Benzinga's Brief On Trending Tickers: GameStop, Chewy, And More

Zinger Key Points
  • GameStop shares were volatile in Wednesday's after-hours session.
  • The company's quarterly loss of $2.08 per share missed Street estimates.

Benzinga’s “Daily Brief On Trending Tickers” highlights top-searched tickers from around the web and uses the Benzinga Pro platform to highlight recent news items possibly impacting those stocks.

The data on the trending tickers is compiled from a list of most-discussed tickers on the popular Reddit forum WallStreetBets.

Meta Platforms Inc FB COO Sheryl Sandberg said on Wednesday that she is stepping down after 14 years at the social media conglomerate. More than that, Meta’s ticker symbol will change from FB to META on June 9.

Piper Sandler analyst Thomas Champion maintained Meta with a Neutral rating and lowered the price target from $230 to $220. Inc AI shares cliff dived more than 20% during Thursday’s morning session after the company reported quarterly losses of 21 cents per share, beating the Street estimate of a loss of 29 cents and sales results of $72.3 million, which beat the estimates of $71.28 million.

Morgan Stanley maintained with an Underweight rating and lowered the price target from $15 to $14.

Chewy Inc CHWY shares soared more than 15% on Thursday morning after the company reported quarterly sales of $2.43 billion, beating analyst estimates of $2.42 billion by 0.4%. Chewy says the company's active customer base expanded 4.2% year-over-year to end the first quarter at 20.6 million.

Baird analyst Justin Kleber maintained Chewy with an Outperform rating and lowered the price target from $60 to $45.

Affirm Holdings Inc AFRM: on Wednesday, the stock plummeted 15% as investors worried about the Fed's continued uncertainty. The Federal Reserve is attempting to curb runaway inflation by launching what is expected to be its most aggressive tightening cycle in more than 40 years.

GameStop Corp. GME shares were volatile during Wednesday’s after-hours session after the company reported losses of $2.08 per share, missing the analyst consensus of $1.45 and sales results of $1.38 billion, which beat the Street estimates of $1.32 billion.

UiPath Inc PATH shares climbed more than 10% Thursday morning after the company said first-quarter revenue increased 32% year-over-year to $245.1 million, beating the estimates of $225.26 million. The company reported a quarterly loss of 3 cents per share, which beat the Street estimate for a loss of 5 cents per share. The company also issued new guidance above analyst estimates.

Oppenheimer analyst Brian Schwartz maintained UiPath with an Outperform rating and lowered the price target from $35 to $23.

Ciena Corporation CIEN shares fell around 6% on Thursday morning after the company reported second-quarter revenue growth of 13.8% year-on-year to $949.2 million, missing the consensus of $950.8 million.

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