In this article, we will discuss some of the notable stocks trending today. To take a look at some more stocks that are trending, go to Why These 5 Stocks Are Trending on Monday.
The major stock indices are reflecting mixed signals today, with the S&P 500 Index and the Dow Jones Industrial Average (DJIA) Index down 0.23% and 0.56%, respectively, as of 12:57 PM ET, while the NASDAQ Composite is 0.02% in the green. Investors are waiting for key economic data that could cause the Federal Reserve to hasten the pace of interest rate hikes in the coming days and significantly impact the equity market. Popular companies like Tesla, Inc. (NASDAQ:TSLA), Adobe Inc. (NASDAQ:ADBE), and AMC Entertainment Holdings, Inc. (NYSE:AMC) are among the stocks capturing investors’ attention today.
Let’s discuss the reasons why these stocks are moving today and take a look at how hedge funds are positioned in them.
10. Sonos, Inc. (NASDAQ:SONO) has risen 13.1% as of 12:50 PM ET after the Santa Barbara, California-based seller and manufacturer of audio devices was inducted into the S&P SmallCap 600 Index. Sonos would replace Chart Industries Inc., which is shifting to the S&P Midcap 400 Index. The change will take place on March 30. In a report issued on March 7, Brent Thill at Jefferies gave Sonos, Inc. (NASDAQ:SONO) a Buy rating with a price target of $50. The analyst cited a survey comprising responses from 1,000 US consumers that provided “positive” results for Sonos headphones. As of Q4 2021, Sonos, Inc. (NASDAQ:SONO) was held by 45 hedge funds, down from 49 in the third quarter. Millennium Management was long over 2 million shares of Sonos, Inc. (NASDAQ:SONO) at the end of Q4 2021.
9. FactSet Research Systems Inc. (NYSE:FDS) is 2.3% in the green as of 11:01 AM ET after the target price on the Norwalk, Connecticut-based financial data provider was increased from $432 to $454 by Alex Kramm at UBS, with a Neutral rating on the stock. FactSet Research Systems Inc. (NYSE:FDS) reported strong Q2 FY22 results on March 24. Revenue and adjusted EPS for the quarter was posted at $431.1 million and $3.27, respectively, surpassing the analysts’ expectations of $426.4 million and $2.97. Of the 924 hedge funds in Insider Monkey’s database, FactSet Research Systems Inc. (NYSE:FDS) was owned by 34 hedge funds as of Q4 2021, up from 28 in the preceding quarter.
8. Apache Corporation (NSYE:APA) has declined 4.3% as of 12:24 PM ET as global crude oil prices have fallen over 5% on the back of a weak demand outlook. The demand concerns were aggravated following the Shanghai government’s lockdown across half the city for mass testing as COVID-19 cases reached an all-time high. As of 12:25 PM ET, the May 2022 future of the West Texas Intermediate (WTI) crude oil benchmark is down 5.2% for the day. The Houston, Texas-based crude oil and natural gas exploration and production (E&P) company was held by 42 hedge funds at the end of Q4 2021. Harris Associates is the leading investor in Apache Corporation (NSYE:APA) as of Q4 2021, with a stake worth over $5.1 million.
7. Plantronics, Inc. (NYSE:POLY) has rocketed 50% as of 11:18 AM ET after the announcement that HP Inc. (NYSE:HPQ) will acquire the Santa Cruz, California-based communications equipment company for $40 per share. This translates into an enterprise value of $3.3 billion, including debt. The acquisition is being made to enhance the Peripherals and workforce solutions division of HP and to create long-term value and consistent growth. Workforce solutions is a $120 billion industry that is growing at 8% annually. Out of the 924 hedge funds being tracked by Insider Monkey, 5 funds had a stake in Plantronics, Inc. (NYSE:POLY) at the end of Q4 2021.
6. Beyond Meat, Inc. (NASDAQ:BYND) has plummeted more than 3.3% as of 12:31 PM ET after the El Segundo, California-based meat manufacturer and distributor was downgraded from a Neutral to an Underweight rating by Michael Lavery at Piper Sandler. Meanwhile, the target price was slashed by 42% to $29, as opposed to $50 previously. The analyst was bearish on the fundamentals of Beyond Meat, Inc. (NASDAQ:BYND) and highlighted the growing competition. Lavery further highlighted that the company is burning cash without the presence of a clear pathway and a plan to achieve positive EBITDA. Beyond Meat, Inc. (NASDAQ:BYND) was held by 19 hedge funds at the end of Q4 2021.
In addition to Beyond Meat, Inc. (NASDAQ:BYND), companies like Tesla, Inc. (NASDAQ:TSLA), Adobe Inc. (NASDAQ:ADBE), and AMC Entertainment Holdings, Inc. (NYSE:AMC) are amongst the stocks on the move today.
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Disclose. None. Why These 10 Stocks Are Trending on Monday is originally published on Insider Monkey.
