This Week’s Top Gainers: Credit Acceptance Corporation, Enovix Corporation, & JAKKS Pacific

May 6, 2022 By: WealthMintr Team


Credit Acceptance Corporation (NASDAQ: CACC) jumped 20.16% after reporting a consolidated net income of $214.3 million or $14.94 per diluted share for Q1 2022. A year ago, the company’s consolidated net income was $202.1 million or $11.82 per diluted share. Adjusted net income during the quarter was $197.3 million or $13.76 per diluted share versus $164.8 million or $9.64 per diluted share in Q1 20221.

During the quarter, the company saw an increase in predicted collection levels for Consumer Loans issued from 2016 through 2021, which increased net cash flows from the company’s loan portfolio by $110.2 million. Also, there was a decrease in Consumer Loan assignment volume, with the unit and dollar volumes declining 22.1% and 10.5%, respectively.


Enovix Corporation (NASDAQ: ENVX) was up 19.60% after the lithium-ion batteries manufacturer announced an order from a leading consumer electronics firm. The company announced that it had received an initial order of its smartwatch battery from an unnamed top consumer electronics firm. Although the company didn’t name the customer, it said that the electronics company was planning to buy the battery commercially following testing and qualification of the product over a year.

The company’s CEO, Harrold Rust, said this was a major milestone that would open more opportunities for the company. It’s simple to understand why this discovery has investors so enthusiastic today. Enovix’s lithium-ion battery tech is already commercially viable, unlike other battery start-ups. In contrast, most others have just exhibited interesting concepts so far but are still a long way from commercialization. It also indicates that large-scale battery production is now possible.

Last year, the company began commercial production, and in January, the prototypes from the first automated manufacturing line were distributed to clients. Enovix is entering a critical year in 2022, and the firm has begun the year well. This year, it expects to increase battery manufacturing for the wearables industry while also launching a new assembly line for bigger mobile phones and laptop batteries.


JAKKS Pacific Inc. (NASDAQ: JAKK)  rallied 19.47% after BMO Capital Markets upgraded the stock from Hold to Buy. Analyst Gerrick Johnson stated that historically the toy industry had been seen as defensive, and there is little impact on the company’s operations from an economic slowdown. The analyst cited the strong performance of the company’s  CFO as the reason for his bullish call.

He stated that JAKK has a history of over-promising and under-achieving, which has landed the firm in the figurative penalty box with investors. The upswing in JAKKS’ business, on the other hand, has given us hope. Thanks to an enhanced product portfolio, superior decision-making, and strong execution, the firm has improved its bottom line in 9 out of the last 11 quarters. The trend is expected to continue.