Why These 10 Stocks are Skyrocketing on Friday

Published August 12, 2022 at 5:43 pm EDT Updated September 7, 2026 at 2:22 pm EDT

In this article, we will take a look at the 10 stocks skyrocketing on Friday.

Notable stocks from the consumer cyclical and tech sectors, including Peloton Interactive, Inc. (NASDAQ:PTON), Toast, Inc. (NYSE:TOST) and Payoneer Global Inc. (NASDAQ:PAYO), rose sharply this morning.

Shares of Peloton Interactive, Inc. jumped following the news that the company is reducing its workforce and increasing the prices of its popular exercise equipment. On the other hand, Toast, Inc. and Payoneer Global Inc. gained value after posting impressive financial results for Q2.

In addition, healthcare stocks, including Cardinal Health, Inc. (NYSE:CAH) and Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), also moved up this morning. Check out the complete article below to see what sent these stocks higher.

Image by Gerd Altmann from Pixabay

10. LegalZoom.com, Inc. (NASDAQ:LZ)

Number of Hedge Fund Holders: 13

Shares of LegalZoom.com, Inc. (NASDAQ:LZ) skyrocketed over 20 percent this morning after topping profit and sales expectations for the second quarter. The online legal technology company reported adjusted earnings of 5 cents per share, above the consensus of 2 cents per share.

Revenue came in at $163.9 million, while analysts were looking for $161.6 million. LegalZoom.com, Inc. also disclosed its segment-wise sales performance. Subscription revenue jumped 32 percent to $91.3 million, while transaction revenue fell 9 percent to $66.5 million in the quarter. In comparison, partner revenue decreased to $6.1 million, from $7.7 million in the year-ago period.

On the downside, LegalZoom.com, Inc. lowered its sales outlook for the full year. The company now expects revenue of $612 – $616 million versus its previous guidance of $650 – $660 million. The updated outlook is below the consensus of $653.17 million.

9. Broadridge Financial Solutions, Inc. (NYSE:BR)

Number of Hedge Fund Holders: 17

Broadridge Financial Solutions, Inc. (NYSE:BR) delivered solid profit and sales for its fiscal fourth quarter. As a result, its shares jumped to a nearly seven-month high after the opening bell on Friday. The financial technology company earned $2.65 per share on an adjusted basis, surpassing the consensus of $2.63 per share.

In addition, Broadridge Financial Solutions, Inc. posted revenue of $1.72 billion, up 12 percent on a year-over-year basis and above the expectations of $1.67 billion. If we break down the total sales by segments, recurring fee revenue jumped 15 percent to $1.19 billion, while distribution revenue rose 12 percent to $49 million in the quarter. In comparison, event-driven fee revenue slipped 3 percent to $70 million.

Looking forward, Broadridge Financial Solutions, Inc. projected recurring revenue growth of 6 – 9 percent and adjusted EPS growth of 7 – 11 percent for fiscal 2023.

Praising the results, CEO Tim Gokey said in a statement:

“A strong fourth quarter capped another great year for Broadridge, with record closed sales, 16% recurring revenue growth, continued margin expansion, and 14% Adjusted EPS growth. Our results reflect continued execution of our long-term growth strategy, the ongoing digitization of financial services, and strong performance from our Itiviti acquisition.”

8. Rocket Lab USA, Inc. (NASDAQ:RKLB)

Number of Hedge Fund Holders: 19

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) rallied over 14 percent this morning despite posting mixed results for the second quarter. The aerospace manufacturer reported a loss of 8 cents per share, wider than analysts’ average estimate for a loss of 4 cents per share.

On the bright side, revenue for the quarter skyrocketed 392 percent on a year-over-year basis to $55.5 million, while analysts expected Rocket Lab USA, Inc. to generate revenue of $49.24 million.

Rocket Lab USA, Inc. also issued its sales outlook for the current quarter. The California-based company expects to produce revenue between $60 – $63 million in the third quarter.

Like Rocket Lab USA, Inc., shares of Peloton Interactive, Inc., Toast, Inc. and Payoneer Global Inc. also rose after the opening bell on Friday.

7. EVgo, Inc. (NASDAQ:EVGO)

Number of Hedge Fund Holders: 27

EVgo, Inc. (NASDAQ:EVGO) operates one of the leading fast-charging public networks in the U.S. The company has over 850 fast charging sites spread across 30 states. EVgo stock climbed more than 15 percent this morning after inking a supply deal with energy management solutions provider Delta Electronics.

Under the terms of the agreement, EVgo, Inc. will receive 1,000 fast chargers from Delta. The chargers will come with a power output of 350kW and help EVgo in its recently announced projects.

Speaking on the collaboration, CEO of EVgo, Inc., Cathy Zoi, said in a statement:

“EVgo and Delta share a reputation as industry first-movers and this collaboration will showcase our complementary strengths and expertise, while supporting EVgo’s momentum and deployment targets to expand access to world-class EV charging experiences across the U.S.”

6. Viavi Solutions Inc. (NASDAQ:VIAV)

Number of Hedge Fund Holders: 27

Shares of Viavi Solutions Inc. (NASDAQ:VIAV) turned green in the pre-market trading session today. The surge came after the Arizona-based company announced better-than-expected financial results for its fiscal fourth quarter.

