following their earnings reports.
6. Benson Hill, Inc. (NYSE:BHIL)
Number of Hedge Fund Holders: 23
Benson Hill, Inc. (NYSE:BHIL) is an agricultural biotechnology firm based in Missouri. It is primarily engaged in delivering a range of seed products with attributes such as superior protein and oil content.
The company recently surpassed financial expectations for the first quarter. The promising results sent Benson Hill shares up more than 21 percent on Monday, May 16, 2022. Benson Hill, Inc. reported a loss of 1 cent per share, marginally below analysts’ average estimate for a loss of 2 cents per share.
Revenue for the quarter skyrocketed 191 percent versus last year to $92.4 million and crushed the expectations of $74.52 million. Benson Hill, Inc. also issued segment-wise sales results. Revenue from the ingredients segment climbed 365 percent to $66.1 million, while revenue from the fresh segment jumped 50 percent to $26.3 million in the quarter.
Looking forward, Benson Hill, Inc. continues to expect revenue in the range of $315 – $350 million and a net loss of $148 – $153 million for the full year.
Speaking on the results, CEO Matt Crisp said in a statement:
“Meeting the needs of our customers is paramount during a time of historic macro-economic and geopolitical forces impacting global food security and affordability. The urgency to evolve the food system is intensifying, and we believe our innovations play a key role in delivering more sustainable and affordable food choices to consumers.”
5. monday.com Ltd. (NASDAQ:MNDY)
Number of Hedge Fund Holders: 25
monday.com Ltd. recently delivered a better-than-expected financial performance for the first quarter and raised its sales outlook for the full year. Yet, the company’s shares slipped nearly five percent on Monday, May 16, 2022, following the results.
The Israel-based software firm reported an adjusted loss of 96 cents per share, compared to an adjusted loss of 63 cents per share in the year-ago period. In addition, monday.com Ltd. posted revenue of $108.5 million, up 84 percent on a year-over-year basis. The results exceeded analysts’ average estimate for a loss of $1.02 per share and revenue of $101.2 million.
For fiscal 2022, monday.com Ltd. now expects revenue in the range of $488 – $492 million versus its previous guidance between $470 – $475 million. The updated outlook is above the consensus of $474.5 million.
Discussing the results, CFO Eliran Glazer said in a statement:
“Q1 was another quarter of great execution at monday.com, led by strong demand with larger customers. While growing and scaling the company will remain our top priority, we are equally focused on improving capital efficiency and operating leverage as we move forward.”
4. Global-e Online Ltd. (NASDAQ:GLBE)
Number of Hedge Fund Holders: 28
Shares of Global-e Online Ltd. hit a new 52-week low in the extended hours on Monday, May 16, 2022, after posting a wider-than-expected loss for the first quarter. The e-commerce solutions provider reported a loss of 35 cents per share, compared to a loss of 8 cents per share in the year-ago period.
Revenue for the quarter jumped 65.4 percent versus last year to $76.32 million. Analysts were expecting Global-e Online Ltd. to report a loss of 3 cents per share on revenue of $74.98 million.
Global-e Online Ltd. also trimmed its sales outlook for fiscal 2022. The company now anticipates revenue in the range of $383 – $403 million, compared to its previous projection of $411 – $421 million.
Speaking on the results, CEO Amir Schlachet said:
“The business is performing well across all the key metrics, with many exciting new merchant launches including global mega-brand Adidas, who selected Global-e to support its strategic direct-to-consumer growth plan.”
3. Wix.com Ltd. (NASDAQ:WIX)
Number of Hedge Fund Holders: 29
Shares of Wix.com Ltd. fell over six percent on Monday, May 16, 2022, following its mixed financial results for the first quarter. The cloud-based web development company reported a loss of 72 cents per share on an adjusted basis, wider than analysts’ average estimate for a loss of 64 cents per share.
On the positive side, revenue for the quarter rose 14 percent on a year-over-year basis to $341.6 million and surpassed expectations of $340.6 million. Wix.com Ltd. also released its segment-wise sales results. Its creative subscription revenue jumped 13 percent to $255 million, while business solutions revenue climbed 17 percent to $86.6 million in the quarter.
Looking forward, Wix.com Ltd. expects Q2 revenue in the range of $342 -$346 million, representing a growth of 8 – 10 percent over the same quarter of 2021.
Discussing the results, CFO Lior Shemesh said in a statement:
“Volatility and uncertainty remain elevated creating headwinds to overall revenue growth. We are focused on prudent cost management and driving operational efficiencies, from which we are already beginning to see results, and are instating a plan to achieve 20% FCF margins by 2025.”
2. Take-Two Interactive Software, Inc. (NASDAQ:TTWO)
Number of Hedge Fund Holders: 55
Shares of Take-Two Interactive Software, Inc. rose more than five percent in the pre-market trading session on Tuesday, May 17, 2022, after beating profit expectations for its fiscal fourth quarter.
Take-Two Interactive Software, Inc. reported adjusted earnings of $1.09 per share, topping estimates of $1.04 per share. Revenue for the quarter increased 11 percent to $930 million, while net bookings rose 8 percent to $845.8 million.
On the downside, Take-Two Interactive Software, Inc. issued a weak sales outlook for its fiscal first quarter and full year. The video game publisher expects adjusted revenue in the range of $700 – $750 million for the current quarter and between $3.75 billion to $3.85 billion for its fiscal year 2023. The guidance missed the consensus of $777.9 million for the current quarter and $3.96 billion for the full year.
Speaking on the results, CEO Strauss Zelnick said in a statement:
“In addition to our outstanding financial results, I am pleased that we took pivotal steps to position our organization for the long term by investing in talent, broadening our portfolio further, and agreeing upon our transformational pending combination with Zynga, which has the potential to exponentially increase our Net Bookings from mobile, while also enabling us to deliver substantial cost synergies and revenue opportunities.”
1. The Home Depot, Inc. (NYSE:HD)
Number of Hedge Fund Holders: 68
Shares of The Home Depot, Inc. turned green in the pre-market trading session on Tuesday, May 17, 2022, following an upbeat financial performance for the first quarter. The home improvement retailer reported earnings of $4.09 per share, up from $3.86 per share in the comparable period of 2021.
In addition, The Home Depot, Inc. posted revenue of $38.91 billion, up 3.8 percent on a year-over-year basis. The results surpassed analysts’ average estimate of $3.68 per share for earnings and $36.72 billion for revenue.
For fiscal 2022, The Home Depot, Inc. expects its earnings per share to grow in the mid-single digits and revenue to grow about 3 percent.
Praising the results, CEO Ted Decker said in a statement:
“Fiscal 2022 is off to a strong start as we delivered the highest first quarter sales in Company history. The solid performance in the quarter is even more impressive as we were comparing against last year’s historic growth and faced a slower start to spring this year.”
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This article is originally published at Insider Monkey.
