In this article, we will discuss 10 stocks gaining ground on Tuesday.
Major stock indices rebounded today, accompanied by an increase in US Treasury yields. The Chinese government’s ease in the crackdown on the tech sector and strong retail sales in the US suggest an improvement in economic growth. The S&P 500 Index, NASDAQ 100 Index, and Dow Jones Industrial Average Index are up 1.65%, 2.05%, and 1.08%, respectively, as of 1:30 PM ET. Popular companies gaining ground today include JD.com, Inc. (NASDAQ:JD), Moderna, Inc. (NASDAQ:MRNA), and Advanced Micro Devices, Inc. (NASDAQ:AMD).
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Let’s look at why these stocks are rising today and discuss how hedge funds are positioned in them.
10. Citigroup Inc. (NYSE:C) is up 4.76% as of 9:40 AM ET after Warren Buffett revealed an almost $3 billion stake in the investment bank. In a filing on Monday evening, it was disclosed that Buffett’s Berkshire Hathaway had increased its stake in Citigroup Inc. (NYSE:C) through more than 55 million shares. Citigroup Inc. (NYSE:C) has lost over 30% of its value in the last year and has been underperforming the financial sector. To overhaul the company, Citigroup Inc.’s (NYSE:C) CEO Jane Fraser has set a medium-term goal of 11% – 12% return on tangible common equity.
At the end of Q4 2021, 97 hedge funds held a stake in Citigroup Inc. (NYSE:C), up from 79 in the previous quarter.
9. United Airlines Holdings, Inc. (NASDAQ:UAL) has surged 6.61% as of 10:05 AM ET after the airline increased its revenue forecast for the current quarter. United Airlines Holdings, Inc. (NASDAQ:UAL) shared that the company expects this summer to be the busiest season for the airline following the Covid-19 pandemic. Moreover, United Airlines Holdings, Inc. (NASDAQ:UAL) revealed earlier today that its Boeing (BA.N) 777 planes have been cleared by the Federal Aviation Administration (FAA) and will begin operating next week.
Of the 924 hedge funds in Insider Monkey’s database, 35 funds reported owning a stake in United Airlines Holdings, Inc. (NASDAQ:UAL) as of Q4 2021. PAR Capital Management was long over 3 million shares of United Airlines Holdings, Inc. (NASDAQ:UAL) during Q1 2022.
8. Take-Two Interactive Software, Inc. (NASDAQ:TTWO) has climbed 7.85% as of 10:15 AM ET after the developer of interactive games reported an 8% increase in net bookings in Q4 FY22. The net bookings were posted at $845.8 million, up from $748.5 million in the same period last year. However, the recurrent consumer spending decreased by 6%, and Take-Two Interactive Software, Inc. (NASDAQ:TTWO) issued lower-than-expected guidance. These developments did not have a significant adverse impact on Take-Two Interactive Software, Inc. (NASDAQ:TTWO) stock price. Analysts pointed out that the company has historically stated conservative guidance. Take-Two Interactive Software, Inc.’s (NASDAQ:TTWO) pending acquisition of Zynga is expected to improve the company’s future outlook.
As of Q4 2021, Take-Two Interactive Software, Inc. (NASDAQ:TTWO) was held by 55 hedge funds. Harris Associates was the leading hedge fund investor in Take-Two Interactive Software, Inc. (NASDAQ:TTWO) during Q1 2022.
7. Baidu Inc (NASDAQ:BIDU) rose 3.24% as of 10:42 AM ET. The Chinese technology company is expected to benefit from the ease in domestic regulation regarding data protection laws in the tech sector. Moreover, JP Morgan analysts also recently upgraded Chinese companies such as Baidu Inc (NASDAQ:BIDU) and Alibaba Group Holding Limited (NYSE:BABA), citing a decrease in “significant uncertainties” being faced by China’s internet sector. Baidu Inc (NASDAQ:BIDU) was upgraded at JP Morgan from an Underweight to a Neutral rating with a price target of $125.
Baidu Inc (NASDAQ:BIDU) was held by 38 hedge funds at the end of Q4 2021, down from 44 in the previous quarter.
