In this article, we will discuss some of the popular stocks trending on Tuesday.
The S&P 500 Index and the Dow 30 Index are down 0.46% and 0.78%, respectively, as of 12:26 PM ET. Meanwhile, the NASDAQ Composite Index is slightly up 0.14% for the day. Investors are still concerned about inflation and the impact of increasing interest rates by the Federal Reserve on the US economy. Some popular companies trending today include Netflix, Inc. (NASDAQ:NFLX), Intel Corporation (NASDAQ:INTC), and AMC Entertainment Holdings, Inc. (NYSE:AMC).
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Let’s look at why these stocks are making headlines today and discuss how hedge funds are positioned in them.
10. Biohaven Pharmaceutical Holding Company Ltd. (NYSE:BHVN) has rocketed 70.36% as of 12:17 PM ET after news that the New Haven, Connecticut-based company was acquired by Pfizer Inc. (NYSE:PFE) for $11.6 billion or $148.50 per share in cash. This will help the New York-based pharma giant in getting access to an approved treatment for migraine headaches. Pfizer Inc. (NYSE:PFE) has been in a solid financial position due to sales of its COVID-19 vaccines, and Biohaven Pharmaceutical Holding Company Ltd.’s (NYSE:BHVN) acquisition can be viewed as a post-pandemic play.
During Q4 2021, Fisher Asset Management was long over 368,000 shares of Biohaven Pharmaceutical Holding Company Ltd. (NYSE:BHVN). According to Insider Monkey’s proprietary data, Biohaven Pharmaceutical Holding Company Ltd. (NYSE:BHVN) was held by 31 hedge funds as of Q4 2021.
9. Appian Corporation (NASDAQ:APPN) has gained 30.43% as of 12:17 PM ET after the Mclean, Virginia-based low-code platform for workflow and automation won a lawsuit against Pegasystems Inc. (NASDAQ:PEGA) related to trade secrets involving the two application software competitors. The Circuit Court in Fairfax County has awarded Appian Corporation (NASDAQ:APPN) over $2.03 billion in damages for trade secret misappropriation that violate the Virginia Computer Crimes Act. On the other hand, the shares of Pegasystems Inc. (NASDAQ:PEGA) lost 28.30% of their value today.
Abdiel Capital Advisors was the leading hedge fund investor in Appian Corporation (NASDAQ:APPN) during Q4 2021. Out of the 924 hedge funds covered by Insider Monkey, 14 funds had a holding in Appian Corporation (NASDAQ:APPN) as of Q4 2021.
8. Upstart Holdings, Inc. (NASDAQ:UPST) has sunk 59.51% as of 12:19 PM ET after Vincent Caintic at Stephens downgraded the stock from an Equal Weight to an Underweight rating. Caintic lowered the price target on Upstart Holdings, Inc. (NASDAQ:UPST) from $124 to $28. The update in rating and target price followed the Q1 earnings results, which have been termed as ‘more severe than anticipated’ by the analyst. Other firms like Citi, Goldman Sachs, and Piper Sandler have also downgraded Upstart Holdings, Inc. (NASDAQ:UPST) following the dismal quarterly results.
On a sequential basis, the number of hedge funds invested in Upstart Holdings, Inc. (NASDAQ:UPST) decreased by three to 20 hedge funds as of Q4 2021.
7. Altria Group, Inc. (NYSE:MO) has fallen 7.78% as of 12:19 PM ET after the Richmond, Virginia-based producer and marketer of tobacco and other related products was downgraded from an Outperform to a Market Perform rating by Callum Elliott at Bernstein. In a note issued to investors earlier today, Elliot slashed the target price on Altria Group, Inc. (NYSE:MO) from $58 to $53. The new target price presents a potential downside of over 4% from the last closing price. Elliott sees a weakening of the relationship between Altria Group, Inc. (NYSE:MO) and its former subsidiary Phillip Morris International Inc. (NYSE:PM). Furthermore, the deal between Phillip Morris and Swedish Match can result in a potential headwind for Altria Group, Inc. (NYSE:MO).
Overall, 39 hedge funds had a stake in Altria Group, Inc. (NYSE:MO) as of Q4 2021, with a combined value of $1.056 billion.
6. Tesla, Inc. (NASDAQ:TSLA) has risen 0.24% as of 12:20 PM ET after coverage on the Austin, Texas-based electric vehicle (EV) company was initiated by Adrian Yanoshik at Berenberg with a Hold rating and a price target of $900. The target price offers a potential upside of 14.3% from the last closing price. The analyst thinks that Tesla, Inc. (NASDAQ:TSLA) can support pricing due to tight volumes through a ‘modest’ recession. Furthermore, he highlighted that the company’s premium segment is resilient.
