In this article, we will discuss some of the notable stocks trending 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).
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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).
5. PTC Inc. (NASDAQ:PTC) is 16.38% in the green as of 12:14 PM ET after the Boston, Massachusetts-based software company received a Buy rating from Matthew Broome at Mizuho. The analyst termed PTC Inc.’s (NASDAQ:PTC) Q2 2022 results as “good” and increased the target price from $125 to $135. Broome anticipates PTC Inc.’s (NASDAQ:PTC) core products to continue to drive strong overall performance, particularly as the firm is evolving as a software-as-a-service (SaaS) operating model.
Out of the 924 hedge funds tracked by Insider Monkey, PTC Inc. (NASDAQ:PTC) was held by 31 hedge funds as of Q4 2021.
4. Pinterest, Inc. (NYSE:PINS) is up 3.35% as of 12:16 PM ET after the San Francisco, California-based image sharing and social media company reported mixed results for Q1 2022. Pinterest, Inc. (NYSE:PINS) was able to outperform the revenue forecasts but missed earnings estimates for the quarter. Following the quarterly results, Thomas Champion at Piper Sandler maintained an Overweight rating on Pinterest, Inc. (NYSE:PINS). The analyst termed this as a constructive quarter for Pinterest, Inc. (NYSE:PINS) and considers the company one quarter away from a turn in user trajectory.
According to Insider Monkey’s proprietary data, Pinterest, Inc. (NYSE:PINS) was held by 57 hedge funds as of Q4 2021.
3. Peabody Energy Corporation (NYSE:BTU) has slumped 8.60% as of 12:16 PM ET after St. Louis, Missouri-based coal mining company reported a $301 million charge related to its coal-hedging operations during Q1 2022. Peabody Energy Corporation (NYSE:BTU) reported a loss of $119.5 million, compared to $80.1 million during the same quarter last year. The higher loss comes at a time when the global demand for coal has risen due to the Russia-Ukraine conflict.
As of Q4 2021, Peabody Energy Corporation (NYSE:BTU) was held by 28 hedge funds. Elliott Management is the leading investor in Peabody Energy Corporation (NYSE:BTU), with a stake worth over $260 million.
2. PayPal Holdings, Inc. (NASDAQ:PYPL) has ascended 4.39% as of 12:14 PM ET after the San Jose, California-based operator of an online payment system reported new targets that were “seen as achievable.” Following the results, Christopher Donat at Piper Sandler revealed that investors are relieved that PayPal Holdings, Inc.’s (NASDAQ:PYPL) management reset the guidance bar lower as the firm is expected to face a tough environment in Europe and relative weakness in e-commerce activity due to rising inflation. The analyst believes that PayPal Holdings, Inc. (NASDAQ:PYPL) is in a position to become a Super App in the financial services sector.
Of the 924 hedge funds in Insider Monkey’s database, PayPal Holdings, Inc. (NASDAQ:PYPL) was held by 110 hedge funds as of Q4 2021.
1. Avnet, Inc. (NASDAQ:AVT) has increased 11.04% as of 12:17 PM ET after the Phoenix, Arizona-based distributor of electrical components reported better-than-expected results for Q3 FY22. Revenue increased by 31.9% YoY to $6.49 billion and outperformed the consensus estimate of $5.71 billion. Meanwhile, the non-GAAP EPS was posted at $2.15 and beat the analysts’ estimate of $1.54. For Q4 FY2022, Avnet, Inc. (NASDAQ:AVT) anticipates revenue to be in the range of $6 billion to $6.4 billion as opposed to the consensus estimates of $5.78 billion. Moreover, Avnet, Inc. (NASDAQ:AVT) has given a diluted EPS guidance of $1.90 to $2, compared to the analysts’ forecast of $1.50.
At the end of Q4 2021, Avnet, Inc. (NASDAQ:AVT) was held by 27 hedge funds, up from 25 in the preceding quarter.
You can also take a peek at the 10 Best Stocks to Buy Now According to Billionaire David Harding and 10 Stocks to Buy in April According to Jim Cramer.
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Disclose. None. 10 Stocks to Watch on Thursday is originally published on Insider Monkey.
