Hedge Funds are Betting on These 5 Sliding Stocks

In this article, we will take a look at the hedge funds that are betting on these 5 sliding stocks. To see more such companies, go directly to Hedge Funds are Betting on These 14 Sliding Stocks.

5. Target Hospitality Corp. (NASDAQ:TH)

Number of Hedge Fund Holders: 28

Target Hospitality Corp. (NASDAQ:TH) shares have lost about 25% year to date through December 4.

As of the end of the third quarter of 2023, 28 hedge funds had stakes in Target Hospitality Corp., as per Insider Monkey’s database.

4. PNM Resources, Inc. (NYSE:PNM)

Number of Hedge Fund Holders: 40

Energy company PNM Resources, Inc. (NYSE:PNM) have lost about 13% year to date through December 4. A total of 40 hedge funds tracked by Insider Monkey reported owning stakes in PNM Resources, Inc..

The most significant stakeholder of PNM Resources, Inc. was Sander Gerber’s Hudson Bay Capital Management which owns a $119 million take in the company.

3. Bristol Myers Squibb Company (NYSE:BMY)

Number of Hedge Fund Holders: 65

Bristol Myers Squibb Company (NYSE:BMY) shares have lost a whopping 30% year to date through December 4. Last month, Reuters reported that the FDA approved Bristol Myers Squibb Company’s drug repotrectinib for the treatment of a type of non-small cell lung cancer.

As of the end of the third quarter of 2023, 65 hedge funds reported owning stakes in Bristol Myers Squibb Company.

2. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 72

Chevron Corporation (NYSE:CVX) shares have lost about 17% year to date through December 4. As of the end of the third quarter of 2023, 72 hedge funds had stakes in Chevron Corporation.

In November, Bernstein upgraded Chevron Corporation to Outperform from Market Perform with a $182 price target. The firm said that the selloff around Chevron Corporation after the company’s quarterly report was overdone.

1. Merck & Co., Inc. (NYSE:MRK)

Number of Hedge Fund Holders: 85

Merck & Co., Inc. shares have lost about 5.95% over the past one year. As of the end of the third quarter of 2023, 85 hedge funds reported owning stakes in Merck & Co., Inc.. The biggest stakeholder of Merck & Co., Inc. was Ken Fisher’s Fisher Asset Management which owns a $1.3 billion stake in the company.

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