10 Stocks to Watch on Thursday

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

US stocks are in the green on Thursday as the market is trying to recover from the sell-off early in the week. The S&P 500 Index is up 1.14% as of 12:18 PM ET. Meanwhile, the tech-heavy NASDAQ Composite Index has soared 1.06% following a rally in the stock price of Facebook-parent Meta Platforms, Inc. (NASDAQ:FB) after its Q1 2022 results. Meanwhile, the Dow 30 Index has also climbed 0.73%. Some other stocks that are trending today include Pinterest, Inc. (NYSE:PINS), Peabody Energy Corporation (NYSE:BTU), and PayPal Holdings, Inc. (NASDAQ:PYPL).

Frederic Legrand – COMEO / Shutterstock.com

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

10. QUALCOMM Incorporated (NASDAQ:QCOM) has risen 6.34% as of 12:13 PM ET after the San Diego, California-based manufacturer of semiconductors, software, and wireless technology services received an upward revision in the target price. Joseph Moore at JPMorgan raised the target price on QUALCOMM Incorporated (NASDAQ:QCOM) from $167 to $170 and reiterated an Overweight rating. The new target price assumes a potential upside of over 25.8% from the last closing price. The analyst also highlighted QUALCOMM Incorporated’s (NASDAQ:QCOM) guidance of 50% chipset revenue growth for the year due to a gain in market share.

As of Q4 2021, QUALCOMM Incorporated (NASDAQ:QCOM) was held by 75 hedge funds.

9. Teladoc Health, Inc. (NYSE:TDOC) has plummeted 48.12% as of 12:11 PM ET after the New York-based virtual healthcare services company reported lower-than-expected revenue for Q1 2022 and provided full-year revenue guidance that fell short of the analysts’ estimates. Following this development, numerous analysts downgraded and revised the price target on Teladoc Health, Inc. (NYSE:TDOC). One of the notable downward revisions in price target came from Vikram Kesavabhotla at Baird. The analyst revised the target price from $64 to $38. The new target price represents a potential downside of 32.1% from the last closing price.

Of the 924 hedge funds in Insider Monkey’s database, Teladoc Health, Inc. (NYSE:TDOC) was held by 39 hedge funds as of Q4 2021. ARK Investment Management is the leading investor in Teladoc Health, Inc. (NYSE:TDOC) as of Q1 2022. 

8. Align Technology, Inc. (NASDAQ:ALGN) has slid 21.37% as of 12:11 PM ET after the price target on the company was lowered from $600 to $440 by Jason Bednar at Piper Sandler. Align Technology, Inc. (NASDAQ:ALGN) missed revenue and earnings estimates for Q1 2022. Furthermore, Align Technology, Inc.’s (NASDAQ:ALGN) management decided to pull back the full year 2022 guidance and pointed towards visibility challenges of Invisalign, which will force analysts to lower their estimates. However, Bednar is bullish on the long-term prospects of Align Technology, Inc. (NASDAQ:ALGN) and its dominance in the 3D printing industry.

According to Insider Monkey’s proprietary data, 51 hedge funds held a stake in Align Technology, Inc. (NASDAQ:ALGN) as of Q4  2021.

7. Meta Platforms, Inc. (NASDAQ:FB) has rocketed 14.47% as of 12:10 PM ET after the Menlo Park, California-based tech giant reported better-than-expected earnings for Q1 2022. Meta Platforms, Inc. (NASDAQ:FB) overturned the decline in the number of users reported in the previous quarter. Daily active users (DAUs) increased by 4% YoY, and Monthly Active Users (MAUs) increased by 3% YoY. For Q2 2022, Meta Platforms, Inc. (NASDAQ:FB) anticipates revenue to be in the range of $28 billion to $30 billion. This falls short of the consensus estimate of $30.6 billion. The rise in Meta Platforms, Inc. (NASDAQ:FB) stock price reflects the analysts’ confidence in the core business.

As of Q4 2021, Meta Platforms, Inc. (NASDAQ:FB) was held by 224 hedge funds. Antipodes Partners held a stake worth over $63.3 million in Meta Platforms, Inc. (NASDAQ:FB) during Q1 2022.

6. MSCI Inc. (NYSE:MSCI) has gained 2.70% as of 12:16 PM ET after the New York-based provider of equity, fixed income, real estate indexes, and other financial analysis tools was upgraded from a Market Perform to an Outperform rating by Patrick O’Shaughnessy at Raymond James. The analyst gave a price target of $515, which provides an upside potential of 23.2% from yesterday’s closing price. Patrick highlighted that the broad market sell-off and the underperformance of MSCI Inc. (NYSE:MSCI) following Q1 2022 provide an attractive entry point to investors.

Of the 924 hedge funds in Insider Monkey’s database, 47 funds held a stake in MSCI Inc. (NYSE:MSCI) as of Q4 2021.

Along with MSCI Inc. (NYSE:MSCI), some other stocks that are trending today include Pinterest, Inc. (NYSE:PINS), Peabody Energy Corporation (NYSE:BTU), and PayPal Holdings, Inc. (NASDAQ:PYPL).

Click to continue reading and see 5 Stocks to Watch on Thursday.

Suggested Articles:

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