In this article, we discuss the 5 stocks getting hammered today. If you want to see some other stocks losing value on Wednesday, go directly to These 10 Stocks are Getting Hammered Today.
5. Ambarella, Inc. (NASDAQ:AMBA)
Number of Hedge Fund Holders: 27
Shares of Ambarella, Inc. (NASDAQ:AMBA) dropped to a nearly one-month low after Baird slashed its price target for the fabless semiconductor design company from $125 per share to $90 per share. Baird analyst Tristan Gerra thinks Ambarella would continue to face headwinds in the second half of the year.
The price-target cut came after Ambarella, Inc. (NASDAQ:AMBA) reported a drop in its fiscal second-quarter profit. The company reported adjusted earnings of 20 cents per share, down from 35 cents per share in the year-ago period. Revenue for the quarter increased 2 percent on a year-over-year basis to $80.88 million. Nevertheless, the results surpassed the consensus of 19 cents per share for earnings and $80.21 million for revenue.
For the current quarter, Ambarella, Inc. (NASDAQ:AMBA) guided for revenue in the range of $81 – $85 million and adjusted gross margin between 63 – 64 percent.
4. PVH Corp. (NYSE:PVH)
Number of Hedge Fund Holders: 33
PVH Corp. (NYSE:PVH) announced the departure of its CEO Trish Donnelly, who is leaving the clothing company to seek opportunities elsewhere. However, Donnelly will continue to advise the company over the next couple of months to ensure a smooth transition.
Meanwhile, PVH Corp. (NYSE:PVH) also lowered its financial outlook for the full year. It is now targeting adjusted earnings of about $8 per share versus its earlier projection of about $9 per share. Moreover, the company expects its revenue to drop in the range of 4 – 3 percent in the same period, compared to its earlier guidance calling for a surge of 3 – 4 percent.
PVH Corp. (NYSE:PVH) updated its outlook along with its fiscal second quarter results. The company reported adjusted earnings of $2.08 per share, beating the consensus of $2 per share. On the downside, its quarterly revenue of $2.132 billion missed the consensus of $2.21 billion.
The weak outlook, mixed quarterly performance and CEO’s exit sent PVH stock down about 5 percent in pre-market trading Wednesday.
3. HP Inc. (NYSE:HPQ)
Number of Hedge Fund Holders: 35
HP Inc. (NYSE:HPQ) posted weak sales for its fiscal third quarter and trimmed its profit outlook for the full year. As a result, its shares fell nearly 7 percent in the pre-market trading session today.
The provider of personal computers and related products earned $1.04 per share on an adjusted basis, up from $1 per share in the corresponding period of 2021. Revenue slid 4.1 percent on a year-over-year basis to $14.7 billion in the quarter. Analysts expected HP Inc. (NYSE:HPQ) to earn $1.03 per share on revenue of $15.6 billion.
HP Inc. (NYSE:HPQ) also released its segment-wise sales results. Revenue from its personal systems segment slipped 3 percent to $10.1 billion, while printing revenue decreased 6 percent to $4.6 billion in the quarter.
Looking forward, HP Inc. (NYSE:HPQ) now anticipates adjusted earnings in the range of $4.02 – $4.12 per share for the full year, down from its earlier guidance between $4.24 – $4.38 per share. The updated outlook is below analysts’ average estimate of $4.27 per share.
2. Snap Inc. (NYSE:SNAP)
Number of Hedge Fund Holders: 44
Shares of Snap Inc. (NYSE:SNAP) hit a new 52-week low in pre-market trading Wednesday following reports that the camera and social media company intends to cut 20 percent of its workforce.
Snap Inc. (NYSE:SNAP) is struggling to boost its sales amid intensifying competition in the global ad market. Moreover, many businesses have been trimming their advertising budget due to an uncertain macroeconomic environment, hurting the growth of social media firms like Snap Inc. (NYSE:SNAP).
Meanwhile, Netflix Inc. recently confirmed that it hired two executives from Snap Inc. (NYSE:SNAP). The video-streaming giant has brought in Jeremi Gorman and Peter Naylor to lead its advertising department. The two executives were previously working in a similar capacity for Snap Inc. (NYSE:SNAP). The news was another reason behind a drop in Snap’s share price earlier today.
1. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)
Number of Hedge Fund Holders: 77
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) delivered impressive financial results for its fiscal second quarter along with an upbeat outlook for the current quarter. Yet, its shares fell nearly six percent this morning.
There was no apparent reason behind today’s drop. In fact, a number of research firms lifted their price target for CrowdStrike Holdings, Inc. (NASDAQ:CRWD) following its latest quarterly performance.
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) reported earnings of 36 cents per share, easily topping the consensus of 27 cents per share. Revenue for the quarter climbed 58 percent on a year-over-year basis to $535.2 million, ahead of the consensus of $515.42 million. Subscription revenue increased to $506.2 million, accounting for more than 98 percent of the total revenue.
For the current quarter, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) expects adjusted earnings in the range of 30 – 32 cents per share, above analysts’ average estimate of 28 cents per share.
Speaking on the results, CEO George Kurtz said:
“CrowdStrike delivered a strong second quarter with new milestones across the business. Ending ARR surpassed the $2 billion milestone, net new ARR reached a record $218 million and net new subscription customers reached a record 1,741 in the quarter.”
You can also take a peek at 10 Best Stocks For Inflation According to Redditors and 10 Best Cyclical Stocks for Inflation.