6. Paramount Global (NASDAQ:PARA) is up 12.85% as of 11:01 AM ET after Warren Buffett’s Berkshire Hathaway took a $2.6 billion stake in the company through class B shares. Buffett’s total stake in Paramount Global (NASDAQ:PARA) stands at 15% currently. Moreover, Paramount Global (NASDAQ:PARA) also made two important appointments to expand the company’s streaming services. Paramount Global (NASDAQ:PARA) expects Paramount + and Pluto TV to be operating in over 60 markets by the end of 2022.
A total of 21 hedge funds held a stake in Paramount Global (NASDAQ:PARA) at the end of Q4 2021.
In addition to Paramount Global (NASDAQ:PARA), investors were bullish on JD.com, Inc. (NASDAQ:JD), Moderna, Inc. (NASDAQ:MRNA), and Advanced Micro Devices, Inc. (NASDAQ:AMD).
5. Advanced Micro Devices, Inc. (NASDAQ:AMD) has risen 7.66% as of 11:42 AM ET after Harsh Kumar at Piper Sandler upgraded Advanced Micro Devices, Inc. (NASDAQ:AMD) from a Neutral to an Overweight rating. The analyst also raised the price target on Advanced Micro Devices, Inc. (NASDAQ:AMD) from $98 to $140. Kumar shared that Advanced Micro Devices, Inc.’s (NASDAQ:AMD) mid to long-term catalysts remain strong amid healthy semi-custom and server trends.
Overall, 69 hedge funds reported owning a stake in Advanced Micro Devices, Inc. (NASDAQ:AMD) at the end of Q4 2021.
4. JD.com, Inc. (NASDAQ:JD) is up 2.41% as of 11:58 AM ET after the Chinese Vice Premier’s meeting with tech officials today raised hopes regarding ease in crackdown on the tech sector. The Chinese government is expected to lighten regulations regarding anti-trust and data protection laws. Moreover, JD.com, Inc. (NASDAQ:JD) recorded a profit of 2.53 yuan per ADS for the quarter ended March 31, higher than the analysts’ estimate of 1.62 yuan.
Out of the 924 hedge funds in Insider Monkey’s database, 67 funds held a stake in JD.com, Inc. (NASDAQ:JD) as of Q4 2021. Tiger Global Management LLC was long over 48 million shares of JD.com, Inc. (NASDAQ:JD) during Q1 2022.
3. Moderna, Inc. (NASDAQ:MRNA) has climbed 4.37% as of 12:12 PM ET after the biotechnology company made announcements today regarding the expansion of its mRNA platform. Moderna, Inc. (NASDAQ:MRNA) is focusing on delivery systems that target pulmonary diseases. A new LNP formulation has been developed by Moderna, Inc.’s (NASDAQ:MRNA) researchers to counter the issues linked with mRNA’s lung delivery. Investors are bullish on the stock as Moderna, Inc. (NASDAQ:MRNA) appears to be in a strong position to develop innovative solutions and new clinical applications.
At the end of Q4 2021, Moderna, Inc. (NASDAQ:MRNA) was being held by 43 hedge funds.
2. Harpoon Therapeutics, Inc. (NASDAQ:HARP) has surged 14.83% as of 12:31 PM ET after the price target on the biotech company was raised from $14 to $18 by Zegbeh Jallah at Roth Capital. The analyst reiterated a Buy rating on Harpoon Therapeutics, Inc. (NASDAQ:HARP). Jallah revealed that Harpoon Therapeutics, Inc. (NASDAQ:HARP) is expanding its clinical programs while placing greater importance on DLL3 and BCMA.
As of Q4 2021, 14 hedge funds held a stake in Harpoon Therapeutics, Inc. (NASDAQ:HARP).
1. PLBY Group, Inc. (NASDAQ:PLBY) has risen 14.56% as of 12:40 PM ET after the pleasure and lifestyle company announced a common stock repurchase program. The Board of Directors of PLBY Group, Inc. (NASDAQ:PLBY) authorized a $50 million program after the company managed to secure financing due to preferred stock’s private placement.
Overall, 16 hedge funds held a stake in PLBY Group, Inc. (NASDAQ:PLBY) at the end of Q4 2021.
You can also take a peek at the 10 Dividend Growth Stocks Popular on Robinhood and 10 Oil Tanker Stocks That Pay Dividends.
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Disclose. None. 10 Stocks Gaining Ground on Tuesday is originally published on Insider Monkey.
