In this article, we discuss the 5 stocks gaining value today. If you want to see some more stocks flying high on Tuesday, go directly to These 10 Stocks are Gaining Today.
5. Rivian Automotive, Inc. (NASDAQ:RIVN)
Number of Hedge Fund Holders: 35
Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose more than eight percent in pre-market trading Tuesday. The surge came after the Irvine-based electric vehicle (EV) maker released its delivery numbers for Q3 and reaffirmed its production outlook for the full year.
Rivian Automotive, Inc. (NASDAQ:RIVN) manufactured 7,363 vehicles in the third quarter, marking the highest quarterly production to date. It was also well above the 4,401 units it manufactured in the prior quarter.
In addition, Rivian Automotive, Inc. (NASDAQ:RIVN) said it remains on track to manufacture 25,000 vehicles in 2022. The company has produced more than 14,300 vehicles in the first three quarters of this year.
4. Ford Motor Company (NYSE:F)
Number of Hedge Fund Holders: 46
Ford Motor Company (NYSE:F) reported today that it sold 464,674 vehicles in the third quarter, representing a surge of 16 percent on a year-over-year basis. The announcement sent Ford stock up more than seven percent in mid-day trading Tuesday.
On the downside, Ford Motor Company (NYSE:F) said its vehicle sales for September fell versus last year. The company sold 142,644 units during the last month, down 8.9 percent over the year-ago period.
Discussing the latest sale numbers, vice president of sales at Ford Motor Company (NYSE:F), Andrew Frick, said:
“Ford continued to see high-demand vehicles turning at record rates in September, while developing electric truck and van leadership and extending our overall truck leadership. Demand remains strong with new retail orders rapidly expanding.”
3. Gilead Sciences, Inc. (NASDAQ:GILD)
Number of Hedge Fund Holders: 58
Gilead Sciences, Inc. (NASDAQ:GILD) shares rose over three percent before the opening bell today after receiving an upgrade from JPMorgan. The research firm improved its ratings for the biopharmaceutical giant from “Neutral” to “Overweight.”
Analyst Chris Schott thinks improved visibility of Gilead’s HIV portfolio and its emerging oncology pipeline has yet to reflect in its stock price. Schott also lifted his price target for Gilead Sciences, Inc. (NASDAQ:GILD) from $72 per share to $80 per share.
In addition, he expects the company’s oncology business to generate sales of $5 billion by 2030. Schott also strongly believes that Gilead Sciences, Inc. (NASDAQ:GILD) shares are currently trading below their actual value.
2. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 72
Tesla, Inc. (NASDAQ:TSLA) shares rebounded on Tuesday morning, gaining more than five percent. The surge came after a couple of funds, backed by Cathie Wood’s ARK Investment Management, purchased more than 132,000 shares in Tesla.
Cathie Wood apparently took advantage of a steep drop in Tesla, Inc. (NASDAQ:TSLA) shares in the previous trading session. Tesla stock fell to a nearly three-month low on Monday after its Q3 vehicle deliveries missed expectations due to logistic challenges.
Tesla, Inc. (NASDAQ:TSLA) delivered 365,923 vehicles in the third quarter, below the consensus of 358,000. Moving forward, the EV giant needs to deliver over 450,000 units in the current quarter to achieve its annual growth target of 50 percent.
1. General Motors Company (NYSE:GM)
Number of Hedge Fund Holders: 75
General Motors Company (NYSE:GM) shares extended their rally on Tuesday following its impressive delivery numbers for the third quarter. The Detroit-based automaker sold 555,580 vehicles in the September quarter, representing a jump of 24 percent over the comparable period of 2021.
Moreover, General Motors Company (NYSE:GM) also raised the production target of its Chevy Bolt EV and Bolt EUV for global markets. The company now intends to produce at least 70,000 units of the two models in 2023, compared to nearly 44,000 in 2022.
Meanwhile, General Motors Company (NYSE:GM) also appeared in the second-quarter 2022 investor letter of asset management firm Chartwell Investment Partners. Here’s what the firm said:
“The three worst-performing stocks in the Dividend Equity accounts includes General Motors (NYSE:GM, 2.4%), down 27.4%. GM posted solid first-quarter earnings, but, supply issues continue to be a headwind and the market appears to be “pricing-in” at least a mild recession. The question seems to be: by the time the supply constraints are resolved, will we be in a much-worse economic scenario that will “hit” the demand side?
After a couple quarters of higher-than-average trading, Q2 was extremely light in both the Growth & Balanced and Dividend Equity accounts (see below). After trimming GM earlier in the year at much higher price levels, we added back to the position. Now trading at $32 per share, GM’s P/E multiple on 2022 earnings estimates is below 5 times its annual earnings per share, which we think is very attractive and is already pricing-in at least a mild recession.”
You can also take a peek at 10 Best EV Materials Stocks To Buy and 10 Best Cyclical Stocks for Inflation.
