It’s a mixed day in the markets today. The Dow and the S&P 500 are in the red as the markets digest the news of the economic impact of the COVID-19 pandemic. The latest economic data shows that in Q2 of 2020, the U.S economy contracted to levels never seen before in post-war America. However, this dampened mood has not adversely affected the NASDAQ, as it has been boosted by the strong performance of the big tech companies. Facebook, Apple, Google, and Amazon have all reported strong results in Q2. Even in the current mixed environment, there are a number of stocks that are looking to end the week with strong gains. Some of the day’s biggest gainers are as below:
Goosehead Insurance Inc [NASDAQ:GSHD]
Goosehead Insurance Inc is one of the top gainers this afternoon and is up 24%. This follows the company’s release of stronger than expected Q2 results. The company reported that revenues in Q2 stood at $29.9 million. Breaking down the numbers, sales from total franchises increased by 48%, while corporate sales grew by 49%.
On top of that, the company reported that it had a net income of $7.4 million and also declared a dividend of $42 million. Comparing the numbers to previous quarters, the company stated that revenues grew by 54% compared to Q2 of 2019. The company also stated that its core revenues grew by 41% compared to a similar quarter in 2019. The company CEO Mark E. Jones stated that the results were a reflection of the market reception of its powerful platform.
Issuer Direct Corporation [NYSE:ISDR]
Issuer Direct Corporation is another top performer this afternoon and is up by 24%. The stock’s upside momentum follows the company’s release of strong Q2 results. The company reported that in Q2 of 2020, it had revenues of $3.3 million and that on a year-on-year basis, its EBITDA doubled to 28%. Total revenues for Q2 were higher by 18% compared to a similar period in 2019. The company also reported that gross margins increased to 72% of revenues compared to 70% of revenues in Q2 of 2019. The company also announced that it engaged in a stock repurchase program and bought shares worth $580,000 in Q2.
Zion Oil & Gas Inc [NASDAQ:ZN]
Zion Oil & Gas Inc is a top gainer this afternoon and is up by 76%. This comes after the company announced that it had received approval from the Israeli Ministry of Energy for its next oil drilling plan. The CEO Robb Dunn stated that the progress was a miracle given the complexities that have been brought about by COVID-19.