Top 10 Gainers on Wednesday

Published August 10, 2022 at 3:54 pm EDT Updated September 7, 2026 at 11:35 am EDT

In this article, we will take a look at the top 10 gainers on Wednesday.

Notable stocks from the tech and industrials sectors, including The Trade Desk, Inc. (NASDAQ:TTD), Unity Software Inc. (NYSE:U) and Plug Power Inc. (NASDAQ:PLUG), rose sharply this morning.

Shares of Unity Software Inc. jumped after receiving an acquisition proposal from rival AppLovin, while Plug Power Inc. gained value after several analysts lifted their price target for the hydrogen fuel cell company. On the other hand, shares of The Trade Desk, Inc. jumped after it reported solid sales for Q2.

Several other companies, including microblogging site Twitter, Inc. (NYSE:TWTR) and social network giant Meta Platforms, Inc. (NASDAQ:META), were also spotted gaining value this morning. We will discuss the reasons behind the upward movement of these stocks in the remaining article.

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10. Wix.com Ltd. (NASDAQ:WIX)

Number of Hedge Fund Holders: 24

Shares of Wix.com Ltd. (NASDAQ:WIX) jumped to a nearly three-month high after the opening bell on Wednesday after posting a narrower-than-expected loss for the second quarter. The Israeli software firm reported an adjusted loss of 14 cents per share, compared to an adjusted loss of 28 cents per share in the year-ago period.

Revenue came in at $345.2 million, up 9 percent over the comparable period of 2021. Analysts expected Wix.com Ltd. to lose 34 cents per share on revenue of $344 million.

Looking forward, Wix.com Ltd. expects revenue of $341 – $345 million for the current quarter. The outlook represents a growth of 7 – 8 percent over the third quarter of 2021.

Among other updates, Wix.com Ltd. revealed a plan to reduce its costs by $150 million annually to better deal with the decelerating economy and strong dollar. The cost-cutting measures will also include job cuts.

Speaking on the results, CEO Avishai Abrahami said in a statement:

“Despite the current macroeconomic environment, we are focused on what is under our control — driving operational efficiencies to accelerate our path to profitability while continuing to execute on growth initiatives, such as launching the new Wix Editor this quarter.”

9. Axon Enterprise, Inc. (NASDAQ:AXON)

Number of Hedge Fund Holders: 29

Shares of Axon Enterprise, Inc. (NASDAQ:AXON) turned green in the pre-market trading session today. The surge came after the provider of law enforcement technology solutions posted better-than-expected financial results for the second quarter and lifted its sales outlook for the full year.

Axon Enterprise, Inc. reported adjusted earnings of 44 cents per share, up from 38 cents per share in the year-ago period. Revenue for the quarter jumped 31 percent versus last year to $286 million. The results exceeded the consensus of 39 cents per share for earnings and $258.96 million for revenue.

For fiscal 2022, Axon Enterprise, Inc. now expects revenue in the range of $1.07 – $1.12 billion, up from its previous guidance between $1.05 – $1.1 billion. The midpoint of the updated outlook represents a growth of 25 percent over 2021.

8. Invitae Corporation (NYSE:NVTA)

Number of Hedge Fund Holders: 29

Shares of Invitae Corporation (NYSE:NVTA) skyrocketed over 60 percent this morning following its second-quarter results. The biotechnology company reported an adjusted loss of 68 cents per share, narrower than an adjusted loss of 84 cents per share in the year-ago period.

In addition, Invitae Corporation posted revenue of $136.6 million, representing a jump of 17.5 percent over the comparable period of 2021. Analysts were expecting Invitae Corporation to lose 76 cents per share on revenue of $136.85 million.

Invitae Corporation also reaffirmed its sales guidance for the full year. It continues to expect a low double-digit growth rate for fiscal 2022.

7. Exelixis, Inc. (NASDAQ:EXEL)

Number of Hedge Fund Holders: 30

Shares of Exelixis, Inc. (NASDAQ:EXEL) rose nearly four percent in the pre-market trading session today after the Alameda-based biotechnology company posted its second-quarter results above expectations.

Exelixis, Inc. reported adjusted earnings of 28 cents per share, compared to 38 cents per share in the same period of 2021. Revenue increased to $419.4 million, from $385.2 million in the year-ago quarter. Analysts were calling for earnings of 19 cents per share and revenue of $390.91 million.

Exelixis, Inc. also released its segment-wise sales results. Product revenue for the quarter increased to $347 million, from $284.2 million in the year-ago period. In comparison, collaboration revenue came in at $72.4 million versus $100.9 million last year.

Like Exelixis, Inc., shares of The Trade Desk, Inc., Unity Software Inc. and Twitter, Inc. also rose after the opening bell on Wednesday.

6. Plug Power Inc. (NASDAQ:PLUG)

Number of Hedge Fund Holders: 33

Shares of Plug Power Inc. rallied over 16 percent this morning after a number of analysts lifted their price target for the hydrogen fuel cell company. They believe the company would likely benefit from the recently approved climate change bill in the U.S. Senate.

BMO Capital raised its price target for Plug Power Inc. from $20 to $29, while Susquehanna increased its price target for the stock from $30 to $35. Moreover, B. Riley also lifted its price target for Plug Power from $31 per share to $32 per share.

