In this article, we take a look at five stocks that are trending today. If you want to take a look at some more stocks that are trending and the latest market situation, go to 10 Trending Stocks to Watch on Monday.
5. Nio Inc. (NYSE:NIO) crashed 6.08% as of 10:59 AM ET after the Chinese EV company hosted the auto technology seminar. Following the conference, Vijay Rakesh at Mizuho highlighted that despite the improvement in the supply chain, Nio Inc.’s (NYSE:NIO) production levels will not recover to the pre-lockdown levels until June. However, the analyst reiterated a Buy rating on Nio Inc. (NYSE:NIO) stock with a price target of $60. Rakesh also added that the company intends to launch Nio Pilot+ self-driving in the next few months and has priced it at a 40% to 50% discount from Tesla.
Overall, Nio Inc. (NYSE:NIO) was held by 30 hedge funds as of Q4 2021.
4. HP Inc. (NYSE:HPQ) has slid 0.46% as of 11:00 AM ET after the Palo Alto, California-based computer hardware company received a downgrade in rating from Jim Suva at Citi. The analyst downgraded HP Inc. (NYSE:HPQ) stock from a Buy to a Neutral rating and also slashed the target price from $40 to $38. The revised target provides a potential upside of 9.6% from the previous closing price. The analyst anticipates a 9% YoY decline in the PC market as opposed to the prior expectation of flat unit growth. Suva has cited the supply chain disruptions and the COVID-related lockdowns in China as the primary reason for the weakness in the PC market.
The shares of HP Inc. (NYSE:HPQ) were held by 39 hedge funds at the end of Q4 2021. Berkshire Hathaway was long over 104 million shares of HP Inc. (NYSE:HPQ) as of Q1 2022.
3. Apple Inc. (NASDAQ:AAPL) has gained 3.28% as of 1:10 PM ET after David Vogt at UBS reported that a survey conducted by the Swiss investment firm saw the highest purchase intent for the iPhone in China. The demand has reportedly risen by around 6% YoY to its highest level in the last six years. This reflects that the iPhone 13 will gain more market share from the local brands. Meanwhile, the analyst also revealed a decline of 4% YoY in the purchase intent of the iPhone in the US market. The overall retention rate of the iPhone stands at 78% in China and 87% in the US. The analyst gave Apple Inc. (NASDAQ:AAPL) stock a Buy rating with a target price of $185.
Apple Inc. (NASDAQ:AAPL) was mentioned in the Q4 2021 investor letter of ClearBridge Investments. Here’s what the firm said:
“Despite these mixed emerging growth results, the ClearBridge Global Growth Strategy outperformed the benchmark due to resilience among our secular and structural growth holdings. The bulk of these contributions came from U.S. mega-cap growth stocks Apple and Microsoft which continued to uniquely act both offensively and defensively as they have through most of the pandemic.”
Apple Inc. (NASDAQ:AAPL) is one of the most widely owned stocks, with 134 hedge funds having a stake in it as of Q4 2021.
2. NVIDIA Corporation (NASDAQ:NVDA) has plummeted 1.68% as of 11:00 AM ET after the Santa Clara, California-based firm received multiple downward revisions in target price ahead of its quarterly results on May 25. Matt Bryson at Wedbush slashed the target price on NVIDIA Corporation (NASDAQ:NVDA) from $300 to $190 and reiterated a Neutral rating on the stock. Bryson’s target price is the lowest among all the other revisions. The analyst anticipates that the strong demand from the data center market will help NVIDIA Corporation (NASDAQ:NVDA) at least meet the quarterly estimates, if not surpass them.
In its Q1 2022 investor letter, ClearBridge Investments discussed its insights on NVIDIA Corporation (NASDAQ:NVDA).
“Gaming is an attractive end market within the media/technology sector with strong growth and a long runway, particularly in mobile gaming. Unity’s platform provides an engine and toolkit for development and monetization of games, e-commerce and industrial applications, adding to our industry exposure, which also includes Nvidia (NASDAQ:NVDA) in graphic processing chips.”
The shares of NVIDIA Corporation (NASDAQ:NVDA) were held by 110 hedge funds as of Q4 2021.
1. The Gap, Inc. (NYSE:GPS) has crashed 5.90% as of 11:00 AM ET after the shares of the San Francisco, California-based apparel retailer was downgraded by Paul Lejuez at Citi. The downgrade takes place after the stocks in the retail sector crashed last week due to supply chain-related challenges and margin compression because of rising costs. The analyst highlighted that the discretionary sector has come under pressure as the consumers are forced to divert more funds towards food and fuel-related expenses. Last year, the customers had their hands on stimulus checks, which played in favor of apparel retailers like The Gap, Inc. (NYSE:GPS).
As of Q4 2021, The Gap, Inc. (NYSE:GPS) was held by 30 hedge funds, with a combined value of $276.31 million. Citadel Investment Group is the leading investor in The Gap, Inc. (NYSE:GPS) as of Q1 2022.
You can also take a peek at the 10 GMO Stocks to Invest in Now and 10 Blue Chip Stocks in Warren Buffett’s Portfolio.
