In this article, we take a look at five stocks that are declining on Wednesday. If you want to take a look at some more stocks that are losing and the latest market situation, go to Top 10 Losers on Wednesday.
5. Century Aluminum Company (NASDAQ:CENX) has crashed 13.49% as of 11:53 AM ET after the Illinois-based producer of standard-grade and value-added primary aluminum products was downgraded from an Outperform to a Market Perform rating by Timna Tanners at Wolfe Research. The analyst reduced the price target on Century Aluminum Company (NASDAQ:CENX) by more than half to $14, as opposed to $30 previously. The analyst thinks that Century Aluminum Company (NASDAQ:CENX) is heavily exposed to a decline in spot prices that can worsen during the summer months.
As of Q4 2021, 19 hedge funds reported owning a stake in Century Aluminum Company (NASDAQ:CENX).
4. Baudax Bio, Inc. (NASDAQ:BXRX) has crashed 29% as of 1:51 PM ET after the company announced a registered direct offering of $2 million. The pharmaceutical company shared that it had finalized an agreement with institutional investors for the sale of 1,646,091 shares of Baudax Bio, Inc.’s (NASDAQ:BXRX) common stock. The shares would be offered at a purchase price of $1.215 per share.
Overall, 4 hedge funds held a stake in Baudax Bio, Inc. (NASDAQ:BXRX) at the end of Q4 2021. Alyeska Investment Group was the leading hedge fund investor in Baudax Bio, Inc. (NASDAQ:BXRX) during Q1 2022.
3. Walmart Inc. (NYSE:WMT) has declined 7.06% as of 11:54 AM ET after the target price of the Arkansas-based company was lowered from $160 to $153 by Steven Shemesh at RBC Capital. The analyst expressed concern about the rising general merchandise inventory levels and trade-down by consumers. Shemesh thinks inflation-led pricing will continue to support Walmart Inc.’s (NYSE:WMT) top-line growth in the short term, but the elasticity levels need to be observed in more discretionary segments. Moreover, Walmart Inc.’s (NYSE:WMT) Q1 2022 results missed the analysts’ earnings estimates. The company also reduced its full-year forecast due to supply chain disruptions and rising inflation.
Walmart Inc. (NYSE:WMT) was held by 63 hedge funds as of Q4 2021.
2. Twitter, Inc. (NASDAQ:TWTR) is 3.18% lower as of 11:55 AM ET following mixed reports about its acquisition by Tesla’s CEO Elon Musk. Musk has publicly revealed his reservations about acquiring Twitter, Inc. (NASDAQ:TWTR) after issues related to automated bots and fake users came to light during the most recent quarterly results. However, reports suggest that both parties are working on closing the deal. The first signal of the agreement moving forward is the 139-page filing that revealed how the deal came together and why Twitter, Inc. (NASDAQ:TWTR) decided to accept the $54.20 per share in cash bid from Musk.
As of Q4 2021, 83 hedge funds were invested in Twitter, Inc. (NASDAQ:TWTR).
1. Doximity, Inc. (NYSE:DOCS) has diminished 12.36% as of 11:55 AM ET after the target price of the San Francisco, California-based online social platform for medical professionals was decreased from $70 to $45 by Scott Berg at Needham. The analyst revised the price target following Doximity, Inc. (NYSE:DOCS) Q1 FY23 guidance. The company anticipates revenue and earnings to decline on a sequential basis due to normalization post-COVID. However, the analyst thinks that the sell-off following the company’s quarterly results reflects an overreaction by investors.
Of the 924 hedge funds in Insider Monkey’s database, Doximity, Inc. (NYSE:DOCS) was held by 33 hedge funds as of Q4 2021.
You can also take a peek at the 10 Software Stocks to Buy Now According to Jim Davidson’s Silver Lake Partners and 10 Tech Stocks to Buy Now According to Robert Pitts’ Steadfast Capital.
