Top 10 Trending Stocks Today

Published August 25, 2022 at 3:41 pm EDT Updated September 7, 2026 at 11:36 am EDT

In this article, we will take a look at the top 10 trending stocks of this morning.

Notable tech companies, including NVIDIA Corporation (NASDAQ:NVDA), Salesforce, Inc. (NYSE:CRM) and Snowflake Inc. (NYSE:SNOW), came into the limelight today after posting their earnings reports.

Shares of Snowflake Inc. skyrocketed over 20 percent after posting record sales for its fiscal second quarter, while Salesforce, Inc. shares fell on a disappointing financial outlook. On the other hand, NVIDIA Corporation shares initially slipped but later rebounded despite its weak quarterly performance.

In addition, consumer cyclical stocks, including Tesla, Inc. (NASDAQ:TSLA) and Alibaba Group Holding Limited (NYSE:BABA), are also trending on Thursday. Check out the complete article to see what brought them on the list of top 10 trending stocks today.

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10. Plug Power Inc. (NASDAQ:PLUG)

Number of Hedge Fund Holders: 26

Plug Power Inc. (NASDAQ:PLUG) came into the limelight this morning after inking a supply deal with Amazon. According to the terms of the agreement, Plug Power Inc. will provide nearly 11,000 tons of liquid green hydrogen to the e-commerce giant.

The hydrogen fuel cell maker will start the supply in 2025. The two companies didn’t disclose the exact details about the pricing. However, Plug Power Inc. said the deal would help it achieve its sales target of $3 billion in 2025. Meanwhile, shares of Plug Power Inc. rose more than 8 percent today following the latest development.

Discussing the deal, CEO of Plug Power Inc., Andy Marsh, said in a statement:

“Landing a green hydrogen supply deal with a customer like Amazon validates our multi-year investment and strategic expansion into green hydrogen. We are excited to expand our relationship with Amazon in exploring the use of other hydrogen applications, such as fuel-cell electric trucks and fuel-cell power generation stations that could provide electricity to Amazon buildings and the deployment of electrolyzers in fulfillment centers.”

9. Dollar Tree, Inc. (NASDAQ:DLTR)

Number of Hedge Fund Holders: 38

Shares of Dollar Tree, Inc. (NASDAQ:DLTR) plummeted to a nearly two-month low after the opening bell on Thursday. The drop came after the discount retailer delivered a mixed financial performance for its fiscal second quarter and trimmed its profit outlook for the full year.

Dollar Tree, Inc. reported earnings of $1.60 per share, up from $1.23 per share in the year-ago period. Revenue increased to $6.77 billion, from $6.34 billion in the comparable quarter of 2021. Analysts were looking for earnings of $1.58 per share on revenue of $6.79 billion.

Among other updates, Dollar Tree, Inc. reported that it repurchased $235.8 million worth of its common stock during the three months ended July 30.

Moving forward, Dollar Tree, Inc. lowered its full-year adjusted earnings outlook to a range of $7.10 – $7.40 per share, from its earlier projection between $7.80 – $8.20 per share.

8. Peloton Interactive, Inc. (NASDAQ:PTON)

Number of Hedge Fund Holders: 39

Peloton Interactive, Inc. (NASDAQ:PTON) delivered weak financial results for its fiscal fourth quarter along with a disappointing sales outlook. As a result, its shares sank over 20 percent after the opening bell on Thursday.

The exercise equipment maker reported a loss of $3.68 per share, considerably wider than a loss of $1.05 per share in the year-ago period. Revenue also plummeted 28 percent on a year-over-year basis to $678.7 million. Analysts expected Peloton Interactive, Inc. to report a loss of 76 cents per share on revenue of $682 million.

Looking forward, Peloton Interactive, Inc. expects to generate revenue in the range of $625 – $650 million in the current quarter, representing a drop of about 21 percent over the corresponding quarter of 2021. The guidance indicates that the demand for Peloton’s products is going down.

Like Peloton Interactive, Inc., analysts are also closely watching NVIDIA Corporation, Salesforce, Inc. and Snowflake Inc. after their recent earnings.

7. Splunk Inc. (NASDAQ:SPLK)

Number of Hedge Fund Holders: 47

Shares of Splunk Inc. (NASDAQ:SPLK) fell over seven percent this morning after Cowen lowered its price target for the cloud-first software firm from $110 per share to $95 per share. Cowen analyst J. Derrick Wood said the company’s annual recurring revenue (ARR) for Q2 came in below his expectations. Wood also referred to Splunk’s weak cloud growth.

The price-target cut came even after Splunk Inc. surpassed financial expectations for its fiscal second quarter. The California-based company reported a loss of 22 cents per share, while analysts were looking for a loss of 36 cents. Revenue for the quarter climbed 32 percent on a year-over-year basis to $798.75 million, topping the expectations of $747.78 million.

Splunk Inc. also raised its full-year revenue outlook to a range of $3.35 – $3.4 billion, from its earlier guidance between $3.3 – $3.35 billion. The updated outlook is above the consensus of $3.33 billion.

6. Autodesk, Inc. (NASDAQ:ADSK)

Number of Hedge Fund Holders: 53

Autodesk, Inc. (NASDAQ:ADSK) came into the spotlight this morning following its better-than-expected financial performance for Q2. The software firm reported adjusted earnings of $1.65 per share, topping the consensus of $1.57 per share.

Revenue for the quarter climbed 17 percent on a year-over-year basis to $1.24 billion, helped by solid demand for its products. On the other hand, analysts expected Autodesk, Inc. to post revenue of $1.22 billion.