Of the 924 hedge funds in Insider Monkey’s database, 91 funds held a stake in Tesla, Inc. (NASDAQ:TSLA) as of Q4 2021.
In addition to Tesla, Inc. (NASDAQ:TSLA), some other notable stocks making headlines today include Netflix, Inc. (NASDAQ:NFLX), Intel Corporation (NASDAQ:INTC), and AMC Entertainment Holdings, Inc. (NYSE:AMC).
5. Netflix, Inc. (NASDAQ:NFLX) is up 0.66% as of 12:22 PM ET after reports that the Los Gatos, California-based streaming giant may launch an advertisement-supported streaming video service before the end of this year. During the earnings call, the co-CEO Reed Hastings commented that Netflix, Inc. (NASDAQ:NFLX) will explore the world of ad-supported video streaming services and develop a product ‘over the next year or two.’ However, the New York Times has reported that Netflix, Inc. (NASDAQ:NFLX) would introduce advertising in the last quarter of this year. Along with the rollout of an ad-supported service, Netflix, Inc. (NASDAQ:NFLX) would also crack down on password sharing to increase its user base.
As of Q4 2021, Netflix, Inc. (NASDAQ:NFLX) was held by 113 hedge funds.
4. Intel Corporation (NASDAQ:INTC) is 1.54% in the green as of 12:23 PM ET after the Santa Clara, California-based company introduced its new chip called Gaudi2 that would focus on artificial intelligence (AI) computing. The chip manufacturer is trying to build its place in the AI chip market that is currently under the dominance of NVIDIA Corporation (NASDAQ:NVDA). Gaudi2 is a product of Habana Labs, an Israeli AI chip manufacturing startup that Intel Corporation acquired (NASDAQ:INTC) back in 2019 for $2 billion. Intel Corporation (NASDAQ:INTC) intends to penetrate the AI chip market, which is expected to compound by 25% annually for the next five years and reach a size of $50 billion.
Intel Corporation (NASDAQ:INTC) was owned by 72 hedge funds as of Q4 2021.
3. AMC Entertainment Holdings, Inc. (NYSE:AMC) has plummeted 6.59% as of 12:23 PM ET after the Leawood, Kansas-based movie theatre chain received an Underperform rating at Wedbush. The price target on AMC Entertainment Holdings, Inc. (NYSE:AMC) was also lowered from $5 to $4.The target price assumes a potential downside of over 68% from the last closing price.
Of the 924 hedge funds in Insider Monkey’s database, AMC Entertainment Holdings, Inc. (NYSE:AMC) was held by 17 hedge funds at the end of Q4 2021. D E Shaw was one of the leading investors in AMC Entertainment Holdings, Inc. (NYSE:AMC) during Q4 2021.
2. EOG Resources, Inc. (NYSE:EOG) has gained 1.43% as of 12:24 PM ET after the Houston, Texas-based crude oil and natural gas exploration and production (E&P) company was upgraded from an Outperform to a Strong Buy rating by John Freeman at Raymond James. The analyst gave EOG Resources, Inc. (NYSE:EOG) stock a price target of $170, 28.4% higher than the 52-week high for the stock. Freeman stated that EOG Resources, Inc. (NYSE:EOG) reported strong quarterly results last week as it was able to outperform key metrics. Furthermore, the management announced that it intends to return 60% of FCF to its shareholders through dividends or share buyback.
As of Q4 2021, EOG Resources, Inc. (NYSE:EOG) was held by 51 hedge funds.
1. Peloton Interactive, Inc. (NASDAQ:PTON) has lost 14.45% of its value as of 12:24 PM ET after the New York-based exercise equipment, and media company was unable to impress investors and give them hope of becoming profitable. Despite hiring Barry McCarty as the new CEO, Peloton Interactive, Inc. (NASDAQ:PTON) is down 58.6% from its IPO price of $29. Peloton Interactive, Inc.’s (NASDAQ:PTON) market value stood at more than $50 billion at the start of 2021 as opposed to under $5 billion currently. The company is also under pressure from an activist investor in the form of Blackwells Capital. The hedge fund is pushing Peloton Interactive, Inc. (NASDAQ:PTON) to sell itself to a streaming giant like Netflix, Inc. (NASDAQ:NFLX) or Amazon.com, Inc. (NASDAQ:AMZN).
You can also take a peek at the 7 Best Stocks to Buy Now According to Bill Ackman and Top 10 Stocks Billionaire David Einhorn Just Added to His Portfolio.
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Disclose. None. 10 Stocks Making Headlines Today is originally published on Insider Monkey.
