In this article, we will discuss some of the notable stocks gaining ground today.
All the three major stock market indices in the US are in the green today as Wall Street is beginning to accept the hike in interest rate by the Federal Reserve. Companies like Tesla, Inc. (NASDAQ:TSLA), Netflix, Inc. (NASDAQ:NFLX), and Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR) are among the stocks moving up today.
Let’s look at the reasons the stocks are trending today and discuss how elite hedge funds are positioned in them.
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10. Occidental Petroleum Corporation (NYSE:OXY) is up 7.8% as of 11:26 AM ET after Warren Buffett’s Berkshire Hathaway Inc (NYSE:BRK-B) revealed that it had increased its stake in the Houston, Texas-based oil and gas exploration and production company by another $1 billion during the first three days of this week. Following this development, Berkshire Hathaway’s total stake in Occidental Petroleum Corporation (NYSE:OXY) stands at over $7 billion. Berkshire Hathaway now owns over 136.2 million shares in the company, equivalent to 13% of the total outstanding shares. According to data compiled by Insider Monkey, 58 hedge funds held a stake in Occidental Petroleum Corporation (NYSE:OXY) as of Q4 2021.
9. Devon Energy Corporation (NYSE:DVN) is 6.6% in the green as of 11:32 AM ET. The stock price of the Oklahoma City-based corporation is rising because the crude oil price is soaring again following the statement from a Russian spokesperson that the report regarding significant negotiations between Russia and Ukraine is incorrect. As a result, crude oil prices are up 8% for the day due to concerns that restrictions by the West on Russia would reduce the supply of crude oil globally. As of Q4 2021, 51 hedge funds held a position in Devon Energy Corporation (NYSE:DVN), up from 48 in the preceding quarter.
8. Cardinal Health, Inc. (NYSE:CAH) has surged 5.3% as of 11:45 AM ET after private equity firm Gordon Haskett stated that the underperformance of the Dublin, Ohio-based medical distribution company could attract activist investors and make the company an acquisition target. It must be noted there is no official word on a potential acquisition or an activist investor circling the organization. Cardinal Health, Inc. (NYSE:CAH) also revealed that it had launched the first surgical incise drape that would significantly lower the contamination risk at the surgical site. Of the 924 hedge funds in Insider Monkey’s database, 39 funds held a position in Cardinal Health, Inc. (NYSE:CAH) at the end of Q4 2021.
7. Ralph Lauren Corporation (NYSE:RL) has risen more than 3.1% as of 11:53 AM ET following an upgrade from Neutral to an Overweight rating with a price target of $142 by Matthew Boss at JPMorgan. The target provides an upside potential of over 24% from the last closing price. The analyst thinks that the recent dip in Ralph Lauren Corporation’s (NYSE:RL) stock price due to macroeconomic-related factors provides an attractive entry point in the stock. At the end of Q4 2021, 24 hedge funds held a position in Ralph Lauren Corporation (NYSE:RL). Royce & Associates is the leading investor in the company with a stake worth over $85 million.
6. The Mosaic Company (NYSE:MOS) has gained 5.2% as of 11:58 AM ET following the news that, according to Western officials, Russian President Vladimir Putin is not interested in a compromise. The added sanctions on Russia would be favorable for fertilizer companies like The Mosaic Company (NYSE:MOS) located in the US and Canada. Russia and its ally Belarus are the second and the third-biggest producer of Potash, an integral ingredient for producing nitrogen-based fertilizers. Overall, 46 hedge funds held a position in The Mosaic Company (NYSE:MOS) as of Q4 2021.
In addition to The Mosaic Company (NYSE:MOS), some of the companies experiencing a rise in stock price today include Tesla, Inc. (NASDAQ:TSLA), Netflix, Inc. (NASDAQ:NFLX), and Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR).
5. PagerDuty, Inc. (NYSE:PD) has gained 15.4% as of 12:11 PM ET after reporting stronger than expected Q4 2021 results yesterday. The San Francisco, California-based IT operations management company reported revenues and loss per share of $78.51 million and four cents, respectively. This surpassed the consensus revenue and loss per share estimate of $76 million and six cents. For Q1 2022, PagerDuty, Inc. (NYSE:PD) anticipates revenue to be around $81.5 million to $83.5 million, compared to the analysts’ forecast of $80.2 million. Meanwhile, the company is anticipating a loss per share of around eight to nine cents as opposed to analysts’ loss per share estimate of six cents. Of the 924 hedge funds in Insider Monkey’s database, 27 reported owning a stake in PagerDuty, Inc. (NYSE:PD) as of Q4 2021.
4. Peabody Energy Corporation (NYSE:BTU) has increased by 8.9% as of 12:19 PM ET following a rise in coal prices due to higher demand by power stations during the summer months. Furthermore, the conflict between Russia and Ukraine has adversely impacted European coal power stations, which rely on coal from Russia. Coal prices are also rising as European countries are trying to scale back their usage of Russian natural gas and find suitable alternatives to lower their energy reliance on Russia. Overall, 28 hedge funds held a position in Peabody Energy Corporation (NYSE:BTU) at the end of Q4 2021.
3. Tesla, Inc. (NASDAQ:TSLA) has risen 2.1% as of 12:37 PM ET after the Austin, Texas-based electric vehicle manufacturer and distributor announced that it had increased the price of its made in China Model Y again, and this time by more than $2,000. Although Tesla, Inc. (NASDAQ:TSLA) has maintained the prices of its most economical model since January, recently, the company has been increasing the price of its long-range and performance offerings. Elon Musk also tweeted that his companies were facing the impact of inflation through raw materials and logistics. Tesla, Inc. (NASDAQ:TSLA) was in the portfolio of 91 hedge funds as of Q4 2021, up from 60 in the last quarter.
2. Netflix, Inc. (NASDAQ:NFLX) is up 2.8% as of 12:43 PM ET after the streaming giant revealed that it is working on plans to put an end to illicit password-sharing between friends and families in different households. Netflix, Inc. (NASDAQ:NFLX) is planning to launch a test where consumers would be required to pay an additional fee if they want to use the streaming service outside their vicinity. The test will be carried out in three countries before it is rolled across the globe. Out of the 924 hedge funds being tracked by Insider Monkey, 113 held a stake in Netflix, Inc. (NASDAQ:NFLX) at the end of Q4 2021.
1. Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR) is 42% in the green as of 12:57 PM ET after the Pao Alto, California-based biotech company revealed that Peginterferon Lambda reduces the risk of hospitalization or staying in the emergency room for longer than six hours by 50% for cases related to COVID-19. It was also revealed that the risk of death was also reduced by 60% in Phase 3 TOGETHER study, which comprises a double-blind, multi-center, placebo-controlled, and randomized study of non-hospitalized patients with COVID-19, who have a high likelihood of developing a severe illness. The primary target was achieved across all variants of COVID-19 till today, including the omicron variant. Based on this, Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR) believes that Lambda will also be effective for all upcoming variants of COVID-19. The company intends to share this finding with the FDA and also submit an Emergency Use Authorization request with the drug regulatory authority soon. Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR) was held by 11 hedge funds at the end of Q4 2021, down from 14 in the previous quarter.
You can also take a peek at the 10 Best Dow Dividend Stocks to Double Your Income and Sanctions on Russia Are Affecting These 10 Stocks.
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Disclose. None. 10 Stocks Gaining Ground on Thursday is originally published on Insider Monkey.
