In this article, we will discuss some of the trending stocks on Monday. To take a look at some more stocks that are making headlines, go to the 5 Trending Stocks Today.
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).
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Disclose. None. 10 Trending Stocks Today is originally published on Insider Monkey.