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.
8. QXO Inc. (NYSE:QXO)
QXO extended its winning streak to a third consecutive day on Wednesday, jumping 11.66 percent to finish at $22.50 apiece as investor sentiment was buoyed by an investment firm’s bullish rating for its stock.
In its first coverage of QXO Inc. (NYSE:QXO), investment firm William Blair & Company gave an “outperform” rating on its stock with a target range between $27 and $44. The price target gives QXO Inc.’s (NYSE:QXO) stock as much as 95-percent upside from its latest closing price.
According to William Blair, QXO Inc. (NYSE:QXO) has the potential to become a major player in the $800-billion building products distribution industry.
The analyst rating followed the company’s acquisition of Beacon Building Products for $11 billion, making it the largest publicly traded distributor of roofing, waterproofing, and complementary building products in the United States.
William Blair expects QXO Inc. (NYSE:QXO) to pursue another large acquisition as part of its “big game hunting” strategy, and propel its revenues to $50 billion in revenue in the next decade.
7. Genworth Financial, Inc. (NYSE:GNW)
Genworth grew its share prices by 13.74 percent on Wednesday to finish at $7.78 apiece after earning a rating upgrade from an investment company.
In a market note, Keefe, Bruyette & Woods raised its rating for Genworth Financial, Inc. (NYSE:GNW) to “outperform” from “market perform” previously, while setting a price target of $9, marking a 15.7-percent upside from its latest closing price.
Headquartered in Richmond, Virginia, Genworth Financial, Inc. (NYSE:GNW) is an American financial services company providing insurance for long-term care and mortgage, among others.
In the first quarter of the year, Genworth Financial, Inc. (NYSE:GNW) dropped its net income by 61 percent to $54 million from $139 million registered in the same period last year.
Total revenues dropped by 4.18 percent to $1.786 billion from $1.864 billion year-on-year.
Premiums represented the largest chunk of its revenues, ending at $862 million, albeit dipping by 1.5 percent from $875 million previously.
6. Symbotic Inc. (NASDAQ:SYM)
Symbotic surged by 14.57 percent on Wednesday to close at $35.70 apiece as investors gobbled up shares following Amazon CEO Andrew Jassy’s letter to employees, underscoring the future of warehouse automation and robotics.
In a letter to employees, Jassy underscored the company’s increasing adoption of Artificial Intelligence, saying that it will need fewer people to do some of the jobs over time.
“In our fulfillment network, we’re using AI to improve inventory placement, demand forecasting, and the efficiency of our robots—all of which have improved cost to serve and delivery speed,” Jassy was quoted as saying.
Jassy’s message spilled over to Symbotic Inc. (NASDAQ:SYM), which is heavily focused on warehouse automation and robotics, as investors placed bets on expectations of stronger demand for its solutions amid the broader shift towards AI.
In the first quarter of fiscal year 2025, Symbotic Inc. (NASDAQ:SYM) narrowed its net loss attributable to shareholders by 56 percent to $3.9 million from $8.8 million in the same period last year. Revenues rose by 40 percent to $549.6 million from $393 million year-on-year.
5. Coinbase Global, Inc. (NASDAQ:COIN)
Coinbase Global jumped by 16.32 percent on Wednesday to close at $295.29 apiece as investors snapped up shares following plans to offer tokenized equities to its customers.
Coinbase Global, Inc. (NASDAQ:COIN) sought the approval of the Securities and Exchange Commission for the initiative, which would allow it to offer stock trading through its blockchain technology.
If approved, Coinbase Global, Inc. (NASDAQ:COIN) would directly compete with retail brokerage companies namely Robinhood Markets and Charles Schwab.
According to Coinbase Global, Inc. (NASDAQ:COIN) Chief Legal Officer, Paul Grewal, the new initiative is “a huge priority” for the company, enabling it to diversify beyond cryptocurrencies.
Tokenizing equities is a process in which shares of a company are converted into a digital token, similar to how cryptocurrencies are traded. Instead of holding the securities directly, investors hold tokens that represent ownership of the securities.
