Shopify Posts Upbeat Earnings, Joins Axon Enterprise, Aspen Technology, Illumina, Global Payments And Other Big Stocks Moving Higher On Wednesday

Author: Avi Kapoor | August 07, 2024 11:05am

U.S. stocks were higher, with the Dow Jones index gaining over 400 points on Wednesday.

Shares of Shopify Inc. (NYSE:SHOP) rose sharply during Wednesday's session after the company reported better-than-expected second-quarter EPS results.

Shopify clocked fiscal second-quarter 2024 revenue growth of 21% year-over-year to $2.05 billion, which beat the analyst consensus estimate of $2.01 billion. Revenue grew by 25% Y/Y after adjusting for the sale of its logistics businesses. The e-commerce platform company reported adjusted EPS of 26 cents, which beat analyst consensus estimate of 20 cents

Shopify shares jumped 24.6% to $67.59 on Wednesday.

Here are some other big stocks recording gains in today's session.

PetIQ, Inc. (NASDAQ:PETQ) shares surged 48% to $30.44 after the company reported better-than-expected second-quarter adjusted earnings results.
Upstart Holdings, Inc. (NASDAQ:UPST) gained 35.4% to $32.38 after the company reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance above estimates on Tuesday.
Latham Group, Inc. (NASDAQ:SWIM) climbed 34% to $4.19 after the company reported better-than-expected second-quarter financial results and raised its FY24 revenue guidance above estimates. Additionally, the company announced an acquisition of Coverstar Central.
Lumen Technologies, Inc. (NYSE:LUMN) gained 33% to $6.65 after the company reported better-than-expected quarterly revenue results. Goldman Sachs upgraded the stock from Sell to Neutral and raised its price target from $1 to $4.
Veracyte, Inc. (NASDAQ:VCYT) rose 32.4% to $28.90 after the company reported better-than-expected quarterly financial results. Also, Needham maintained a Buy rating on the stock and raised its price target from $27-$31.
Rayonier Advanced Materials Inc. (NYSE:RYAM) jumped 27.8% to $7.17 after the company reported better-than-expected quarterly financial results.
Angi Inc. (NASDAQ:ANGI) gained 27.7% to $2.5250 after the company reported better-than-expected quarterly financial results.
Inspire Medical Systems, Inc. (NYSE:INSP) rose 25.6% to $184.81 after the company reported better-than-expected quarterly sales results and raised its FY24 guidance. Also, the company announced it authorized a $150 million share repurchase program.
Fortinet, Inc. (NASDAQ:FTNT) rose 23.5% to $68.93 after the company reported better-than-expected second-quarter financial results and issued FY24 guidance above estimates.
Axon Enterprise, Inc. (NASDAQ:AXON) gained 21.3% to $358.06 after the company reported better-than-expected second-quarter financial results and raised its FY24 revenue guidance above estimates.
Aspen Technology, Inc. (NASDAQ:AZPN) rose 18.3% to $210.40 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.
Sunrun Inc. (NASDAQ:RUN) gained 16.1% to $19.15 after the company reported better-than-expected quarterly financial results and announced a partnership with Tesla to support Texas’s power grid.
Dynatrace, Inc. (NYSE:DT) rose 15.3% to $46.69 following a Q1 earnings beat.
Champion Homes, Inc. (NYSE:SKY) gained 14.2% to $84.99 after the company reported better-than-expected quarterly financial results.
V.F. Corporation (NYSE:VFC) gained 14% to $18.74 after the company reported better-than-expected first-quarter financial results.
Rapid7, Inc. (NASDAQ:RPD) gained 13.7% to $37.55 after the company reported better-than-expected quarterly financial results.
Illumina, Inc. (NASDAQ:ILMN) rose 11% to $129.15 after the company reported better-than-expected quarterly sales results.
Global Payments Inc. (NYSE:GPN) gained 9.4% to $101.74 after the company reported better-than-expected second-quarter financial results.
MongoDB, Inc. (NASDAQ:MDB) rose 6.9% to $238.66.
Snowflake Inc. (NYSE:SNOW) gained 5.7% to $121.38.