With crude futures 1.5% lower as investors anticipate the upcoming API release on Tuesday and the EIA release on Wednesday, five stocks, California Resources Corp (NYSE:CRC), Ubiquiti Networks Inc (NASDAQ:UBNT), Legacy Reserves LP (NASDAQ:LGCY), Manchester United PLC (NYSE:MANU), and Oi SA (ADR) (NYSE:OIBR), are each on the move. Let’s find out why investors are buying or selling these equities and analyze hedge fund sentiment towards these stocks, if relevant.
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California Resources Shares Volatile
California Resources Corp (NYSE:CRC) shares rallied by more than 11% in the first hour of trading this morning before falling into the red, with them now trading down by 4.82% on the day. Given that California Resources Corp (NYSE:CRC) is an oil and gas E&P in California, its fortunes are dependent on WTI prices, which have been volatile this morning. The price of the commodity initially rallied to around $44 per barrel before dropping to the current $43 per barrel. Of the 786 active funds we track, 29 of them owned $237.28 million of California Resources Corp (NYSE:CRC)’s shares, which accounted for 26.20% of the float on December 31.
Technical Buying Detected at Ubiquiti
Ubiquiti Networks Inc (NASDAQ:UBNT) shares are 2% in the green due to technical buying. Although there is no fundamental news concerning Ubiquiti Networks Inc (NASDAQ:UBNT) today, its stock closed above some key moving averages recently and the company’s relatively modest forward P/E of 14.8 likely gave momentum traders some impetus to buy. According to Yahoo Finance, Ubiquiti is set to release its latest quarterly earnings results on May 5. Nine funds in our system, including Joel Greenblatt‘s Gotham Asset Management, owned shares of Ubiquiti at the end of December.
On the next page we examine why shares of Legacy Reserves LP, Manchester United PLC, and Oi SA (ADR) are changing hands on high volume today.