Stocks Making The Biggest Premarket Moves: Netflix, Tesla, Coinbase, Gamestop, And More

Tesla's shares experienced a premarket increase of over 3% following an update on the company's website, revealing that new purchases of Model 3 and Model Y cars are eligible for a $7,500 tax credit under the Inflation Reduction Act.

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Netflix saw a 3.1% climb as JPMorgan raised its price target on the stock, commending the company's efforts to curtail password sharing on its platform. JPMorgan believes this move has the potential to drive revenue growth.

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Stitch Fix observed a significant surge of over 7% after surpassing revenue and adjusted EBITDA earnings expectations in its fiscal third quarter. The company highlighted its focus on enhancing operational efficiency, maintaining profitability, and optimizing cash flow during the period.

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GameStop, the meme stock, experienced a premarket gain of 2.4% ahead of the release of its quarterly results. Analysts surveyed by FactSet predict an adjusted loss of 15 cents per share for the quarter.

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Petrobras, the Brazilian oil giant, rose by 2% in premarket trading after Morgan Stanley upgraded the stock from equal weight to overweight. The bank anticipates that Petrobras will provide a higher dividend to investors this year compared to its historical payouts.

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Coinbase, the cryptocurrency exchange, saw a 2% increase in premarket trading, recovering from a 12% selloff the previous day. The Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase, accusing the company of operating as an unregistered exchange and broker. Despite this, Cathie Wood of Ark Invest seized the opportunity to buy Coinbase shares at the reduced price.

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NovoCure, an oncology company, witnessed a 3.2% rise before the market opened. The company recently presented significant data from a study related to a lung cancer treatment at the 2023 American Society of Clinical Oncology Annual Meeting, successfully achieving its primary endpoint.

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Yext, the online marketing firm, experienced an impressive premarket surge of over 17% following better-than-expected quarterly results. Yext reported adjusted earnings of 8 cents per share in the first quarter, with revenue totaling $99.5 million. Analysts had projected earnings of 5 cents per share on revenue of $98.5 million, according to StreetAccount.

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