The latest price-target hikes came a day after Plug Power Inc. posted weak financial results for the second quarter. The company posted a loss of 30 cents per share, wider than analysts’ average estimate for a loss of 21 cents per share. Revenue came in at $151.3 million, while analysts were looking for $159 million.

5. The Trade Desk, Inc. (NASDAQ:TTD)

Number of Hedge Fund Holders: 34

Shares of The Trade Desk, Inc. climbed over 16 percent in the pre-market trading session today following the company’s second-quarter results. The California-based tech company earned 20 cents per share on an adjusted basis, up from 18 cents per share in the year-ago period.

In addition, The Trade Desk, Inc. generated revenue of $377 million in the quarter, representing a jump of 34.6 percent over the comparable period of 2021. Analysts were looking for earnings of 20 cents per share on revenue of $364.87 million.

Looking forward, The Trade Desk, Inc. expects to produce revenue of at least $385 million in the third quarter, above analysts’ average estimate of $382.58 million.

Separately, investment management firm Rowan Street Capital LLC also talked about The Trade Desk, Inc. in its second-quarter 2022 investor letter, stating:

“Jeff Green, Founder/CEO of Trade Desk

Jeff has been on a mission to make data-driven advertising as ubiquitous as electronic trading in equities ever since he founded the Trade Desk in 2009. Since day one, his goal was to create a platform where advertisers could value media inventory through data-driven decisions. With the ability to buy and sell advertising inventory electronically or programmatically, advertisers could use data to make better decisions on what, when, and whom to show an ad impression. Jeff owns 10% of the company. Jeff has built Trade Desk into a leader in ad tech, with a record of $6.2 billion spend on the platform in 2021, up 6x since 2016. Revenues are estimated to hit $1.6 billion in 2022, up almost 8x since 2016.”

4. ironSource Ltd. (NYSE:IS)

Number of Hedge Fund Holders: 36

ironSource Ltd. (NYSE:IS) beat profit expectations for the second quarter, sending its shares up more than 8 percent in the mid-day trading session today. The Israel-based software firm reported adjusted earnings of 6 cents per share, up from 4 cents per share in the year-ago period.

Revenue for the quarter rallied 35 percent on a year-over-year basis to $182.785 million. Analysts expected ironSource Ltd. to report earnings of 2 cents per share on revenue of $183.33 million.

Earlier this year, ironSource Ltd. appeared in the first-quarter 2022 investor letter of investment management firm Argosy Investors. Here’s what the firm said:

“I purchased IronSource early in the quarter and have seen IS decline in value nearly 32% through the end of the quarter, and further after the quarter. IronSource is a platform that helps game publishers maximize the financial success of their games and earns a cut of the revenues generated using its technology. They have grown extremely quickly in recent years, as gaming has become an increasingly popular outlet for free time. They grew 46% last quarter to over $150 million in quarterly revenue, at an operating margin of 18%. They expect to generate $800 million in revenue this year, and likely $0.15 per share of free cash flow in 2022, with the potential for $0.25 a few years from now. I believe that IS has a very profitable business model with the potential for a long runway of growth. At the same time, I could have chosen a better purchase price to make the investment, and that has become clear quite quickly. At current prices below $4 per share, returns from here can be attractive over the course of a few years.”

3. Unity Software Inc. (NYSE:U)

Number of Hedge Fund Holders: 39

Shares of Unity Software Inc. rose nearly three percent this morning following the news that rival AppLovin Corp has sent a proposal to buy Unity Software in an all-stock transaction valued at $17.54 billion.

Unity Software Inc. said that its board has yet to make a decision regarding the offer. If the deal is finalized, CEO of Unity Software Inc. will become the new head of the combined company, while AppLovin’s CEO will become the chief operating officer.

Meanwhile, Unity Software Inc. recently delivered mixed financial results for the second quarter. The San Francisco-based software company reported an adjusted loss of 18 cents per share, narrower than analysts’ average estimate for a loss of 21 cents per share. On the downside, the quarterly revenue of $297 million came in slightly below the consensus of $298.30 million.

2. Twitter, Inc. (NYSE:TWTR)

Number of Hedge Fund Holders: 68

Shares of Twitter, Inc. rose to a nearly three-month high today. The upward movement came after Elon Musk sold nearly $7 billion worth of shares in Tesla.

Many believe Musk is accumulating cash in case Twitter, Inc. forces him to proceed with his earlier proposal of buying the microblogging site for $44 billion. Musk initially disclosed his plans of buying the company in April.

However, he later backed out of the agreement, saying he hasn’t received sufficient data about the fake accounts from Twitter. Subsequently, Twitter, Inc. sued Tesla’s CEO for terminating the deal. The two parties will soon face each other in a court trial.

1. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 200

Shares of Meta Platforms, Inc. rose over six percent after the opening bell on Wednesday. The surge apparently came after the social network giant raised $10 billion through a bond offering.

Meta Platforms, Inc. plans to use the proceeds from the offering to repurchase its common stock. The company is also expected to invest in initiatives, such as metaverse, among other things.

This is the first time Meta Platforms, Inc. has raised funds through a bond offering. The latest move came nearly a month after the company reported a first-ever decline in its quarterly sales amid intense competition in the digital ads market.

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