Viavi Solutions Inc. earned 24 cents per share on an adjusted basis, compared to 22 cents per share in the same period of 2021. Total sales for the quarter rose 7.8 percent versus last year to $335.3 million. The results surpassed the consensus of 23 cents per share for earnings and $320.62 million for revenue.

For its fiscal first quarter, Viavi Solutions Inc. guided for adjusted earnings between 22 – 24 cents per share and revenue in the range of $317 – $331 million.

5. Payoneer Global Inc. (NASDAQ:PAYO)

Number of Hedge Fund Holders: 27

Shares of Payoneer Global Inc. skyrocketed over 25 percent after the opening bell on Friday after beating financial expectations for the second quarter with a big margin.

Payoneer Global Inc. reported earnings of 1 cent per share, contrary to analysts’ expectations for a loss of 4 cents per share. Revenue for the quarter climbed 34 percent on a year-over-year basis to $148.2 million, easily exceeding the consensus of $131.48 million.

Moreover, Payoneer Global Inc. also raised its full-year revenue outlook to a range of $580 – $590 million, from its previous projection of $550 – $560 million.

4. Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)

Number of Hedge Fund Holders: 30

Shares of Ginkgo Bioworks Holdings, Inc. rose in the pre-market trading session today after announcing a partnership with Synlogic. Under the terms of the agreement, Ginkgo Bioworks Holdings, Inc. and Synlogic will collectively work on a drug candidate to treat gout disease.

Gout is a common and complicated form of arthritis. It arises when surplus uric acid in our body makes crystals in the joints, causing immense pain. Patients also experience swelling and redness in the affected area. The drug candidate, dubbed SYNB2081, is being developed to reduce uric acid levels in the body.

Speaking on the partnership, head of Codebase at Ginkgo Bioworks Holdings, Inc., Patrick Boyle, said in a statement:

“We’re honored to work with the Synlogic team in this pioneering next step to potentially help patients living with gout. As we’ve seen the Synlogic pipeline develop over the past year, we’re eager to continue supporting Synlogic in generating additional therapeutic candidates.”

3. Cardinal Health, Inc. (NYSE:CAH)

Number of Hedge Fund Holders: 38

Shares of Cardinal Health, Inc. hit a new 52-week high today after Mizuho and Baird lifted their price targets for the health care services company. The price-target hikes came after Cardinal posted its fiscal Q4 results and disclosed the name of its next CEO.

Cardinal Health, Inc. reported adjusted earnings of $1.05 per share on revenue of $47.1 billion. On the other hand, analysts were looking for earnings of $1.17 per share on revenue of $44.71 billion.

Despite the mixed quarterly performance, Mizuho lifted its price target for Cardinal Health, Inc. from $58 to $66, while Baird raised its price target from $57 to $73.

Meanwhile, Cardinal Health, Inc. made an important announcement on the earnings call, saying the current CFO Jason Hollar will become the new chief executive officer of the company, effective next month.

2. Toast, Inc. (NYSE:TOST)

Number of Hedge Fund Holders: 39

Shares of Toast, Inc. climbed over 13 percent in the pre-market trading session today after posting impressive results for the second quarter. The restaurant technology company reported a loss of 11 cents per share, significantly lower than a loss of 64 cents per share in the comparable period of 2021.

Revenue came in at $675 million, representing a jump of 58 percent over the year-ago period. Analysts expected Toast, Inc. to report a loss of 11 cents per share on revenue of $651.28 million.

Looking forward, Toast, Inc. projected sales of $700 – $730 million for the third quarter and between $2.62 – $2.66 billion for the full year. This compares to the consensus of $665.08 million for Q3 and $2.54 billion for fiscal 2022.

Commenting on the results, CEO of Toast, Inc., Chris Comparato, said:

“Toast had another great quarter, sustaining our operating momentum with a record number of net new locations and strong revenue growth, both of which highlight the power of our industry leading digital platform for restaurants. We continue to balance disciplined investments to enhance our platform and drive sustained growth, with a commitment to increasing efficiency, which was evident in our healthy Adjusted EBITDA margin improvement in the second quarter.”

1. Peloton Interactive, Inc. (NASDAQ:PTON)

Number of Hedge Fund Holders: 44

Shares of Peloton Interactive, Inc. jumped more than 12 percent in the mid-day trading session on Friday. The surge came after the company said it would reduce its workforce and raise the prices of its products.

Peloton Interactive, Inc. is shutting its distribution and logistics network in North America. It will also decrease its customer service staff. Moreover, the company plans to hand over the responsibilities to third-party affiliates.

In addition, Peloton Interactive, Inc. also intends to increase the price of its Bike+ model by $500 and its Tread by $800 in the U.S.

The latest measures are a part of its broader efforts to revive its sales and increase its cash flow. The demand for Peloton’s exercise equipment has dropped in recent months as people are returning to gyms instead of working out at home. The weak demand has also affected the company’s share price. Peloton stock has plummeted more than 60 percent so far in 2022.

You can also take a peek at 10 Dividend Stocks With Over 7% Yield and Jim Cramer Recommends These 10 Stocks For Recession.

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