A Look At 5 Stocks Which Are Trending On Wednesday

The Dow Jones is trading down by 0.27% today while the S&P 500 is down by 0.25% after it was reported that existing home sales fell by 3.2% to 5.39 million. The fall was attributed to low inventory and higher prices. It was reported yesterday that new home buyers have surged, outpacing supply.

Tesla Motors Inc (NASDAQ:TSLA), Express, Inc. (NYSE:EXPR), Lannett Company, Inc. (NYSEAMEX:LCI), Uranium Resources, Inc. (NASDAQ:URRE), and PDC Energy Inc (NASDAQ:PDCE) are trending in today’s trading session, on various tidbits of news. We’ll look at what’s happening with these companies along with judging hedge fund sentiment for each of their stocks.

At Insider Monkey, we track around 750 hedge funds and institutional investors. Through extensive backrests, we have determined that imitating some of the stocks that these investors are collectively bullish on can help retail investors generate double digits of alpha per year. The key is to focus on the small-cap picks of these funds, which are usually less followed by the broader market and allow for larger price inefficiencies (see more details about our small-cap strategy).

Tesla Motors Inc (NASDAQ:TSLA) is trading flat in early trading today after a volatile day yesterday. Analysts appear to be happy with the way the company is progressing following CEO Elon Musk’s revelations yesterday. Colin Rusch of Oppenheimer stated that his firm is excited about the potential of Tesla’s auto platform and that it possesses “significant operating leverage,” but decried the relationship between Tesla and SolarCity Corp (NASDAQ:SCTY) as being concerning. However, he is impressed with the kind of talent that the company possesses on the engineering front. Magazine Road and Track was blown away with the quick production of the Model S P100D, but was disappointed that Mr. Musk did not make an update on the production of the Model 3. 36 funds in our database had a long position in Tesla Motors Inc (NASDAQ:TSLA) at the end of June.

Express, Inc. (NYSE:EXPR) is trading down by over 24% on Wednesday after the company reported revenue of $504.77 million for the second quarter of 2016, which missed estimates by $16.18 million. EPS of $0.13 also widely missed expectations of $0.17. Among other metrics, comparable-store sales fell by 8% year-over-year, an acceleration of the 7% year-over-year decline seen in the second quarter of 2015. Even more worrying was Express, Inc’s decline in e-commerce sales, which slid by 7%. Hedge funds appear to have anticipated the poor performance, as only 23 of them in our database were long Express, Inc. (NYSE:EXPR) at the end of second quarter, down from 34 a quarter earlier.

On the next page we’ll discuss the latest concerning three more stocks, which are Lannett Company, Uranium Resources, and PDC Energy.

Lannett Company, Inc. (NYSEAMEX:LCI) has surged by 17.14% on the back of bullish guidance. The company now expects revenue of between $690 million and $700 million, while net income is predicted to be in the range of $78.5 million and $90 million for the company’s fiscal year 2017. During the fourth quarter of its fiscal year 2016, Lannett reported revenue of $168.9 million, topping estimates by $7.35 million, while EPS stood at $0.73 , beating the consensus mark by $0.14. Hedge funds cut some of their positions in Lannett Company, Inc. (NYSEAMEX:LCI) during the second quarter, as only 12 were long the stock on June 30, down from 17 on March 31.

Uranium Resources, Inc. (NASDAQ:URRE) has moved up sharply today, by more than 24%, after the company acquired its first lithium property in Nevada, which is spread across 4,600 acres. The potential target area is situated in the Columbus Salt Marsh area of West-Central Nevada and is known as the Nina Project. Shares of the company were not held by any of the investors in our system as of June 30.

PDC Energy Inc (NASDAQ:PDCE) has entered into an agreement to acquire two privately-held Delaware Basin companies from Kimmeridge Energy Management Company for an estimated $1.5 billion. PDC Energy Inc (NASDAQ:PDCE) will get 57,000 acres in Reeves and Culberson Counties in the Basin, with working interest of 93%. The field currently produces 7,000 barrels of oil per day from 21 horizontal wells with two more to be added in the near future. 17 hedge funds that we track had long position in the company at the end of the second quarter.

Disclosure: None