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Why These 10 Stocks are Skyrocketing on Friday

·5 min read

In this article, we will take a look at the 10 stocks skyrocketing on Friday. If you want to check out some more stocks rallying today, go directly to Why These 5 Stocks are 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. (NASDAQ:PTON) 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. (NYSE:TOST) and Payoneer Global Inc. (NASDAQ:PAYO) 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. (NASDAQ:LZ) 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. (NASDAQ:LZ) 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. (NYSE:BR) 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. (NYSE:BR) 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. (NASDAQ:RKLB) to generate revenue of $49.24 million.

Rocket Lab USA, Inc. (NASDAQ:RKLB) 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. (NASDAQ:RKLB), shares of Peloton Interactive, Inc. (NASDAQ:PTON), Toast, Inc. (NYSE:TOST) and Payoneer Global Inc. (NASDAQ:PAYO) 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. (NASDAQ:EVGO) 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. (NASDAQ:EVGO), 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. (NASDAQ:VIAV) 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. (NASDAQ:VIAV) guided for adjusted earnings between 22 - 24 cents per share and revenue in the range of $317 - $331 million.

 

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Disclosure: None. Why These 10 Stocks are Skyrocketing on Friday is originally published on Insider Monkey.