Why These 10 Stocks Are on the Move on Friday

Published March 11, 2022 at 3:48 pm EST Updated September 7, 2026 at 11:29 am EDT

In this article, we will discuss some of the notable stocks on the move today.

There are mixed trading signals in the US equity markets today. The S&P 500 Index and the Dow Jones Industrial Average (DJIA) Index are up 0.02% and 0.55%, respectively, while the tech-heavy NASDAQ Composite Index is down 0.7% as of 11:26 AM ET. Notable companies like Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), and Adobe Inc. (NASDAQ:ADBE) are trending today.

Let’s discuss the factors moving the stocks today and look at how elite hedge funds are positioned in them.

Photo by Austin Distel on Unsplash

10. EPAM Systems, Inc. (NYSE:EPAM) has risen more than 4.2% as of 9:54 AM ET. The stock price of Newtown, Pennsylvania-based manufacturer of customized software is rallying after reports that Russian President Putin sees some “positive shifts” amidst the talks between Russia and Ukraine. During a televised meeting with Belarusian President Alexander Lukashenko earlier today, Mr. Putin shared these comments. At the end of Q4 2021, 38 hedge funds held a stake in EPAM Systems, Inc. (NYSE:EPAM), with a cumulative value of $503.08 million. Driehaus Capital is long over 81,000 shares of EPAM Systems, Inc. as of Q4 2021.

9. Moderna, Inc. (NASDAQ:MRNA) is up 2.8% as of 10:03 AM ET after the Cambridge, Massachusetts-based biotech giant revealed that during the Phase II clinical trial of the Omicron-specific booster candidate, it had dosed the first human subject. Moderna, Inc. (NASDAQ:MRNA) plans to induct around 375 subjects in the trial that will be carried out at 20 study centers across the US. The Phase II of the clinical trial will study the safety and efficacy of a single shot booster in adults aged 18 and above. The company is working on staying ahead of the virus by creating more evolved vaccines. Of the 924 hedge funds in Insider Monkey’s database, 43 held a stake in Moderna, Inc. at the end of Q4 2021, down from 49 in the previous quarter.

8. Meta Platforms, Inc. (NASDAQ:FB) is 3.1% down as of 10:10 AM ET. The European Union (EU) and the UK antitrust authorities have opened parallel investigations against the social media giant, looking into a 2018 online display advertising deal between Facebook and Google. Meta Platforms, Inc. (NASDAQ:FB) has been accused of colluding and adversely impacting competition in the online advertisement display services. Out of the 924 hedge funds being tracked by Insider Monkey, 224 funds had a stake in Meta Platforms, Inc. at the end of Q4 2021. Codex Capital is the leading investor in Meta Platforms, Inc., with a stake worth over $9 billion as of Q4 2021.

7. Deere & Company (NYSE:DE) has surged 1.8% as of 10:22 AM ET after the coverage on the agricultural equipment manufacturer was initiated with an Overweight rating and a price target of $455 by Seth Weber at Wells Fargo. The analyst thinks that the farm equipment industry has moved into the moderate range, and the farmers’ income will be under pressure due to lower subsidies by the government and higher costs of production. However, Deere & Company is constantly working on distancing itself from the rest of the industry by benefiting from the secular tailwinds related to technology and sustainability. Overall, 61 hedge funds were long on Deere & Company at the end of Q4 2021, up from 54 in the preceding quarter.

6. EOG Resources, Inc. (NYSE:EOG) has plummeted 3.2% as of 10:33 AM ET. The stock price of EOG Resources, Inc. (NYSE:EOG) is under pressure after legislators in the US brought forward a bill that would tax the windfall profits of significant oil companies at a rate of 50%. This action would be taken to enhance the tax proceeds and divert them as direct payments to consumers earning less than $75,000 annually. Under the bill, the tax would apply to those organizations that either produce or import more than 300,000 barrels of crude oil per day. As of Q4 2021, EOG Resources, Inc.’s (NYSE:EOG) crude oil production stood at 456,200 barrels per day (BPD). At the end of Q4, 51 hedge funds held a stake in EOG Resources, Inc., compared to 47 funds during Q3 2021.

In addition to EOG Resources, Inc., popular companies like Tesla, Inc., Amazon.com, Inc., and Adobe Inc. are in the spotlight today.

5. Tesla, Inc. (NASDAQ:TSLA) has declined 2.3% as of 10:41 AM ET following the news that experts and industry insiders think that Tesla, Inc. will not be able to reach its ambitious target of mass-producing its batteries by the end of 2022. Moreover, the analysts think that the increasing cost of raw materials such as nickel could drive Tesla, Inc.’s (NASDAQ:TSLA) cost of manufacturing an electric car by over $1000. The hedge funds seem to be bullish on Tesla, Inc. as the number of hedge funds invested in the company increased by 31 to 90 at the end of Q4 2021.

4. Caterpillar Inc. (NYSE:CAT) has risen 2.2% as of 10:49 AM ET following a coverage initiation that reflects a 9% upside from the last closing price. Seth Weber at Wells Fargo started coverage on Caterpillar Inc. (NYSE:CAT) with an Equal Weight rating and a target price of $231. In a research note issued to investors, Mr. Weber highlighted that Caterpillar Inc. is in a strong position to seek benefit from the construction, energy, and mining industries. Furthermore, the stock offers upside as we progress deeper into the current economic cycle. Out of the 924 hedge funds being tracked by Insider Monkey, 53 funds held a stake in Caterpillar Inc. at the end of Q4 2021

3. Starbucks Corporation (NASDAQ:SBUX) has fallen more than 2.2% as of 10:58 AM ET as the unionizing movement of its workforce is gaining strength. The most recent development has come out of Denver earlier this morning, where the workers of the coffee chain have gone on strike at the 2975 E. Colfax Avenue location. The workers are claiming that they have been targeted for supporting unionization and are going on a strike to raise their voice against the alleged unfair practices of Starbucks Corporation (NASDAQ:SBUX) against its employees. Overall, 53 hedge funds had a stake in Starbucks Corporation at the end of Q4 2021, down from 58 in the previous quarter.

2. Adobe Inc. (NASDAQ:ADBE) is down 3.1% as of 11:09 AM ET after the target price of San Jose, California-based software giant was lowered more than 12% by Gregg Moskowitz at Mizuho earlier today. While maintaining a Buy rating on Adobe Inc. stock, the analyst lowered the target price from $685 to $600, leaving a potential upside of 36% from the last closing stock price. Of the 924 hedge funds in Insider Monkey’s database, 94 held a position in Adobe Inc. as of Q4 2021.

1. Amazon.com, Inc. (NASDAQ:AMZN) has gained more than 0.6% as of 11:19 AM ET. Lee Horowitz at Deutsche Bank initiated coverage on Amazon.com, Inc. with a Buy rating and a target price of $4,200. The target price is more than 43% higher than the last closing price. The analyst thinks that Amazon.com, Inc. is expected to undergo strong growth in revenue due to its grocery business and Amazon Web Services (AWS). He termed the stock as a “highly compelling risk/reward opportunity” in the present market situation. At the end of Q4 2021, 279 hedge funds held a stake in Amazon.com, Inc., up from 242 in the preceding quarter.

You can also take a peek at the 10 Cheap Pharmaceutical Stocks For 2022 and Billionaire Paul Singer’s 10 Best Dividend Stocks.

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