Shares of Zscaler, Inc. ZS experienced a significant dip in trading value during Friday’s session subsequent to the release of its second-quarter results.
Despite Zscaler reporting earnings and sales figures surpassing expectations for the second quarter on Thursday, the company disclosed a projected non-GAAP income from operations between $395 million and $400 million for fiscal year 2024, with net income per share estimated to fall within the range of $2.73 to $2.77.
The decline in Zscaler shares amounted to 10.1%, settling at $217.43 by mid-day on Friday.
Here is an overview of other notable stock movements observed during today’s mid-day session:
Top Gainers
- BioVie Inc. BIVI shares skyrocketed by 96.1% to $2.4319, driven by positive results from Ne3107 that displayed potential benefits for Parkinson’s disease and Alzheimer’s patients.
- Adial Pharmaceuticals, Inc. ADIL surged by 68.4% to $3.4350 after being granted a new patent for AD04 in the treatment of opioid use disorder.
- Cardiff Oncology, Inc. CRDF rose by 41.5% to $2.50 following positive fourth-quarter financial results and progress updates on clinical trials.
- Minim, Inc. MINM witnessed a 41.4% increase to $6.09 after appointing David Lazar as CEO and CFO.
- The RealReal, Inc. REAL climbed by 39.1% to $2.4613 post releasing strong quarterly results.
- Nxu, Inc. NXU saw a rise of 36.4% to $1.09 after successfully charging a Tesla Cybertruck.
- Jaguar Health, Inc. JAGX surged by 35.3% to $0.0798.
- Dell Technologies Inc. DELL increased by 26.3% to $119.52 post better-than-expected fourth-quarter results and a 20% rise in annual cash dividend.
- Sweetgreen, Inc. SG gained 26% to $16.05 after surpassing fourth-quarter financial expectations.
- MMTec, Inc. MTC rose by 25% to $1.61.
Market Movers: Financial Winners and Losers
Winners
Arvinas saw a surge in stock price as analysts marked it with an “Overweight” status and raised the price target significantly from $26 to a substantial $60.
The Cooper Companies, Inc., trading under the ticker COO on the NYSE, experienced a notable 7.4% increase to $100.61 following an exceptional first-quarter performance, surpassing financial expectations and prompting a raise in guidance.
Losers
In contrast to these successes, various companies faced significant declines in their stock values:
GigCapital5, Inc., with the ticker GIA on NASDAQ, plummeted a staggering 60.7% to $4.35 after setting a closing date in 2024 for their business merger with QT Imaging.
Conversely, Fisker Inc., trading under the ticker FSR on NYSE, tumbled 44.6% to $0.4035 due to reported below-estimates revenue in the fourth quarter and signaled a potential challenge in continuing operations.
Sidus Space, Inc., represented by the ticker SIDU on NASDAQ, faced a significant 39.9% fall to $5.41 after pricing a public offering of 1,321,000 Class A common shares at $6 per share.
Furthermore, Scilex Holding Company (SCLX) shares declined by 39.7% to $1.37 post a $10 million bought deal offering, underscoring investor concerns.
DermTech, Inc. (DMTK) saw their stock value drop by 32.8% to $0.86 after reporting disappointing quarterly revenue results, indicating a challenging period for the company.
Precision BioSciences, Inc. (DTIL) experienced a decrease of 31.7% to $12.62 following an announcement of a $40 million offering of common stock and warrants.
In a similar trend, Volcon, Inc. (VLCN) observed a decline of 30.1% to $0.93, reflecting market uncertainty and reduced investor confidence.
As market volatility continued, Tritium DCFC Limited (DCFC) stumbled 27.4% to $0.1031, amplifying concerns among shareholders amidst economic turbulence.
Vivani Medical, Inc. (VANI) declined by 27% to $3.0798 after announcing a $15 million registered direct offering of common stock and warrants, pointing towards financial struggles.
Humacyte, Inc. (HUMA) shares dipped 25.3% to $3.2450 following the pricing of a $40.2 million public offering of common stock at $3 per share, raising doubts about the company’s financial stability.
New York Community Bancorp, Inc. (NYCB) experienced a 24.2% decrease to $3.6301 due to identified internal control weaknesses and a forthcoming leadership transition, indicating operational challenges.
In a similar vein, JAKKS Pacific, Inc. (JAKK) witnessed a significant decline of 23.7% to $26.79 after reporting weak quarterly results, demonstrating concerns over performance.
TTEC Holdings, Inc. (TTEC) dipped by 22.6% to $13.50 following a mixed financial report for the fourth quarter and issuing fiscal year 2024 guidance below analyst estimates, signaling potential difficulties ahead.
Gritstone bio, Inc. (GRTS) registered a 20.5% drop to $2.2250 after disclosing a workforce reduction of nearly 40%, impacting investor sentiment.
NCR Voyix Corporation (VYX) reported a decline of 19.8% to $11.72 after projecting FY23 revenue of $3.830 billion, prompting concerns among stakeholders.
Cue Health Inc. (HLTH) saw a 15.6% decrease to $0.2699 despite receiving a European patent grant, signaling challenges in prevailing market conditions.
P10, Inc. (PX) experienced a 15.2% decline to $7.86 following the release of fourth-quarter results, reflecting underlying issues affecting the company.
Elastic N.V. (ESTC) shares dipped by 14.1% to $114.91 post the release of third-quarter financial results, raising questions about the company’s financial health.
American Coastal Insurance Corporation (ACIC) observed a 13.1% decrease to $12.11 due to a decline in sales, underscoring challenges in the insurance sector.
B. Riley Financial, Inc. (RILY) shares declined by 12.5% to $15.96 following the release of fourth-quarter results and an announcement of strategic reviews for specific business segments, leading to market uncertainties.
SoundHound AI, Inc. (SOUN) witnessed an 11.6% drop to $6.56 after reporting weaker-than-expected fourth-quarter financial results, signaling struggles in a competitive market.
Senseonics Holdings, Inc. (SENS) fell by 10.1% to $0.6311 post their fourth-quarter results, reflecting challenges in the healthcare sector.
Ginkgo Bioworks Holdings, Inc. (DNA) registered a significant 9.7% drop to $1.3715 following below-estimated fourth-quarter results and a lower-than-expected FY24 revenue forecast.
Furthermore, Xcel Energy Inc. (XEL) faced a 6.4% decline to $49.29, reflecting broader market uncertainties impacting the energy sector.
