TipRanks has compiled a list of Wednesday’s biggest pre-market stock movements.
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Company-specific news, earnings releases, and other variables seem to raise investor anxiety. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
Spanish pharmaceuticals company Grifols, S.A. (GRFS) was the biggest laggard in pre-market trading, recording losses of 13.6% at the last check. According to media reports, the company is on the verge of raising €2 billion ($2.1 billion) in capital to reduce its debt.
American defense contractor AeroVironment, Inc. (AVAV) plunged 9.45% in pre-market trading at the time of writing. Negative sentiment followed the company’s disappointing fourth-quarter Fiscal 2022 results and weak guidance. For Fiscal 2023, the company expects revenue in the range of $490 million to $520 million, compared with the consensus estimate of $513 million. Additionally, adjusted earnings are expected in the range of $1.35 to $1.65 per share, below analysts’ expectations of $1.75.
Upstart Holdings, Inc. (UPST), a provider of credit services, plummeted 9.23% in pre-market trading at last glance after recording losses of 7.56% at yesterday’s close. It was recently disclosed in the SEC filing that General Counsel Alison Nicoll sold 15,000 shares of Upstart stock at an average price of $40.31 and for a total value of $604,650.
The operator of cruise ships Carnival Corporation & plc (CCL) lost 8.42% in pre-market trading at last glance. Brookstone Capital Management sold 2,643 shares of the company’s stock in the first quarter, reflecting a decrease of 18.1% stake. The disclosure of the sale seems to have raised investor anxiety.
Chinese EV maker NIO Inc. (NIO) completes the list. It declined 7.6% in pre-market trading at the time of writing, after decreasing 2.57% at Tuesday’s close. Investor anxiety followed the company’s denial related to accounting allegations in a report issued by short-seller Grizzly Research. According to the report, NIO is playing “accounting games to inflate revenue and boost net income margins to meet targets.” However, in response to the report, the company said that it is “without merit and contains numerous errors, unsupported speculations and misleading conclusions.”
Continue to watch this space for possible volatility upon the market open. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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