Stocks making the biggest premarket moves: Rivian, Micron, Adobe, Ulta and more
Take a look at the firms making the most impressive strides in premarket trading:
— Piper Sandler upgraded the EV stock, leading to a nearly 4% surge. The firm adjusted its price target to $21 from $15, highlighting a potential 96% upside. The upgrade is underpinned by Rivian’s latest product launch and its prudent decision to defer capital expenditures.
— The semiconductor stock grew by 2.5%. Citi named Micron as one of its top selections on Friday and raised its price target to $150 from $95, indicating a prospective 64% upside. The bank posits that Micron stock should command a premium due to its growing involvement in artificial intelligence.
— Despite surpassing both earnings and revenue expectations for its fiscal first quarter and announcing a $25 billion share buyback, Adobe’s shares dipped by 11% following its weak revenue guidance for the current quarter.
— Ulta’s shares declined by 6.5% after providing a full-year earnings guidance that barely met the consensus forecast. Despite this, the beauty retailer enjoyed a fourth-quarter earnings and revenue triumph.
Crypto stocks — Stocks tied to cryptocurrencies experienced a downturn as bitcoin withdrew from its recent peaks. Both Coinbase and Microstrategy’s shares dipped by roughly 6% and 5% respectively, while Marathon Digital slipped 4%.
— The shares of the advertising company skyrocketed by 50% following its 2023 EBITDA turning positive for the first time since 2019, along with an impressive Q1 forecast.
— The IT firm dealing in incident responses saw its shares slump by 8.5% following a subpar forecast, even though its latest quarterly results were promising.
— Despite solid results, the business software provider’s shares decreased by 8% after its revenue guidance for the current quarter and full year fell short of analysts’ expectations.
— The specialty retailer’s shares fell by 11% in light of its grim outlook, with the first-quarter loss and revenue guidance not meeting the consensus estimate.
