To The Moon

1. $Sterling Construction(STRL)$ +22.28% raised EPS and revenue guidance after impressive results

Sterling Infrastructure reported impressive Q2 2023 results, with revenues reaching $522.3 million, a 13.1% increase compared to Q2 2022.

Due to its strong performance, Sterling increased its full-year guidance for 2023.

The company provided earnings per share (EPS) guidance of $4.00-$4.20 for the period, compared to the consensus estimate of $3.52. The company issued revenue guidance of $1.95 billion-$2.05 billion, compared to the consensus revenue estimate of $1.95 billion.

EPS guidance: $4.00-$4.20 vs. $3.52

Revenue guidance: $1.95 bln -$2.05 bln vs. $1.95 bln

Following the earnings announcement and increased guidance, Sterling's shares experienced a significant rise in trading, with shares increasing over 16% on the news. Year-to-date, the company's stock had already risen by more than 125%.

2. $Array Technologies Inc.(ARRY)$ +21.76%: significantly beat estimates though lowered guidance

Array Technologies reported a significant increase in both profit and revenue compared to expectations. EPS was 34 cents per share. Analysts had anticipated earnings of 5 cents per share. Array's sales increased by 21% to $507.7 million, surpassing the projected $448.7 million.

EPS: 34 cents vs. 5 cents

Sales:$507.7 mln vs. $448.7 mln

Following the positive earnings report, Array Technologies' stock experienced a 15% jump in after-hours trading, reaching $20.60.

Despite the strong earnings results, Array Technologies lowered its full-year revenue guidance due to order delays and permitting challenges. The company now expects annual revenue between $1.65 billion and $1.73 billion, which is lower than its previous guidance of $1.8 billion to $1.9 billion. Analysts had projected annual revenue of $1.85 billion.

3. $Datadog(DDOG)$ -17.18%: beat estimates but outlook missed

Datadog shares plunged after its quarterly EPS and revenue both beat estimates but outlook missed, which led to investor concerns and a negative market reaction.

Datadog earnings for the second quarter were 36 cents per share on an adjusted basis, up 50% from a year earlier. The enterprise software maker's revenue jumped 25% to $509 million.

Meanwhile, analysts expected Datadog to report profit of 28 cents a share on revenue of $501.6 million.

For the current quarter ending in September, Datadog forecasts profit in a range of 33 cents to 35 cents vs. estimates of 29 cents. Datadog said it expects revenue of $523 million at the midpoint of its outlook. Wall Street called for sales of $536.2 million.

Revenue outlook: $523 mln vs. $536.2 mln

Datadog also lowered its 2023 revenue projection to $2.055 billion at the midpoint versus an earlier outlook of $2.09 billion.

4. $Upstart Holdings, Inc.(UPST)$ -19.40%: faces worsening economic trends

Upstart tumbled 19% after providing guidance for the third quarter which missed forecasts. Analysts said macroeconomic headwinds cloud the outlook for the company and loan growth remains at risk.

Adjusted EPS: 6 cents vs. -7 cents

Revenue guidance: $140 mln vs. $153 mln

Upstart is contending with incremental headwinds in funding availability and worsening economic trends for its consumer base as 3Q guidance proves weaker than consensus. Revenue in 3Q is projected to be $140 million, below analyst estimates of $153 million

Broker ratings for Upstart vary:

Jefferies changed its rating to "hold" and lowered the price target from $60 to $46.

Piper Sandler shifted to a "neutral" rating and adjusted the price target to $35 from $17.

Citi maintains a "sell" rating on Upstart.