In this article, we will discuss some of the popular stocks losing on Thursday. To take a look at some more stocks that are declining, go to the Top 5 Losers Today.
The US stock market is mixed today as the investors are positively processing the earnings of notable companies despite the lingering concern related to the interest rate hike by the Federal Reserve and rising inflation. The S&P 500 and the Dow 30 Index are up 0.19% and 0.34%, respectively. Meanwhile, the NASDAQ Composite Index is down 0.1% as of 11:50 AM ET. Some of the stocks losing today include Shopify Inc. (NYSE:SHOP), Dover Corporation (NYSE:DOV), and Etsy, Inc. (NASDAQ:ETSY).
Let’s look at why these stocks are losing today and discuss how hedge funds are positioned in them.
10. Netflix, Inc. (NASDAQ:NFLX) has plummeted over 5.65% as of 11:51 AM ET after the Los Gatos, California-based streaming giant was downgraded from a Hold to a Buy rating by David Heger at Edward Jones following the Q1 2022 miss. Furthermore, Netflix, Inc. (NASDAQ:NFLX) stock was also downgraded from a Buy to a Hold rating by Manuel Muehl at DZ Bank with a price target of $280. Netflix, Inc. (NASDAQ:NFLX) fell to a 52-week low of $212.51 yesterday following the Q1 2022 results.
According to data compiled by Insider Monkey, Netflix, Inc. (NASDAQ:NFLX) was in the portfolio of 113 hedge funds as of Q4 2021, with a combined value of $14.47 billion. Beech Hill Partners had a stake worth over $3 million in Netflix, Inc. (NASDAQ:NFLX) during Q1 2022.
9. Xerox Holdings Corporation (NASDAQ:XRX) has fallen 16.12% as of 11:51 AM ET after the Norwalk, Connecticut-based seller of print and digital document products and services missed its Q1 2022 earnings estimates as higher costs impacted the bottom line adversely. Although revenue declined by 2.5% YoY to $1.67 billion, it outperformed the consensus estimates of $1.63 billion. However, Xerox Holdings Corporation (NASDAQ:XRX) reported a non-GAAP loss of 12 cents. Meanwhile, the analysts anticipated Xerox Holdings Corporation (NASDAQ:XRX) to report a non-GAAP profit of 13 cents. One of the few positive takeaways was the better-than-expected guidance for FY22, as the company anticipates revenue of $7.1 billion as opposed to the analysts’ estimates of $7.05 billion.
Out of the 924 hedge funds covered by Insider Monkey, 23 funds held a stake in Xerox Holdings Corporation (NASDAQ:XRX) as of Q4 2021.
8. Equifax Inc. (NYSE:EFX) is down 6.29% as of 11:51 AM ET after the Atlanta, Georgia-based consumer rating agency was downgraded from an Outperform to an In-Line rating by David Togut at Evercore ISI. Furthermore, the analyst slashed the target price on Equifax Inc. (NYSE:EFX) by over 41% to $200 and also removed the stock from the Top Picks List for 2022. Equifax Inc. (NYSE:EFX) lowered its 2022 revenue guidance by $100 million to incorporate the impact of the faster-than-expected decline in the mortgage market credit inquiries. Equifax Inc. (NYSE:EFX) also slashed its EPS guidance by 50 cents due to a decline in revenue and the flow of income from non-controlling interest in its joint venture in Russia.
As of Q4 2021, Equifax Inc. (NYSE:EFX) was held by 41 hedge funds.
7. Alcoa Corporation (NYSE:AA) has declined over 12.32% as of 11:52 AM ET after the Pittsburgh, Pennsylvania-based aluminum producer was downgraded from a Buy to a Neutral rating by Alexander Hacking at Citi with a price target of $84. The target price assumes a downside of over 3.3% from yesterday’s closing price. The Citi global commodity team is getting off the aluminum bull train. The analyst thinks that Alcoa Corporation’s (NYSE:AA) stock is now fairly valued, following the 100% appreciation in the stock price in the last year and a 50% rise since the start of 2022. Hacking also added that the restart of the Chinese smelters along with weak demand due to the Chinese lockdown and inflation globally could result in a near-term cap on Alcoa Corporation’s (NYSE:AA) stock price.
Overall, Alcoa Corporation (NYSE:AA) was held by 41 hedge funds at the end of the fourth quarter. Fisher Asset Management was long over 6 million shares of Alcoa Corporation (NYSE:AA) during Q4 2021.
6. Carvana Co. (NYSE:CVNA) has lost 5.91% of its market value as of 11:52 AM ET after the target price of the Tempe, Arizona-based online used car retailer was slashed by over 38.4% to $85 by Brad Erickson at RBC Capital. The analyst maintained a Sector Perform rating on Carvana Co. (NYSE:CVNA) stock. He stated that the Q1 2022 results highlighted ‘everything feared.’ Furthermore, the share offering of $1 billion leaves a low margin of error for Carvana Co. (NYSE:CVNA), which is trying to achieve a ‘lofty’ long-term vision. Erickson thinks that he needs to see more unit growth to justify the hyper-growth trajectory adopted by Carvana.
As of Q4 2021, Carvana Co. (NYSE:CVNA) was in the portfolio of 56 hedge funds.
In addition to Carvana Co. (NYSE:CVNA), some other companies losing today include Shopify Inc. (NYSE:SHOP), Dover Corporation (NYSE:DOV), and Etsy, Inc. (NASDAQ:ETSY).
Click to continue reading and see the Top 5 Losers Today.
- 10 Software Stocks to Buy Now According to Jim Davidson’s Silver Lake Partners
- 10 LNG Shipping Stocks to Buy Now
- 10 Tech Stocks to Buy Now According to Robert Pitts’ Steadfast Capital
Disclose. None. Top 10 Losers Today is originally published on Insider Monkey.