With numerous companies releasing Q2 financial records, the top stock gainers today are all gaining momentum for their strong financial positions. In this article we will go over Cooper-Standard Holdings Inc. (NYSE: CPS) and Carvana Co. (NYSE: CVNA) and why these stocks are gaining momentum by the end of the trading week. Do you want to get the latest hot NYSE and NASDAQ Penny stocks? Sign up to our 100% free alerts and you will be the first to know!
#1 TOP STOCK GAINERS : CPS
As a leading supplier of sealing and fluid handling systems and components, Cooper-Standard Holdings Inc. (NYSE: CPS) capitalizes on its manufacturing expertise and materials science to develop sustainable engineered solutions. The company is starting the weekend with a whopping 72% increase in its stock value.
The value of CPS stock is currently on a run up thanks to the company releasing its financial results of Q2. The report shows a 13.6% increase in sales to reach $605.9 million whereas the net loss amounted to $33.2 million – a huge improvement from Q2 2022 when net loss reached $63.6. The financial records also shows an increase in cash and cash equivalents and a quarterly cash balance of $250 million, giving the company a strong total liquidity of $407 million
Commenting on that, the company’s Chairman and CEO – Jeffrey Edwards – said that
With China production coming back on line, European markets and operations beginning to stabilize from Ukraine war-related disruptions, and increasing inflation recoveries from our customers, we saw adjusted EBITDA margins and cash flow turn positive in June.
Cooper-Standard expects to see further improvements in its global production volume in Q3 and Q4 2022. The company is also expecting to deliver the full year adjusted EBITDA in line with its original guidance. With that in mind, CPS is working on a number of cost reduction initiatives and is also anticipating positive impact from the enhanced commercial agreements.
Following the 72% increase, CPS is currently being traded at $8.56 with a newly formed resistance around 8.78 and a primary support near 4.82 as well as a secondary one at 4.23.
The MACD is on a bullish crossover with no signs of another crossover in the near future. However accumulation is trending downwards and the RSI is standing at 86 indicating that the stock is extremely overbought at the moment. If you wanna catch the latest runner ups, join our free alerts now!
#2 TOP STOCK GAINERS : CVNA
The second stock that made the top stock gainers and our watchlist today is Carvana Co. (NYSE: CVNA). On a mission to change the way people purchase and sell their cars, Carvana provides its customers with a one of a kind experience. In which they can easily buy, sell or fiance their new cars in an online platform.
The online platform allows customers to conveniently pick from over 75,000 vehicle options as well as finance, sell or trade in their cars. Then customers can have their vehicles delivered/picked up or pick it up from one of CPS’s patented automated car vending machines.
On August 4, the company released its second quarter results which shows a tremendous increase in many aspects. For instance the revenues increased 16% Year To Year (YOY) reaching $3.884 billion and a 9% increase in retail unit solds totaling 117,564.
Additionally, CVNA is planning on outlining a new operating plan in order to be able to adapt in these challenging times and drive sequential improvement on all key metrics. It is also worth mentioning that the company is rapidly increasing its market share and is on its way to becoming the largest and most profitable auto retailer.
Upon the release of the financial records, CVNA stock witnessed a major run. However since then it has cooled off a little and is now currently trading at 43.72 – a 28% increase than the previous trading day. The stock has a resistance at 47.39 and a primary support near 33.38 as well as a secondary support around 20.03.
Accumulation is steadily increasing and the MACD is on a recent bullish crossover. Lastly, the RSI is at 66 indicating that the stock is slightly overbought.
Bottom Line
With CPS and CVNA running up today this might not be the time to chase. Keeping in mind that both of the companies are showing great potential moving forward. When you are trading any stock, especially ones from the top stock gainers list, you should focus on timing your entries and exits so you are not left holding the bag!
As always, good luck to all (except the shorts)!
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Disclosure: We have no business relationship with any company whose stock is mentioned in this video. Viral Stocks is not an investment advisor and this video does not provide investment advice. Always do your own research, make your own investment decisions, or consult with your nearest financial advisor. This video is not a solicitation or recommendation to buy, sell, or hold securities. This video is our opinion and is meant for informational and educational purposes only and does not provide investment advice. Past performance is not indicative of future performance.
