In this article, we discuss the 5 stocks skyrocketing on Friday. If you want to check out some more stocks rallying today, go directly to Why These 10 Stocks are Skyrocketing on Friday.
5. Payoneer Global Inc. (NASDAQ:PAYO)
Number of Hedge Fund Holders: 27
Shares of Payoneer Global Inc. (NASDAQ:PAYO) 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. (NASDAQ:PAYO) 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. (NASDAQ:PAYO) 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. (NYSE:DNA) rose in the pre-market trading session today after announcing a partnership with Synlogic. Under the terms of the agreement, Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) 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. (NYSE:DNA), 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. (NYSE:CAH) 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. (NYSE:CAH) 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. (NYSE:CAH) from $58 to $66, while Baird raised its price target from $57 to $73.
Meanwhile, Cardinal Health, Inc. (NYSE:CAH) 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. (NYSE:TOST) 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. (NYSE:TOST) to report a loss of 11 cents per share on revenue of $651.28 million.
Looking forward, Toast, Inc. (NYSE:TOST) 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. (NYSE:TOST), 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. (NASDAQ:PTON) 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. (NASDAQ:PTON) 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. (NASDAQ:PTON) 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.
