In this article, we take a look at five stocks that are losing today. If you want to take a look at some more stocks that are declining on Thursday and the latest market situation, go to Top 10 Losers Today.
5. Shopify Inc. (NYSE:SHOP) has slumped 5.42% as of 11:52 AM ET after the target price of the Canadian e-commerce company was lowered by over 26.4% to $625 by Darren Aftahi at Roth Capital. The target price reflects a modest upside of over 19% from yesterday’s closing price. Despite the significant cut in the target price, the analyst maintained a Neutral rating on Shopify Inc. (NYSE:SHOP) stock and highlighted that the risk and reward are not very attractive ahead of the quarterly results expected on May 5. ARK Investment Management was the leading investor in Shopify Inc. (NYSE:SHOP) during Q1 2022.
Of the 924 hedge funds in Insider Monkey’s database, Shopify Inc. (NYSE:SHOP) was held by 86 hedge funds as of Q4 2021.
4. Dover Corporation (NYSE:DOV) has slid by over 7.43% as of 11:53 AM ET as the Illinois-based manufacturer of industrial products failed to impress the analysts with its FY 2022 revenue and EPS guidance. For FY22, Dover Corporation (NYSE:DOV) anticipates revenue growth of 8% to 10%, as opposed to the analysts’ forecasted growth of 9.3% to $8.64 billion. Meanwhile, Dover Corporation (NYSE:DOV) anticipates EPS to be around $8.45, compared to the analysts’ forecast of $8.57.
As of Q4 2021, Dover Corporation (NYSE:DOV) was held by 30 hedge funds.
3. Generac Holdings Inc. (NYSE:GNRC) has fallen 6.46% as of 11:52 AM ET after the target price of the Wisconsin-based manufacturer of backup power generation was slashed down by over 26.1% from $474 to $350 by Kashy Harrison at Piper Sandler. The target price still reflects a healthy potential upside of over 34.7% from the last closing price. The analyst maintained an Overweight rating on Generac Holdings Inc. (NYSE:GNRC) stock. Harrison commented that during the earnings season, he is more focused on the post-war demand trajectory, inflation, supply chain-related concerns, and policy decisions that could have an impact on the long-term outlook of Generac Holdings Inc. (NYSE:GNRC).
Overall, 46 hedge funds reported owning a stake in Generac Holdings Inc. (NYSE:GNRC) at the end of Q4 2021.
2. Freeport-McMoRan Inc. (NYSE:FCX) has declined over 6.68% as of 11:53 AM ET after the Phoenix, Arizona-based copper miner reduced its copper forecast for 2022 and 2023 despite outperforming the analysts’ estimates for Q1 2022. Following the results, Matthew Murphy at Barclays posted a research report. The analyst gave Freeport-McMoRan Inc. (NYSE:FCX) stock a price target of $29 with an Underweight rating. The target price assumes a downside of over 41.8% from the last closing price. The analyst highlighted that a global recession appears unlikely, but multiple headwinds would restrict growth. He thinks that the supply of copper is in surplus and investors should be prepared to moderate growth with a possibility of margin compression.
As of Q4 2021, 66 hedge funds held a stake in Freeport-McMoRan Inc. (NYSE:FCX).
1. Etsy, Inc. (NASDAQ:ETSY) is down 4.29% as of 11:54 AM ET after the target price of the New York-based e-commerce company focused on handmade or vintage items and craft supplies was slashed by over 17.8%. The target price on Etsy, Inc. (NASDAQ:ETSY) was lowered from $140 to $115 at Loop Capital. The target price assumes a slim upside potential of just over 7% from the last closing price. Etsy, Inc.’s (NASDAQ:ETSY) earnings are expected to come under pressure due to the macroeconomic environment.
Of the 924 hedge funds in Insider Monkey’s database, Etsy, Inc. (NASDAQ:ETSY) was held by 47 hedge funds as of Q4 2021.
You can also take a peek at the 10 Growth ETFs to Buy Now and 10 Oil Tanker Stocks That Pay Dividends.
