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Why Are These Five Stocks on the Move Today?

It’s been a pretty ugly day on Wall Street so far, with the NASDAQ off by 1%, the Dow down more than 100 points, and crude futures trading below $47 per barrel. Traders are in ‘risk off’ mode as the prospect of a potential ‘Brexit’ nears. Among the stocks showing more strength or volatility than the indexes are EXACT Sciences Corporation (NASDAQ:EXAS), MGT Capital Investments Inc. (NYSEMKT:MGT), Kinross Gold Corporation (USA) (NYSE:KGC), UQM Technologies Inc (NYSEMKT:UQM), and Eaton Corporation, PLC Ordinary Shares (NYSE:ETN). Let’s examine why traders are buying and selling these stocks today and what hedge funds and other smart money investors think about them.

We believe that imitating hedge funds and other large institutional investors can be helpful in identifying stocks capable of outperforming the broader market. Through extensive research that covered portfolios of several hundred large investors between 1999 and 2012, we determined that following the small-cap stocks that large money managers are collectively bullish on, can generate monthly returns nearly 1.0 percentage points above the market (see the details here).

Wall Street Bull

Wall Street Bull

EXACT Rally Continues

EXACT Sciences Corporation (NASDAQ:EXAS)’s shares are up by another 16.4% a day after the U.S. Preventative Services Task Force updated its colorectal cancer screening recommendations. The new recommendations put EXACT Science’s Cologuard as first-line position along with other tests rather than as an alternative. CEO Kevin Conroy said, “We’re pleased with the clarity of these recommendations and expect they will expand and promote utilization of Cologuard as an innovative colon cancer screening option”. Seeing as 21% of the float is short, the rally today could also be due to a short-squeeze. Among the funds we track, 16 funds owned $73.87 million worth of EXACT Sciences Corporation (NASDAQ:EXAS)’s stock, which accounted for 11.20% of the float on March 31, versus 20 funds and $140.38 million, respectively, on December 31.

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MGT Appoints Bitcoin Expert to Advisory Board

MGT Capital Investments Inc. (NYSEMKT:MGT) is almost 5% in the green today due to a mixture of technical buying and the news that the company has appointed Bruce Fenton to its Cryptocurrency Advisory Board, effective immediately. Fenton is the executive director of the bitcoin foundation and an active member of the cybercurrency industry.  His advice will help MGT stay current in the rapidly changing world of bitcoin. Ken Griffin’s Citadel Advisors owns 90,789 shares of MGT Capital Investments as of the end of March. As with all nano-caps, investors should do due diligence before making a buying or selling decision.

On the next page, we examine Kinross Gold Corporation, UQM Technologies, and Eaton Corporation.