In this article, we discuss the 5 stocks that billionaire Stanley Druckenmiller is decreasing stakes in. If you want to read about some more stocks in the Stanley Druckenmiller portfolio, go directly to Billionaire Stanley Druckenmiller is Decreasing Stakes in These 10 Stocks.
5. Teck Resources Limited (NYSE:TECK)
Number of Hedge Fund Holders: 46
Percentage Decrease in Stake During Q2 2022: 57%
Teck Resources Limited (NYSE:TECK) is a diversified metals and mining firm. Latest data shows that Duquesne Capital owned 1 million shares of Teck Resources Limited (NYSE:TECK) at the end of the second quarter of 2022 worth more than $32 million, representing 2.34% of the portfolio.
On August 16, investment advisory Stifel maintained a Buy rating on Teck Resources Limited (NYSE:TECK) stock and lowered the price target to C$59 from C$62. Analyst Alex Terentiew issued the ratings update.
At the end of the second quarter of 2022, 46 hedge funds in the database of Insider Monkey held stakes worth $2 billion in Teck Resources Limited (NYSE:TECK), compared to 56 in the previous quarter worth $2.6 billion.
4. Pioneer Natural Resources Company (NYSE:PXD)
Number of Hedge Fund Holders: 56
Percentage Decrease in Stake During Q2 2022: 63%
Pioneer Natural Resources Company (NYSE:PXD) is an independent oil and gas firm. Securities filings show that the hedge fund led by Druckenmiller owned 48,455 shares of Pioneer Natural Resources Company (NYSE:PXD) at the end of the second quarter of 2022 worth more than $10 million, representing 0.78% of the portfolio.
On August 31, Barclays analyst Jeanine Wai maintained an Overweight rating on Pioneer Natural Resources Company (NYSE:PXD) stock and lowered the price target to $309 from $324, noting that energy firms were maintaining top-tier free cash flow yields.
Among the hedge funds being tracked by Insider Monkey, Wyoming-based investment firm Adage Capital Management is a leading shareholder in Pioneer Natural Resources Company (NYSE:PXD), with 51,665 shares worth more than $11.5 million.
In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Pioneer Natural Resources Company (NYSE:PXD) was one of them. Here is what the fund said:
“Our underweight to the energy sector weighed on performance, as energy prices skyrocketed from inflationary pressures and the threat of reduced supply. We have a limited footprint within the sector but continue to look for companies that will generate strong, long-term returns such as Pioneer Natural Resources Company (NYSE:PXD). Pioneer is an oil and gas exploration and production company that offers a combination of a strong asset base, quality balance sheet and compelling free cash flow yield at current commodity prices. We believe Pioneer Natural Resources Company (NYSE:PXD) has strong underlying drivers that will generate attractive risk-adjusted returns beyond shorter-term fluctuations in energy prices.”
3. Smartsheet Inc. (NYSE:SMAR)
Number of Hedge Fund Holders: 48
Percentage Decrease in Stake During Q2 2022: 85%
Smartsheet Inc. (NYSE:SMAR) owns and runs a cloud-based platform for work productivity. At the end of the second quarter of 2022, Duquesne Capital owned 149,800 shares in Smartsheet Inc. (NYSE:SMAR) worth $4.7 million, representing 0.34% of the portfolio.
On September 2, DA Davidson analyst Robert Simmons maintained a Buy rating on Smartsheet Inc. (NYSE:SMAR) stock and lowered the price target to $45 from $50, noting that cost controls mean better operating income and potential cash generation next year for the firm.
At the end of the second quarter of 2022, 48 hedge funds in the database of Insider Monkey held stakes worth $838 million in Smartsheet Inc. (NYSE:SMAR), up from 45 in the preceding quarter worth $1.3 billion.
2. Global-e Online Ltd. (NASDAQ:GLBE)
Number of Hedge Fund Holders: 17
Percentage Decrease in Stake During Q2 2022: 97%
Global-e Online Ltd. (NASDAQ:GLBE) operates in the cross-border ecommerce industry. Regulatory filings show that Duquesne Capital owned 20,180 shares in Global-e Online Ltd. (NASDAQ:GLBE) at the end of the second quarter of 2022 worth over $407,000, representing 0.02% of the portfolio.
On August 17, Morgan Stanley analyst James Faucette maintained an Overweight rating on Global-e Online Ltd. (NASDAQ:GLBE) stock and raised the price target to $51 from $34, backing the firm to continue strong progress into next year.
At the end of the second quarter of 2022, 17 hedge funds in the database of Insider Monkey held stakes worth $508 million in Global-e Online Ltd. (NASDAQ:GLBE), compared to 26 in the previous quarter worth $950 million.
1. PROCEPT BioRobotics Corporation (NASDAQ:PRCT)
Number of Hedge Fund Holders: 12
Percentage Decrease in Stake During Q2 2022: 97%
PROCEPT BioRobotics Corporation (NASDAQ:PRCT) is a surgical robotics firm. Securities filings show that Duquesne Capital owned 39,266 shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) at the end of June 2022 worth $1.2 million, representing close to 0.09% of the portfolio.
On September 2, Wells Fargo analyst Nathan Treybeck initiated coverage of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) stock with an Overweight rating and a price target of $49, noting that the AquaBeam product of the firm had demonstrated efficacy that is comparable or better than other restrictive surgical procedures.
Among the hedge funds being tracked by Insider Monkey, Connecticut-based investment firm Viking Global is a leading shareholder in PROCEPT BioRobotics Corporation (NASDAQ:PRCT), with 1.5 million shares worth more than $50 million.
You can also take a peek at 10 Penny Stocks Redditors are Buying in August and 10 Best Nickel Stocks to Buy Now.
