In this article, we will discuss some of the trending stocks on Monday.
US stocks are in the red today in light of rising concerns about a new outbreak of the COVID-19 virus in China. This could impact the US economy as it is going through a monetary policy tightening amidst high inflation. The S&P 500 Index is adding to last week’s losses as the index is down 1.6% as of 11:55 AM ET. Meanwhile, the Dow 30 Index and the tech-heavy NASDAQ Composite Index have lost 1.36% and 0.72% of their value. Notable stocks such as Snowflake Inc. (NASDAQ:SNOW), The Coca-Cola Company (NYSE:KO), and Tesla, Inc. (NASDAQ:TSLA) are amongst the stocks making headlines today.
Let’s look at why these stocks are trending today and discuss how hedge funds are positioned in them.
10. Verizon Communications Inc. (NYSE:VZ) is 4.28% in the red as of 11:53 AM ET after the New York-based telecom services company was downgraded from a Buy to a Neutral rating by Brett Feldman at Goldman Sachs. The analyst lowered the price target on Verizon Communications Inc. (NYSE:VZ) from $61 to $55. Feldman commented that AT&T Inc. (NYSE:T) would post strong performance and show improved execution in the coming quarters, which would narrow down its ‘valuation gap’ with Verizon Communications Inc. (NYSE:VZ) and result in outperformance in AT&T.
As of Q4 2021, Verizon Communications Inc. (NYSE:VZ) was a constituent of 63 hedge fund portfolios.
9. Twitter, Inc. (NASDAQ:TWTR) has risen 3.90% as of 11:51 AM ET after reports by Reuters that the California-based microblogging and social media giant is expected to accept the $46.5 billion bid presented by Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk. Twitter, Inc.’s (NASDAQ:TWTR) Board of Directors initially showed resistance to the offer and adopted a poison pill to defend against any potential takeover attempt. However, Musk has been able to woo the shareholders with the details to fund the deal. Musk has also revealed that he will not move from his first and final offer of $54.20 per share. Antipodes Partners was the leading investor in Twitter, Inc. (NASDAQ:TWTR) during Q1 2022, with a stake worth over $79.3 million.
Of the 924 hedge funds in Insider Monkey’s database, Twitter, Inc. (NASDAQ:TWTR) was held by 83 hedge funds as of Q4 2021.
8. Koninklijke Philips N.V. (NYSE:PHG) has plummeted 12.69% as of 11:52 AM ET after the Dutch health technology company broadened the recall of its ventilators and highlighted numerous risks related to its growth forecast for the remaining of 2022. Koninklijke Philips N.V. (NYSE:PHG) pointed out that it anticipates the top line and bottom line to recover in the second half of the year. However, the company provided a form of a disclaimer, stating that the recovery in the top and the bottom line is dependent upon the COVID-19 situation in China not further deteriorating. Furthermore, Koninklijke Philips N.V. (NYSE:PHG) has highlighted supply chain concerns, inflationary pressures, and the conflict between Russia and Ukraine as other risks to its guidance.
According to Insider Monkey’s proprietary data, Koninklijke Philips N.V. (NYSE:PHG) was held by 12 hedge funds as of Q4 2021.
7. Penn National Gaming, Inc. (NASDAQ:PENN) has ascended 3.42% as of 11:51 AM ET after the Wyomissing, Pennsylvania-based resorts and casinos company was upgraded from an Equal Weight to an Overweight rating by Thomas Allen at Morgan Stanley. The analyst gave a price target of $51 on Penn National Gaming, Inc. (NASDAQ:PENN). The target price assumes a potential upside of 39.53% from the last closing price. Allen’s proprietary research has revealed that the company’s theScore is the market leader application in downloads. However, there are slight concerns related to Penn National Gaming, Inc.’s (NASDAQ:PENN) ability to defend its market share in Canada.
As of Q4 2021, Penn National Gaming, Inc. (NASDAQ:PENN) was held by 36 hedge funds. Citadel Investment Group was long over 1 million shares of Penn National Gaming, Inc. (NASDAQ:PENN).
6. Advanced Micro Devices, Inc. (NASDAQ:AMD) has rocketed 1.21% as of 11:51 AM ET after the stock of the Santa Clara, California-based graphic processing units (GPUs) manufacturer was upgraded from an Outperform to a Strong Buy rating by Chris Caso at Raymond James. The analyst gave Advanced Micro Devices, Inc. (NASDAQ:AMD) stock a price target of $160, reflecting a healthy upside potential of 81.5% from the previous closing price. The analyst thinks that Advanced Micro Devices, Inc. (NASDAQ:AMD) is in a strong position to counter the cyclical risks. Caso also added that the company is working to increase its market share in the data center industry.