4. Oscar Health, Inc. (NYSE:OSCR)
Oscar Health extended its winning streak to a third consecutive day on Wednesday, jumping 16.51 percent to finish at $18.77 apiece as investors resorted to bargain-hunting following news that lawmakers are proposing a new measure that would allow individuals and employers to voluntarily enroll in a new version of Medicare.
Under the bill, lawmakers are looking to establish a “Part E,” a self-funded Medicare plan to be offered alongside private insurance across all states and federal marketplaces.
While this would heighten competition with private insurers, such as Oscar Health, Inc. (NYSE:OSCR), the voluntary enrollment could potentially delay or prevent Medicare’s insolvency.
Over the past few days, fears brewed over Medicare getting insolvent sooner than expected, with the cautious sentiment spilling over to stocks of Oscar Health, Inc. (NYSE:OSCR) and its counterparts.
3. Scholar Rock Holding Corporation (NASDAQ:SRRK)
Scholar Rock jumped by 16.6 percent on Wednesday to close at $36.32 apiece as investor sentiment was bolstered by the positive results from the second phase of its weight loss drug trial.
In a statement, Scholar Rock Holding Corporation (NASDAQ:SRRK) said the trial, which aims to assess its drug candidate apitegromab’s combination with tirzepatide, was generally well tolerated, leading to higher quality weight loss as compared with taking tirzepatide alone.
According to Scholar Rock Holding Corporation (NASDAQ:SRRK), apitegromab therapy in combination with tirzepatide resulted in the preservation of 4.2 pounds of lean mass compared with tirzepatide alone.
“While this is an exciting development for our platform, we remain focused on preparing for the launch of apitegromab, and following its potential approval in SMA, we look forward to studying it in a range of neuromuscular diseases with high unmet need,” said Scholar Rock Holding Corporation (NASDAQ:SRRK) President and CEO Akshay Vaishnaw, adding that he was looking forward to exploring its potential in various rare, severe debilitating neuromuscular disorders.
“We remain on track to file an IND application for SRK-439 in the second half of this year to support the first in human study,” he said.
2. TMC the metals company Inc. (NASDAQ:TMC)
TMC jumped by 24.29 percent on Wednesday to finish at $6.75 apiece as investors continued to load up positions following an $85.2 million fresh funds from a new investor.
In a statement, TMC the metals company Inc. (NASDAQ:TMC) said that it entered into a strategic agreement with South Korea-based Korea Zinc, a non-ferrous metal refining and precursor Cathode Active Material (pCAM) technology company, for the acquisition of 19.6 million common shares at a price of $4.34 apiece.
The agreement also allows Korea Zinc to have a three-year warrant to purchase 6.9 million common shares with an exercise price per share of $7 apiece.
Upon closing, Korea Zinc will become one of TMC’s largest strategic shareholders with ownership of approximately 5 percent of the company’s outstanding common shares. It said the transaction is expected to close on June 26, 2025.
Korea Zinc is currently evaluating a bulk sample of nodule material supplied by The Metals Company USA, LLC (TMC USA) under an existing LOI, with its research and development team to validate intermediate processing and refining pathways and potential synergies through vertical integration.
1. Circle Internet Group (NYSE:CRCL)
Circle Internet jumped by 33.82 percent on Wednesday to hit its fifth record high just this month, following the Senate’s passage of Stablecoin legislation.
On Tuesday, the Senate gave its green light for the GENIUS Act, which provides a federal government framework for use of the cryptocurrency whose value is tied to the US dollar.
This would allow financial companies such as banks, fintech, and retailers, among others, to use stablecoins.
The news followed Circle Internet Group’s (NYSE:CRCL) announcement earlier this week that its USDC stablecoins are being adopted by retail giants Amazon and Walmart, as well as e-commerce operator Shopify.
According to Circle Internet Group (NYSE:CRCL), Shopify began rolling out its feature that enables merchants to accept USDC stablecoins—a cryptocurrency founded by its founders Jeremy Allaire and Sean Neville—for payments and order fulfillment flows.
Circle Internet Group (NYSE:CRCL) also said that it partnered with blockchain firm Ripple to bring USDC stablecoins to the latter’s XRP Ledger blockchain as well as with digital identity company World for the addition of USDC and CCTP V2 (Cross-Chain Transfer Protocol) on World Chain.
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