10 Stocks to Watch on Friday

In this article, we will discuss some of the popular stocks trending today. To take a look at some more stocks that are making headlines, go to 5 Stocks to Watch on Friday.

It’s a mixed day at the stock market as the investors are trying to anticipate the next policy move by the Federal Reserve. The S&P 500 Index and the NASDAQ Composite Index are down 0.35% and 0.84%, respectively, as of 10:28 AM ET. Meanwhile, the Dow Jones Industrial Average (DJIA) Index is slightly up 0.08%. In a note issued to investors earlier today, Bank of America observed that the S&P 500 Index could fall below the 4,000 points level as the inflation shock worsens, resulting in a recession. Some popular stocks attracting investors’ attention today include Robinhood Markets, Inc. (NASDAQ:HOOD),  HP Inc. (NYSE:HPQ), and Paysafe Limited (NYSE:PSFE).

Let’s look at why these stocks are trending today and discuss how elite funds are positioned in them.

Tesla Motors Inc (NASDAQ:TSLA), Car, Model S, Sign, Showroom, Brand, Logo, automotive, sales

Hadrian / Shutterstock.com

10. Tesla, Inc. (NASDAQ:TSLA) is down 2.7% as of 10:20 AM ET after the CEO Elon Musk announced last night that his company intends to launch its full self-driving (FSD) beta software for customers in North America by the end of 2022. Musk made this announcement at the opening of a new factory in Austin, which will now be the new headquarter of Tesla, Inc. (NASDAQ:TSLA).

The sixth Gigafactory has cost $1.1 billion. It will produce the famous Tesla Model Y and other notable models, such as the highly anticipated Cybertruck, the Roadster, and the Semi, beginning next year. This means that the Cybertruck, initially planned to be launched in 2021, will now be launched in 2023. Moreover, the new facility will manufacture 4,680 battery cells. The 50-year old billionaire also announced that Tesla, Inc. (NASDAQ:TSLA) will manufacture a ‘dedicated’ self-driving taxi that will ‘look futuristic.’ The analysts are expecting supply-chain constraints and chip shortages to hamper these plans.

Tesla, Inc. (NASDAQ:TSLA) was under the ownership of 91 hedge funds as of Q4 2021. These hedge funds have a cumulative stake of $12.9 billion in Tesla, Inc. (NASDAQ:TSLA).

9. WD-40 Company (NASDAQ:WDFC) has rocketed 12.5% as of 10:20 AM ET after the San Diego, California-based maintenance and cleaning product company reported its quarterly results for Q2 FY22 last evening. Revenue for the three months was posted at $129.99 million, surpassing the consensus estimate of $126.8 million. Meanwhile, the GAAP EPS for the period was $1.41, outperforming the analysts’ estimates of $1.01. WD-40 Company (NASDAQ:WDFC) reiterated its FY22 net sales growth outlook of 7% to 12%. This would translate into an annual net sales of around $522 to $547 million.

Of the 924 hedge funds in Insider Monkey’s database, WD-40 Company (NASDAQ:WDFC) was held by 12 funds as of Q4 2021.

8. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) has risen 2.3% as of 10:20 AM ET after the cybersecurity company was granted a Provisional Authorization to Operate (P-ATO) at impact level 4 (IL-4) by the US Department of Defence (DoD). The authorization will allow CrowdStrike Holdings, Inc. (NASDAQ:CRWD) to implement its Falcon cybersecurity platform at numerous DoD and Defense Industrial Base (DIB) facilities to guarantee the protection of their Controlled Unclassified Information (CUI). After obtaining the IL-4, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is now working towards receiving IL-5 from the DoD, which will offer more growth opportunities to the company.

Overall, 74 hedge funds held a stake in CrowdStrike Holdings, Inc. (NASDAQ:CRWD) at the end of Q4 2021. Tiger Global Management LLC is long over 7 million shares of CrowdStrike Holdings, Inc. (NASDAQ:CRWD), making it the company’s biggest hedge fund investor.

7. Biogen Inc. (NASDAQ:BIIB) has fallen 0.3% as of 10:24 AM ET following the Medicare decision to limit the coverage of therapies that target Amyloid proteins in the brain. This action will adversely impact Biogen Inc.’s (NASDAQ:BIIB) approved therapy for Alzheimer’s in the form of Aduhelm. Following this development, Ami Fadia at Needham slashed the price target on Biogen Inc. (NASDAQ:BIIB) by nearly 10% to $262, implying a potential upside of 27% from yesterday’s closing price. The analyst thinks that this development will restrict the coverage of Aduhelm to thousands of patients only.

In Q4 2021, 63 hedge funds reported owning a stake in Biogen Inc. (NASDAQ:BIIB), down from 66 in the previous quarter.

6. Alcoa Inc. (NYSE:AA) has lost 2.7% of its value as of 10:25 AM ET after the Pittsburgh, Pennsylvania-based aluminum producer was downgraded from an Outperform to a Neutral rating by Curt Woodworth at Credit Suisse. Alcoa Inc. (NYSE:AA) stock was given a price target of $82, reflecting a potential downside of over 6.6%. The analyst thinks that the aluminum prices on the London Mercantile Exchange are hovering around their peak, and Alcoa Inc. (NYSE:AA) is facing inflationary pressure.

As of Q4 2021, Alcoa Inc. (NYSE:AA) was held by 41 hedge funds. Fisher Asset Management is the leading investor in the company, with a stake worth over $378 million.

Apart from Alcoa Inc. (NYSE:AA), Robinhood Markets, Inc. (NASDAQ:HOOD), and HP Inc. (NYSE:HPQ), Paysafe Limited (NYSE:PSFE) is also amongst the stocks trending today.

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Disclose. None. 10 Stocks to Watch on Friday is originally published on Insider Monkey.