Stocks Making the Biggest Premarket Moves: Nvidia, Moderna, Rivian, Etsy and More

Explore the companies generating buzz in premarket trading:

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Nvidia:In the early morning hours, the prominent chip giant experienced a remarkable 13% surge in its stock following the release of earnings on Wednesday afternoon. The results exceeded expectations amid the flourishing artificial intelligence boom. Nvidia reported adjusted earnings of $5.16 per share and $22.1 billion in revenue for the fourth quarter, surpassing analysts' predictions of $4.64 per share and $20.62 billion. The company also forecasted stronger revenue for the current quarter, outperforming Wall Street expectations.

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Moderna:Shares of the vaccine manufacturer rose by more than 5% as it revealed revenue for the fourth quarter that surpassed expectations. Moderna's top line reached $2.81 billion, surpassing the forecasted $2.50 billion by analysts. Additionally, Moderna reported an unexpected profit, supported in part by deferred revenue, despite a decline in sales of its Covid vaccine.

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Lucid:Shares of the luxury electric vehicle company retreated by over 7% after falling short of revenue estimates in the fourth quarter. Lucid reported $157 million, while analysts had anticipated $180 million. Following this, Cantor Fitzgerald downgraded Lucid from neutral to underweight.

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Etsy:In Thursday's premarket, Etsy's shares declined by 8.6% after the online marketplace reported a mixed performance in the fourth quarter. Although revenue exceeded Wall Street expectations, the company's earnings per share came in at 62 cents, below the anticipated 78 cents from analysts.

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Rivian:Rivian's shares experienced a significant drop of 17% as the electric vehicle maker revealed steeper losses than expected and announced a 10% reduction in staff. Despite revenue surpassing analysts' forecasts, Rivian reported a loss of $1.36 per share, 4 cents wider than the consensus estimates. The company also projected lower-than-anticipated car production.

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Synopsys:Shares of the software company increased by 4.5% after it delivered earnings for the fiscal first quarter that exceeded expectations. Synopsys posted $3.56 per share, excluding items, surpassing the consensus prediction of $3.43 per share.

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DoorDash:The food delivery stock advanced nearly 5% following an upgrade to overweight from equal weight by Morgan Stanley. The firm cited an attractive entry point for the stock and noted a long growth runway.

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Root:Shares of the car insurance company rose by an impressive 28% after reporting a fourth-quarter loss of $1.64 per share, lower than the expected $2.84. The company's fourth-quarter revenue of $194.8 million also exceeded the expected $132.5 million. Cantor Fitzgerald upgraded the stock to overweight from neutral post-earnings release.

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Remitly Global:Shares surged by 22.4% after the financial services provider reported earnings. Despite a loss per share, which analysts had anticipated to be a small gain, Remitly exceeded revenue expectations and provided better-than-forecasted guidance for the full year. BMO Capital Markets upgraded the stock to outperform from market perform.

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Novavax:Shares of the biotech company climbed by 9.6% after announcing a resolution to its arbitration dispute with Gavi, a global vaccine organization. The disagreement centered on a canceled purchase agreement for Covid vaccines.

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Coty:Shares of the beauty company rose by 3% following an upgrade to outperform from market perform by TD Cowen. The upgrade was attributed to momentum in the fragrance category. Analyst Oliver Chen raised the price target to $16 from $13.

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ASML Holding:The semiconductor stock jumped 3.9% after HSBC initiated coverage with a buy rating. The firm suggested that 2025 estimates and share prices could experience upside potential if the industry witnesses an upcycle.

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Gates Industrial:The manufacturer gained 4.8% following a KeyBanc upgrade to overweight from sector weight. KeyBanc noted that the stock had become overly discounted as private equity exited its stake.

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