These 10 Stocks Boast Double-Digit Gains Amid Boring Market

Ten firms took off on Wednesday, boasting double-digit gains amid a lackluster Wall Street performance, thanks to fresh company-specific developments that continue to spark investor appetite.

Among the three major indices, only the tech-heavy Nasdaq finished in the green, rising by 0.13 percent. The Dow Jones and the S&P 500 both dropped by 0.10 percent and 0.03 percent, respectively, amid continued geopolitical tensions between Israel and Iran.

In this article, we highlight the 10 best-performing stocks alongside the reasons behind their gains.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and over 5 million in trading volume.

10. AST SpaceMobile Inc. (NASDAQ:ASTS)

AST SpaceMobile rallied by 10.6 percent on Wednesday to close at $44.35 apiece as investors cheered its partnership with Vodafone Idea (Vi) to expand mobile connectivity across India’s unconnected regions.

In a statement, AST SpaceMobile and Vi will join forces for the establishment of SpaceMobile Satellite System that will expand the latter’s telecom services including voice, video, data streaming, and internet access.

Under the agreement, AST SpaceMobile Inc. (NASDAQ:ASTS) will develop and manage the satellite constellation while Vi will oversee terrestrial network integration, operating spectrum, and market access.

“Vi has always been committed to leveraging technology to connect every Indian and we see satellite communication as a complement to terrestrial connectivity. As satellite-based mobile access becomes a reality in India, we are looking forward to ushering in a new era of seamless and resilient connectivity,” said Avneesh Khosla Chief Marketing Officer.

9. Upstart Holdings, Inc. (NASDAQ:UPST)

Upstart Holdings grew its share prices by 10.64 percent on Wednesday to close at $59.08 apiece following the Federal Reserve’s decision to keep interest rates steady, while keeping its forecast of two cuts for the year.

The announcement bolstered investor sentiment among financial and lending companies, including Upstart Holdings Inc. (NASDAQ:UPST), on optimism over a strong demand from more expected rate cuts.

Upstart Holdings, Inc. (NASDAQ:UPST) is an Artificial Intelligence-powered lending marketplace which offers services such as personal loans, automotive retail and refinance loans, home equity lines of credit, and small dollar “relief” loans. It connects millions of consumers to more than 100 banks and credit unions that leverage its AI models and cloud applications.

Upstart Holdings, Inc. (NASDAQ:UPST) currently holds a “hold” recommendation from Zacks Research amid clear operating leverage and its aggressive expansion into new credit categories with improving AI and funding structures.