eBay, AMD Head the List of Nasdaq Stocks Hitting 52-Week Highs Friday

The Nasdaq enjoyed a strong week through July 22, posting gains of 1.38%. The green week was the fourth in a row for the index following its post-Brexit plunge, with it having gained over 10% since June 27.

Among other things, the index was buoyed by strong quarterly results being announced by eBay Inc (NASDAQ:EBAY), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Gentex Corporation (NASDAQ:GNTX) during the week, all of which had hit their 52-week highs by the end of the week. We’ll take a look at the performance of those stocks in this article, as well as two more notable Nasdaq stocks that hit their 52-week highs on Friday. In addition, we’ll see how hedge funds have been trading these equities recently.

At Insider Monkey, we track around 765 hedge funds and institutional investors. Through extensive backtests, we have determined that imitating some of the stocks that these investors are collectively bullish on can help retail investors generate double digits of alpha per year. The key is to focus on the small-cap picks of these funds, which are usually less followed by the broader market and allow for larger price inefficiencies (see more details).

eBay Inc (NASDAQ:EBAY), Sign, Symbol, Logo, Corporation, Headquarters

Katherine Welles / Shutterstock.com

Strong Year Continues for AMD

Advanced Micro Devices, Inc. (NASDAQ:AMD) reported its second quarter earnings on Friday and the strong results pushed the stock to new 52-week heights of $5.97 on Friday. The chipmaker pulled in $1.03 billion in revenue and incurred an adjusted loss per share of $0.05 for the quarter, topping estimates by $52 million and $0.03 per share respectively.

It’s been an exceptional year for shareholders of AMD, as their shares have gained more than 103% year-to-date. Shares made their first big move of the year on April 22 when AMD announced a joint venture and SoC licensing partnership with Chinese consortium THATIC alongside its solid first quarter results and upbeat guidance, which pushed shares up by over 50%. Shares haven’t looked back since, trending steadily upward over the past three months, gaining nearly another 50% during that time.

Quant funds in our system were a fan of Advanced Micro Devices, Inc. (NASDAQ:AMD) on March 31, as D E Shaw, Renaissance Technologies, Two Sigma Advisors, and AQR Capital Management all held long positions in the stock.

Follow Advanced Micro Devices Inc (NASDAQ:AMD)

Acquisition Helps VWR Corp Push to Yearly High

VWR Corp (NASDAQ:VWR) inched up to its 52-week high of $30.72 on Friday and has now firmly put its post-Brexit slide behind it. On July 5, the laboratory products and solutions provider announced the acquisition of PAW BioScience Products, Inc. a producer of sanitary fluid handling products used by the healthcare industry, for an undisclosed sum. VWR Corp (NASDAQ:VWR) enjoyed a strong first quarter, as its revenue and earnings beat expectations, with revenue in the Americas being particularly strong at $666.7 million, up by 10.1% year-over-year. However, the company is facing some gross margin pressure and will have to rein in production costs to continue to excel. The company will announce its second quarter financial results on August 4.

Shares of VWR Corp (NASDAQ:VWR) were in the portfolios of 29 of the hedge funds tracked by Insider Monkey on March 31. Those funds owned 5.8% of its shares in aggregate.

Follow Vwr Corp (NASDAQ:VWR)

We’ll run through three more notable Nasdaq stocks that hit their 52-week highs on Friday on the next page.

eBay Defying Bears With Torrid Run

After being left for dead by investors after its spin-off of Paypal Holdings Inc (NASDAQ:PYPL) earlier this year, eBay Inc (NASDAQ:EBAY) is defying the bears with a monstrous July, having gained 16% last week and over 30% for the month and reaching its 52-week high of $30.52 on Friday. The latest surge for the auctioneer’s stock came on July 21, when it earned a double beat with its second quarter results.

Picking up the PayPal slack has been eBay’s StubHub ticket marketplace, whose gross merchandise volume soared by 35% year-over-year to $1.1 billion during the quarter. eBay’s classifieds segment also enjoyed a strong quarter, with revenue jumping by 15% year-over-year. eBay also announced a $2.5 billion stock buyback program with no expiration date and raised its full year guidance as part of its boisterous and well-received quarterly report.

There were some eBay Inc (NASDAQ:EBAY) bears among the hedge funds in our database during the first quarter, as there was a net total of 15 fewer funds long the stock by the end of the quarter. 57 funds in our database owned $2.00 billion worth of eBay shares on March 31.

Sophiris Bio Continues to Soar on Momentum

Shares of Sophiris Bio Inc (NASDAQ:SPHS) soared by 65% last week, cruising to their 52-week high of $4.60 on Friday. Shares of the company have nearly quadrupled in value since June 10 after the company released positive results from a Phase 2a proof of concept study of PRX302 (topsalysin) in localized prostate cancer. The drug was well tolerated by study participants and was shown to be effective combating tumor cells in 50% of the 18 patients enrolled in the study, with two of the patients’ tumors being completely eliminated.

“These promising early results open up the possibility of treating early prostate cancer by the simple administration of an injection into the prostate – something that could be done in an office setting,” Dr. Mark Emberton, Investigator, Dean, Faculty of Medical Sciences, University College London and Honorary Consultant Urologist at University College London Hospital NHS Foundation Trust said in a statement alongside the study results.

The Kris Jenner, Gordon Bussard, and Graham Mcphail-led Rock Springs Capital Management owned 628,563 shares of Sophiris Bio Inc (NASDAQ:SPHS) on March 31.

Follow Sophiris Bio Inc. (NASDAQ:SPHS)

Strong International Mirror Sales Reflected in Gentex’s Latest Results, 52-Week High

Lastly we come to Gentex Corporation (NASDAQ:GNTX), which posted an earnings double beat of its own on Friday, pushing its shares to a 52-week high of $17.64. Revenue of $423.8 million for the quarter came in $6.81 million ahead of expectations, while EPS of $0.30 was a mere $0.01 ahead of expectations. Gross profit margin rose by one percentage point to 39.4% while income from operations rose by 19% year-over-year to $128.70 million. The automobile and aircraft parts manufacturer was buoyed by its international interior mirror sales, which surged by 21% year-over-year to 4,392 units during the quarter.

15 hedge funds tracked by Insider Monkey were long Gentex Corporation (NASDAQ:GNTX) on March 31, owning 3.40% of the company’s stock in aggregate.

Disclosure: None