Ten stocks stood firmer on Tuesday despite a broader market bloodbath, as investors took heart from a flurry of company-specific developments such as earnings, outlooks, mergers, and analyst ratings, among others.
Meanwhile, Wall Street’s major indices all finished in the red, led by the Nasdaq, down 1.02 percent, followed by the S&P 500, declining 0.94 percent, and the Dow Jones, dropping 0.83 percent.
Indices aside, we highlight the 10 top-performing stocks during the session and break down the reasons behind their gains.
To come up with the list, we focused on the companies with a $2 billion market capitalization and 5 million shares in trading volume.
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10. Unity Software Inc. (NYSE:U)
Unity Software saw its share prices jump by 6.09 percent on Tuesday to finish at $20.02 apiece, as investor sentiment was boosted by the Bank of America’s (BofA) rating and price target upgrade for its stock.
In a market report, BofA raised its price target by 11.8 percent to $19 from $17 previously, as well as its rating to “neutral” from “underperform” amid improvements in the technology firm’s balance sheet.
A Game Developers Conference (GDC) is set to be held next week, March 9 to 13, where Unity Software Inc. (NYSE:U) is expected to outline its technology roadmap for growth.
According to BofA, it expects the technology company to announce the long-awaited use of run-time data to inform ad targeting, beginning in the second quarter of the year, which could prove Unity Engine a valuable strategic asset.
BofA also expects the company to announce an aggressive outlook for the second quarter of the year, which could signal the beginning of a sustained growth segment acceleration.
Last year, Unity Software Inc. (NYSE:U) narrowed its attributable net loss by 39 percent to $402.76 million from $664 million in 2024, while revenues finished flat at $1.8 billion.
In the fourth quarter alone, attributable net loss declined by 27 percent to $89.96 million from $122.7 million, while revenues jumped by 10 percent to $503 million from $457 million.
9. Atlassian Corp. (NASDAQ:TEAM)
Atlassian rebounded by 6.21 percent on Tuesday to finish at $78.38 apiece, as investors resorted to bargain-hunting after the stock fell to an eight-year low last week.
Last Tuesday, February 24, the stock dropped to a record low of $67.85—a level it last touched in 2018, triggered by ongoing concerns for software stocks being disrupted by the rapidly growing artificial intelligence sector.
However, investment firm Jefferies remained optimistic for Atlassian Corp. (NASDAQ:TEAM), issuing a “buy” recommendation for the stock last week on expectations that the AI sector could be more of an opportunity for the company than a threat.
According to the investment firm, Atlassian stands to benefit from the link between AI-generated code and the rising demand for IT collaboration tools, noting that more AI-generated code means more need for IT collaboration.
In other news, Atlassian Corp. (NASDAQ:TEAM) last week announced the open beta of agents in Jira, which allows teams to assign work to Atlassian Rovo and third-party agents in Jira, iterate with agents in comments, and embed them directly into their workflows.
Atlassian Corp. (NASDAQ:TEAM) also announced new investments in Model Context Protocol, allowing customers to choose the right agents and tools for their business.
