In this article, we will discuss some of the notable stocks soaring on Wednesday. To take a look at some more stocks that are gaining, go to These 5 Stocks Are Soaring Today.
The US equity market is in the green today. The S&P 500 Index is up 0.96% as of 12:16 PM ET and recovering from the 2.8% decline on Tuesday, which was the biggest drop in the last seven weeks. Meanwhile, the Dow 30 Index and the NASDAQ Composite Index are up 0.87% and 0.84%, respectively. Some of the notable stocks gaining today include Enphase Energy, Inc. (NASDAQ:ENPH), Tesla, Inc. (NASDAQ:TSLA), and Microsoft Corporation (NASDAQ:MSFT).
Let’s look at why these stocks are soaring today and discuss how hedge funds are positioned in them.
10. T-Mobile US, Inc. (NASDAQ:TMUS) has boosted 4.75% as of 12:10 PM ET after the Bellevue, Washington-based wireless network operator outperformed forecasts for subscriber growth during Q1 2022. T-Mobile US, Inc. (NASDAQ:TMUS) is reaping the benefit of its 5G cellular network leadership. T-Mobile US, Inc. (NASDAQ:TMUS) saw its phone-bill customers increase by 589,000, compared to the consensus estimates of 584,900 users. Total revenue increased by 1.6% YoY to $20.12 billion and was in line with the analysts’ estimates. Meanwhile, the GAAP EPS of 57 cents was 20 cents higher than the analysts’ forecast of 37 cents.
T-Mobile US, Inc. (NASDAQ:TMUS) was held by 86 hedge funds as of Q4 2021. Antipodes Partners had a stake worth over $111 million in T-Mobile US, Inc. (NASDAQ:TMUS) during Q1 2022.
9. Visa Inc. (NYSE:V) has gained 8.15% as of 12:07 PM ET after the California-based payment processing giant saw spending on its platform rise, despite the lingering impact of the pandemic globally and the conflict between Russia and Ukraine. During Q2 2022, the purchase volumes increased by 17% YoY to $2.78 trillion, in line with the consensus estimates. Visa Inc. (NYSE:V) reported an EPS of $1.70, five cents higher than the analysts’ estimates. Visa Inc. (NYSE:V) also anticipates the recovery in traveling to result in top-line and bottom-line growth.
Out of the 924 hedge funds tracked by Insider Monkey, 142 funds held a stake in Visa Inc. (NYSE:V) as of Q4 2021.
8. GlaxoSmithKline plc (NYSE:GSK) is 2.67% in the green as of 12:08 PM ET after the UK-based healthcare company reconfirmed guidance for 2022. GlaxoSmithKline plc (NYSE:GSK) intends to increase its investment in research and development and aims to build on its key growth drivers. Moreover, GlaxoSmithKline plc (NYSE:GSK) expects a 10% increase in the sales of Specialty Medicines. The company reiterated its sales growth forecast for the year to be between 5% – and 7% CER.
On a sequential basis, GlaxoSmithKline plc (NYSE:GSK) saw the number of hedge funds holding a stake in the company increase by five to 36 hedge funds as of Q4 2021. P.A.W. CAPITAL PARTNERS is the leading investor in GlaxoSmithKline plc (NYSE:GSK), with a cumulative stake of $871,000 as of Q1 2022.
7. Skechers U.S.A., Inc. (NYSE:SKX) has risen 6.80% as of 12:09 PM ET after the California-based footwear company reported strong sales growth resulting in a better-than-anticipated revenue and EPS for Q1 2022. Skechers U.S.A., Inc.’s (NYSE:SKX) revenue increased by 29.4% YoY to $1.85 billion and outperformed the analysts’ estimate of $1.69 billion. Meanwhile, the non-GAAP EPS was posted at 80 cents, seven cents higher than the analysts’ estimate of 73 cents. For Q2 2022, Skechers U.S.A., Inc. (NYSE:SKX) anticipates revenue to be in the range of $1.75 billion to $1.80 billion, compared to the consensus forecast of $1.75 billion.
As of Q4 2021, Skechers U.S.A., Inc. (NYSE:SKX) was held by 31 hedge funds.
6. Mattel, Inc. (NYSE:MAT) has ascended 10.63% as of 12:09 PM ET after a report by Reuters revealed that the El Segundo, California-based toymaker is exploring a sale and is in contact with buyout companies like Apollo Global Management and L Catterton. A few months ago, Mattel, Inc.’s (NYSE:MAT) CEO Ynon Kreiz said that the turnaround plan for Mattel is complete, and the company is in “growth mode.” In its Q4 2021 results, Mattel, Inc. (NYSE:MAT) provided stronger than expected guidance for the full year 2022 as it anticipates healthy demand for its Barbie dolls and other toys.
Of the 924 hedge funds in Insider Monkey’s database, Mattel, Inc. (NYSE:MAT) was held by 29 hedge funds as of Q4 2021.
Along with Mattel, Inc. (NYSE:MAT), some other notable gainers today include Enphase Energy, Inc. (NASDAQ:ENPH), Tesla, Inc. (NASDAQ:TSLA), and Microsoft Corporation (NASDAQ:MSFT).
Click to continue reading and see These 5 Stocks Are Soaring Today.
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Disclose. None. These 10 Stocks Are Soaring Today is originally published on Insider Monkey.