Prism Stocks making the biggest moves premarket: Yelp, Sweetgreen, Novavax, Akamai Technologies and more

Here’s a rundown of the companies making ripples in the market before trading begins:

Akamai Technologies

— The cloud firm’s shares plummeted over 10% due to a forecast for a weaker second quarter. Adjusted earnings are expected to be between $1.51 and $1.56 per share on revenue of $967 million to $986 million, falling short of the anticipated earnings of $1.63 per share and revenue of $1 billion by LSEG.

Sweetgreen

— Shares of the salad chain grew 5% after the company surpassed the LSEG consensus estimate of $152 million by reporting $158 million in first-quarter revenue.

Array Technologies

— This solar energy company garnered nearly a 17% increase as first-quarter earnings rose to 6 cents per share on $153.4 million revenue. This defied FactSet’s predictions of a loss of 4 cents per share and revenue of $141.2 million.

Gen Digital

— Shares for this cybersecurity software company, owner of LifeLock and Norton, climbed 4%. The company reported a 15% year-on-year increase with fiscal-fourth quarter earnings of 53 cents on a revenue of $967 million, reflecting a 2% increase over the same period.

Bumble

— Shares of the online dating firm ascended over 2% after it beat earnings and revenue estimates for the first quarter. The company also elevated its share repurchase program to $450 million from $300 million while maintaining its full-year revenue guidance estimate of 8% to 11% growth.

Insulet

— The medical device company saw a marginal dip in its shares due to increased marketing costs impacting its first-quarter profits. The company projects a full-year revenue growth between 14% to 18% in 2024, near to the 15.5% estimated by StreetAccount.

Natera

— Shares surged above 20% due to superior-than-anticipated results. The DNA testing firm posted a loss of 56 cents per share, better than the predicted loss of 71 cents by StreetAccount. Its revenue of $367.7 million and full-year revenue guidance also exceeded forecasts.

Unity Software

— The tech firm experienced a 2% decrease in shares following a greater-than-expected loss in the first quarter. The reported loss of 75 cents per share was higher than the 63 cents forecasted by LSEG.

Novavax

— The biotech company’s shares skyrocketed by 114% after announcing a lucrative deal with Sanofi to jointly sell its Covid vaccine and develop combination shots for the coronavirus and flu.

3M

— The multinational’s shares rose 1% premarket as HSBC upgraded the stock to buy and increased its price target to $115 per share from $91.13, highlighting a favorable macroeconomic environment.

Yelp

— Shares dropped around 2% for the restaurant review site following a modest second-quarter revenue forecast issued postmarket Thursday, despite beating first-quarter earnings predictions.

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Prism Stocks making the biggest moves premarket: Yelp, Sweetgreen, Novavax, Akamai Technologies and more

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