As of Q4 2021, 69 hedge funds had a stake in Advanced Micro Devices, Inc. (NASDAQ:AMD), compared to 65 hedge funds in the previous quarter.
Along with Advanced Micro Devices, Inc. (NASDAQ:AMD), some other popular stocks trending today include Snowflake Inc. (NASDAQ:SNOW), The Coca-Cola Company (NYSE:KO), and Tesla, Inc. (NASDAQ:TSLA).
5. Snowflake Inc. (NASDAQ:SNOW) has risen 7.36% as of 11:51 AM ET after the rating of the cloud-based data warehousing company was initiated by an Outperform rating with a target price of $250 by Alex Zukin at Wolfe Research. The target price reflects a potential upside of 55.3% from the previous closing price. The analyst thinks that Snowflake Inc. (NASDAQ:SNOW) has the potential to become the “fourth hyperscaler” and added that the firm is growing at a faster rate than Amazon Web Services (AWS). Zukin also stated that Snowflake Inc. (NASDAQ:SNOW) has the best management in the industry.
Out of the 924 hedge funds covered by Insider Monkey, 84 funds held a stake in Snowflake Inc. (NASDAQ:SNOW) as of Q4 2021.
4. The Coca-Cola Company (NYSE:KO) is 1.1% in the green as of 10:46 AM ET after the Atlanta, Georgia-based non-alcoholic beverages company reported better-than-expected revenue and EPS results for Q1 2022. The Coca-Cola Company (NYSE:KO) was helped by a rebound in demand along with higher prices for its goods. Net revenue increased by 16% YoY to $10.5 billion and surpassed consensus estimates of $9.83 billion comprehensively. Meanwhile, EPS was posted at 64 cents, six cents higher than the consensus forecast of 58 cents. The Coca-Cola Company (NYSE:KO) also revealed that its annual EPS would fall by four cents due to suspended operations in Russia. However, the company reiterated its annual EPS growth forecast of 5% to 6%.
As of Q4 2021, The Coca-Cola Company (NYSE:KO) was held by 70 hedge funds.
3. Deere & Company (NYSE:DE) is down 7.36% as of 11:53 AM ET after the Moline, Illinois-based farming, forestry, and heavy construction machinery manufacturer was downgraded from a Buy to a Neutral rating by Ross Gilardi at Bank of America. The price target on Deere & Company (NYSE:DE) was lowered from $475 to $450. In a research note issued to investors, the analyst highlighted that the recent farm equipment survey reflected a bullish sentiment, but the results should have been better. He shared that the dealers appear to be cautious due to fertilizer shortages.
Overall, Deere & Company (NYSE:DE) was held by 61 hedge funds as of Q4 2021.
2. Match Group, Inc. (NASDAQ:MTCH) has gained 6.56% as of 11:54 AM ET after speculation that the company could be a potential acquisition target for Facebook-parent Meta Platforms, Inc. (NASDAQ:FB). Match Group, Inc. (NASDAQ:MTCH) stock has lost over 40% of its value since the start of 2022. Traders are speculating that an activist investor can take a position in Match Group, Inc. (NASDAQ:MTCH) and be forced into the direction of getting acquired by a major social media company.
Of the 924 hedge funds in Insider Monkey’s database, Match Group, Inc. (NASDAQ:MTCH) was held by 53 funds as of Q4 2021.
1. Tesla, Inc. (NASDAQ:TSLA) has fallen 1.34% as of 11:55 AM ET after the update that the $46 billion bid presented by Tesla Inc’s CEO Elon Musk is expected to be accepted by Twitter, Inc. (NASDAQ:TWTR). This news has not been received positively by Tesla, Inc.’s (NASDAQ:TSLA) shareholders as they think that Musk will be distracted by the acquisition and would not be able to give due attention to Tesla, Inc. (NASDAQ:TSLA). Wedbush Securities has highlighted that the acquisition of Twitter would cause dilution in Musk’s ownership. However, his shares in Tesla, Inc. (NASDAQ:TSLA) could be pledged to obtain debt to finance the deal.
As of Q4 2021, Tesla, Inc. (NASDAQ:TSLA) was held by 91 hedge funds as of Q4 2021.
You can also take a peek at the Top 9 Stocks Billionaire Larry Robbins Just Added to His Portfolio and 10 Stocks to Buy According to Canyon Capital Advisors.
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Disclose. None. 10 Trending Stocks Today is originally published on Insider Monkey.
