Hedge Funds Brace for Impact: Top 5 Stocks to Dump Now

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In this article, we discuss the top 5 stocks to dump now according to hedge funds as they brace for impact. If you want to see more stocks in this list, click Hedge Funds Brace for Impact: Top 10 Stocks to Dump Now

5. Paramount Global (NASDAQ:PARA)

Number of Hedge Fund Holders in Q1 2022: 40

Number of Hedge Fund Holders in Q4 2021: 64

Paramount Global (NASDAQ:PARA) is a New York-based multinational mass media and entertainment company. Wolfe Research analyst Peter Supino on June 2 downgraded Paramount Global (NASDAQ:PARA) to Underperform from Outperform, slashing the price target to $24 from $49. The analyst observed that Paramount Global (NASDAQ:PARA) was late to join streaming with a broad-based DTC service, and it is “playing catch-up” to attain market share in a highly competitive environment. Along with that, its content is believed to be a tier below the “top 3 must-haves” – Netflix, Inc. (NASDAQ:NFLX), The Walt Disney Company (NYSE:DIS), and Warner Bros. Discovery, Inc. (NASDAQ:WBD), the analyst added.

In addition to the recent ratings downgrade, Paramount Global (NASDAQ:PARA) also lost popularity among elite hedge funds in the beginning of 2022. According to Insider Monkey’s Q1 data, 40 hedge funds placed long bets on Paramount Global (NASDAQ:PARA), compared to 64 funds in the preceding quarter. Warren Buffett’s Berkshire Hathaway opened a new position in Paramount Global (NASDAQ:PARA) during Q1 2022, comprising about 70 million shares worth $2.60 billion. 

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