In this article, we take a look at five stocks that are declining today. If you want to take a look at some more stocks that are crashing on Wednesday and the latest market situation, go to These 10 Stocks Are Getting Crushed Today.
5. Coinbase Global, Inc. (NASDAQ:COIN) has plummeted 23.91% as of 11:43 AM ET after the cryptocurrency exchange platform saw its monthly transaction users (MTUs) decline from 11.4 million in Q4 2021 to 9.2 million in Q1 2022. Moreover, the total trading volume also took a hit as it declined from $547 billion in Q4 to $309 million in Q1 2022. Since last March, the stock price of Coinbase Global, Inc. (NASDAQ:COIN) has lost more than 70% of its value due to a broad tech sell-off coupled with a 30% decline in Bitcoin prices since the start of 2022.
ARK Investment Management was the leading investor in Coinbase Global, Inc. (NASDAQ:COIN) during Q1 2022. According to Insider Monkey’s proprietary data, Coinbase Global, Inc. (NASDAQ:COIN) was held by 57 hedge funds as of Q4 2021.
4. Pegasystems Inc. (NASDAQ:PEGA) is 3.42% in the red as of 11:44 AM ET after the stock of the Cambridge, Massachusetts-based software company was downgraded from a Buy to a Hold rating by Joe Meares at Truist. The analyst also revised the price target on Pegasystems Inc. (NASDAQ:PEGA) from $110 to $60, reflecting a potential upside of 14.8% from the last closing price. The analyst highlighted that in the low-code and automation space, Pegasystems Inc. (NASDAQ:PEGA) is a solid company, but it will face an overhang due to the $2.04 billion damages ruling disclosed on Tuesday. The lawsuit decision could also harm the future growth of Pegasystems Inc. (NASDAQ:PEGA).
Overall, Pegasystems Inc. (NASDAQ:PEGA) was in the portfolio of 23 hedge funds as of Q4 2021.
3. BeiGene, Ltd. (NASDAQ:BGNE) has crashed by 13.06% as of 11:44 AM ET. The stocks of a group of biotech companies involved in the development of anti-TIGIT therapeutics have fallen after Swiss-based pharmaceutical giant Roche reported that the drug was unable to slow down the pace of non-small cell lung cancer. Investors had anticipated that the revolutionary treatment would open the door for next-generation therapy in immune-oncology with a potential of multi-billion dollars in sales.
Long Corridor Asset Management was the leading hedge fund investor in BeiGene, Ltd. (NASDAQ:BGNE) during Q1 2022. Of the 924 hedge funds in Insider Monkey’s database, BeiGene, Ltd. (NASDAQ:BGNE) was held by 19 hedge funds as of Q4 2021.
2. Affirm Holdings, Inc. (NASDAQ:AFRM) has lost 10.91% of its value as of 11:44 AM ET after a lukewarm initiation of coverage by Reginald Smith at JPMorgan. The analyst issued a Neutral rating on Affirm Holdings, Inc. (NASDAQ:AFRM) and gave a target price of $30. The target price provides a potential upside of nearly 65% from the last closing price, reflecting an attractive entry point for potential investors. The analyst thinks that the San Francisco, California-based firm is heading for a hyper-growth phase through its partnership with Amazon.com, Inc. (NASDAQ:AMZN) and Shopify Inc. (NYSE:SHOP). However, Affirm Holdings, Inc. (NASDAQ:AFRM) is faced with the threat of tougher competition, pricing-related pressure, and challenges related to the go-to-market strategy.
At the end of Q4 2021, Affirm Holdings, Inc. (NASDAQ:AFRM) was held by 41 hedge funds.
1. DISH Network Corporation (NASDAQ:DISH) has fallen 9.84% as of 11:45 AM ET after the target price of the Colorado-based provider of pay-TV and mobile wireless services was lowered from $32 to $25 by Gregory Miller at Truist. The new target provides an upside potential of 14.94% from the last closing price. DISH Network Corporation (NASDAQ:DISH) stock also recorded a new 52-week low earlier today. DISH Network Corporation’s (NASDAQ:DISH) valuation has come under focus as fears related to a recession are mounting in the equity market.
As of Q4 2021, DISH Network Corporation (NASDAQ:DISH) was held by 54 hedge funds.
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