Why RingCentral (RNG), Stratasys (SSYS) and 3 Other Stocks Are Making Big Moves Today

Stratasys Spikes on 3D Systems’ Upgrade

Shares of Stratasys, Ltd. (NASDAQ:SSYS) are trading up by 8.9% this afternoon after Bank of America/Merrill Lynch gave 3D Systems Corporation (NYSE:DDD) a double upgrade to ‘Buy’ from ‘Underperform’, citing confidence in the company’s new CEO, Vyomesh Joshi.

While BAML just now got bullish on 3D printing, Stratasys, Ltd. (NASDAQ:SSYS) was in the portfolios of several hedge funds in our database on December 31. At the end of 2015, 17 funds among those that we track were long the stock, with the largest stake being held by Ken Fisher’s Fisher Asset Management, amounting to 2.1 million shares of the company.

First Republic’s Earnings Disappoint

Also surging on Thursday afternoon is First Republic Bank (NYSE:FRC), which is up by more than 5% after beating earnings estimates for the first quarter. EPS of $0.88 came in $0.08 ahead of the consensus estimate, though revenue of $519.6 million, up by 22.9% year-over-year, missed expectations by $22.53 million.

First Republic Bank (NYSE:FRC) saw hedge fund support rise by 17.6% over the fourth quarter of 2015, to 20. Among them was Robert Joseph Caruso’s Select Equity Group, which held 3.5 million shares of the company valued at $231.8 million on December 31.

Dominion Diamond’s Results Also Fail To Impress

Finally, there’s Dominion Diamond Corp (NYSE:DDC), which is down by more than 9% on Thursday afternoon. After the market closed on Wednesday, the company reported a net loss of $0.41 per share for the fourth quarter of fiscal year 2016, down from a loss of $0.03 per share a year ago. Revenue of $178.1 million was also down year-over-year, by 26%. In addition, the small-cap diamond miner announced the appointment of Jim Gowans as non-executive Chairman of the Board of Directors, to replace Robert Gannicott, who recently retired.

14 funds among those we track were long Dominion Diamond Corp (NYSE:DDC) at the end of 2015. A position worth highlighting was that of Jim Simons’ Renaissance Technologies, as the fund held 1.92 million shares of the company, worth almost $20 million on December 31.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned in this article.