Looking forward, Autodesk, Inc. guided for adjusted earnings in the range of $6.52 – $6.71 per share and revenue growth between 14 – 15 percent for its fiscal year 2023.

Impressed by its latest quarterly performance, Citi analyst Tyler Radke lifted his price target for Autodesk, Inc. from $258 per share to $277 per share. Radke referred to the resilient quarterly performance of the company despite recession concerns.

5. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 65

Shares of Snowflake Inc. rose to a nearly four-month high before the opening bell on Thursday. The surge came after the data-software firm posted record sales for its fiscal second quarter.

Snowflake Inc. generated revenue of $497.2 million, representing a jump of 83 percent over the corresponding period of 2021. Analysts were looking for revenue of $467.5 million. Product revenue for the quarter increased to $466.3 million, accounting for more than 93 percent of the total revenue.

On the downside, Snowflake Inc. reported a loss of 70 cents per share, wider than the loss of 64 cents per share in the year-ago period.

For the full year, Snowflake Inc. raised its sales outlook to a range of $1.905 – $1.915 billion, from its previous projection of $1.885 – $1.9 billion. The updated guidance represents year-over-year growth of 67 – 68 percent.

4. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 72

Tesla, Inc. came into the limelight today after completing a three-for-one stock split. The latest move is apparently intended to diversify its investor base. The split means the company’s existing shareholders will receive two additional shares for every share they hold.

Shares of Tesla, Inc. ended the day at $891.29 in the previous trading session. The stock was seen trading at around $303 in pre-market trading Thursday following the split.

For those of you thinking whether a stock split would change the valuation of Tesla, Inc., the answer is negative. The company’s market capitalization is still hovering around $930 billion.

3. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 84

Shares of NVIDIA Corporation turned red before the opening bell on Thursday after announcing weak financial results for its fiscal second quarter and issuing a disappointing outlook for the current quarter.

The Delaware-based tech giant reported adjusted earnings of 51 cents per share, down 51 percent on a year-over-year basis and below expectations of $1.26 per share. Revenue inched up 3 percent versus last year to $6.7 billion, while analysts expected NVIDIA Corporation to post revenue of $8.10 billion.

NVIDIA Corporation also released its segment-wise sales results. Its data center revenue climbed 61 percent to $3.81 billion and automotive revenue jumped 45 percent to $220 million in the quarter. On the downside, gaming revenue plummeted 33 percent to $2.04 billion, while professional visualization revenue slipped 4 percent to $496 million.

Looking forward, NVIDIA Corporation expects to generate revenue of around $5.9 billion in the current quarter, well below analysts’ average estimate of $6.95 billion.

2. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 106

Shares of Alibaba Group Holding Limited rose over eight percent in mid-day trading Thursday following rumors that Washington and Beijing are close to reaching a deal. According to recently surfaced reports, the agreement will allow U.S. accounting regulators to scrutinize audit records of Chinese stocks listed on the American stock exchanges.

If the rumors turned out to be true, it would likely alleviate investors’ fears related to the delisting of Chinese firms trading on the U.S exchanges. Besides Alibaba Group Holding Limited, many other Chinese stocks, including Baidu, JD.com and NIO, also moved up on Thursday.

Separately, investment management firm Artisan Partners talked about Alibaba Group Holding Limited in its second-quarter 2022 investor letter, stating:

“Alibaba rose 4% during the quarter. We would love to say the share price performance was due to strong operational performance. Unfortunately, that was not the case. The most recent earnings results showed its core e-business still had not returned to growth, primarily due to the difficult retail environment caused by the government’s zero-COVID policy. Alibaba also appears to be losing market share due to its product mix tilted toward apparel and cosmetics, categories currently stalled in this environment. The share price performance this quarter was largely a function of exogenous items—specifically, government actions in the form of stimulus to support the economy and less regulations.

Despite the poor recent results, Alibaba remains a powerful economic engine. It is a global leader in e-commerce and cloud computing, both of which should grow nicely over time. Management has started taking actions to improve profitability, which has been burdened by significant investment in loss-making business ventures. The financial results should improve significantly when China’s economy starts to recover from COVID-19 outbreaks. The shares are incredibly cheap and have some of the highest upside potential in the portfolio. Even embedding significant losses from new ventures, we estimate they are trading at 11X-12X unlevered earnings. In our view, the shares could double, and they still would not be expensive.”

1. Salesforce, Inc. (NYSE:CRM)

Number of Hedge Fund Holders: 116

Salesforce, Inc. delivered better-than-expected results for its fiscal second quarter. However, its financial outlook for the current quarter was below expectations, sending its shares down about 8 percent in pre-market trading Thursday.

Salesforce, Inc. earned $1.19 per share on an adjusted basis, beating the estimates of $1.02 per share. Revenue for the quarter advanced 26 percent on a year-over-year basis to $7.72 billion, ahead of the consensus of $7.69 billion.

For its fiscal third quarter, Salesforce, Inc. projected adjusted earnings of $1.20 – $1.21 per share on revenue of $7.82 – $7.83 billion. The outlook was below the consensus of $1.29 per share for earnings and $8.07 billion for revenue. The disappointing guidance suggests that Salesforce, Inc. is taking a hit from dropping IT spending.

Meanwhile, a number of research firms cut their price target for Salesforce, Inc. following its latest quarterly performance. For instance, Raymond James slashed its price target for the cloud-based software company from $250 per share to $225 per share.

You can also take a peek at 10 Dividend Stocks of All Time and 10 Best Cyclical Stocks for Inflation.

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