In this article, we discuss the top 5 gainers of this morning. If you want to check out some other stocks flying high today, go directly to Top 10 Gainers on Wednesday.
5. Farfetch Limited (NYSE:FTCH)
Number of Hedge Fund Holders: 39
Shares of Farfetch Limited (NYSE:FTCH) climbed over 20 percent in mid-day trading Wednesday after the U.K-based company decided to acquire 47.5 percent stakes in online fashion retailer YNAP.
Farfetch Limited (NYSE:FTCH) will buy stakes from Switzerland-based Richemont. The acquisition will help Farfetch Limited (NYSE:FTCH) entice more shoppers toward its online luxury fashion retail platform.
Moving forward, Farfetch Limited (NYSE:FTCH) can also execute the option of buying the remaining stakes in YNAP withing the next 5 years.
Earlier this year, investment management firm Polen Capital talked about Farfetch Limited (NYSE:FTCH) in its first quarter 2022 investor letter, stating:
“We also initiated a position in global luxury fashion e-commerce marketplace Farfetch in the first quarter and took advantage of meaningful weakness in the company’s share price during the period. Farfetch previously had too large a market cap for the Portfolio, but it has since moved to a level where it’s appropriate to own it – both in this Portfolio and in our smid-cap strategy. The company’s fundamentals remain attractive as indicated by the compelling results Farfetch reported in February.”
4. Peloton Interactive, Inc. (NASDAQ:PTON)
Number of Hedge Fund Holders: 39
Peloton Interactive, Inc. (NASDAQ:PTON) will start selling its exercise equipment and fitness accessories on Amazon in an effort to bolster its sales. The news sent Peloton shares up more than 13 percent this morning.
Previously, Peloton Interactive, Inc. (NASDAQ:PTON) was selling its products primarily through its own online platform and showrooms. The company believes adding digital channels, like Amazon, would increase brand awareness.
Separately, investment management firm Rowan Street Capital discussed Peloton Interactive, Inc. (NASDAQ:PTON) in its first-half 2022 investor letter, stating:
“Peloton Interactive, Inc. (NASDAQ:PTON) has been a costly mistake for the fund thus far. We started a small position back in September of 2020 and added to it as the stock declined and the price got “cheaper and cheaper.”
We would like to walk you through the rationale why we bought the stock in the first place and why we added to the position. We will give you just a short summary in the main body of the letter, and for those who are interested in a more detailed version, we have included a write-up on Peloton in the Appendix at the end of this letter.”
3. Pinduoduo Inc. (NASDAQ:PDD)
Number of Hedge Fund Holders: 41
Shares of Pinduoduo Inc. (NASDAQ:PDD) rallied over five percent after the opening bell on Wednesday following rumors that the Chinese agricultural-focused technology platform is planning to enter the U.S. market.
Pinduoduo Inc. (NASDAQ:PDD) is believed to be exploring new growth opportunities amid China’s economic slowdown. According to reports, the company is discussing things with its merchant partners before formally disclosing its international expansion plans.
Shanghai-based Pinduoduo Inc. (NASDAQ:PDD) has rapidly increased its shares in China’s highly competitive e-commerce market in recent years. The company, founded in 2015, now competes with the likes of well-established companies like Alibaba.
2. JD.com, Inc. (NASDAQ:JD)
Number of Hedge Fund Holders: 62
Shares of JD.com, Inc. (NASDAQ:JD) rose over eight percent this morning after Benchmark raised its price target for the Chinese e-commerce company from $106 per share to $109 per share.
The price-target hike came a day after JD.com, Inc. (NASDAQ:JD) announced better-than-expected financial results for the second quarter. The company earned 61 cents per share on an adjusted basis, smashing the expectations of 41 cents per share.
In addition, JD.com, Inc. (NASDAQ:JD) posted revenue of $40 billion, up 5.4 percent over the year-ago period and better than the consensus of $38.4 billion. Among other updates, JD.com, Inc. (NASDAQ:JD) reported that annual active customer accounts jumped 9.2 percent to 580.8 million during the 12-month period ended June 30.
1. Intuit Inc. (NASDAQ:INTU)
Number of Hedge Fund Holders: 75
Shares of Intuit Inc. (NASDAQ:INTU) advanced nearly six percent before the opening bell today after the financial software provider surpassed profit and sales expectations for its fiscal fourth quarter.
Intuit Inc. (NASDAQ:INTU) reported adjusted earnings of $1.10 per share, beating the consensus of 98 cents per share. Revenue came in at $2.4 billion, topping the expectations of $2.34 billion.
The company also issued financial outlook for its fiscal year 2023. Intuit Inc. (NASDAQ:INTU) guided for adjusted earnings in the range of $13.59 – $13.89 per share and revenue between $14.485 – $14.700 billion.
Praising the results, CEO of Intuit Inc. (NASDAQ:INTU), Sasan Goodarzi, said:
“We had a very strong fourth quarter, ending the year with momentum. We’re more confident than ever in our long-term business strategy as we power prosperity around the world. Our platform and offerings are mission-critical for consumers and small businesses, and we are proud that Intuit is the platform of choice for over 100 million customers around the world.”
You can also take a peek at 9 Tech Stocks that Cathie Wood is Giving Up On and 10 Best Cyclical Stocks for Inflation.
