5 WallStreetBets Stocks Gaining in August

4. Invitae Corporation (NYSE:NVTA)

Number of Hedge Fund Holders: 29

Share Price Gain in the Last Month as of August 12: 82.65%

Invitae Corporation (NYSE:NVTA) was incorporated in 2010 and is headquartered in San Francisco, California. It is a medical genetics company that offers genetic tests for hereditary cancer, cardiology, neurology, pediatrics, oncology, metabolic conditions, and rare diseases. The stock has gained about 83% in the last month and retail investors on Reddit’s WallStreetBets are actively loading up on Invitae Corporation (NYSE:NVTA). On August 10, Invitae Corporation (NYSE:NVTA) stock jumped 57% on the back of market beating Q2 2022 earnings and a reaffirmation of 2022 guidance.

On August 10, JPMorgan analyst Julia Qin downgraded Invitae Corporation (NYSE:NVTA) to Underweight from Neutral and withdrew her earlier price target after the company posted Q2 results in line with the latest pre-announcement and reaffirmed FY22 guidance for low double-digit percentage revenue growth. It continues to be seen if the recently announced restructuring will affect patterns over the coming few quarters and uncertainties prevail around execution over the next 12-18 months, added the analyst. She would like to see more evidence on the efficiency of the restructuring as well as the robustness of the retained businesses to be more constructive on the story. 

Among the hedge funds tracked by Insider Monkey, Cathie Wood’s ARK Investment Management is the leading shareholder of the company, with 27.6 million shares worth $220.6 million. Overall, 29 hedge funds were long Invitae Corporation (NYSE:NVTA) at the end of Q1 2022, up from 24 funds in the prior quarter.