In this article, we will discuss some of the popular stocks trending on Tuesday. To take a look at some more stocks that are in the news, go to 5 Stocks Making Headlines Today.
The S&P 500 Index and the Dow 30 Index are down 0.46% and 0.78%, respectively, as of 12:26 PM ET. Meanwhile, the NASDAQ Composite Index is slightly up 0.14% for the day. Investors are still concerned about inflation and the impact of increasing interest rates by the Federal Reserve on the US economy. Some popular companies trending today include Netflix, Inc. (NASDAQ:NFLX), Intel Corporation (NASDAQ:INTC), and AMC Entertainment Holdings, Inc. (NYSE:AMC).
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Let’s look at why these stocks are making headlines today and discuss how hedge funds are positioned in them.
10. Biohaven Pharmaceutical Holding Company Ltd. (NYSE:BHVN) has rocketed 70.36% as of 12:17 PM ET after news that the New Haven, Connecticut-based company was acquired by Pfizer Inc. (NYSE:PFE) for $11.6 billion or $148.50 per share in cash. This will help the New York-based pharma giant in getting access to an approved treatment for migraine headaches. Pfizer Inc. (NYSE:PFE) has been in a solid financial position due to sales of its COVID-19 vaccines, and Biohaven Pharmaceutical Holding Company Ltd.’s (NYSE:BHVN) acquisition can be viewed as a post-pandemic play.
During Q4 2021, Fisher Asset Management was long over 368,000 shares of Biohaven Pharmaceutical Holding Company Ltd. (NYSE:BHVN). According to Insider Monkey’s proprietary data, Biohaven Pharmaceutical Holding Company Ltd. (NYSE:BHVN) was held by 31 hedge funds as of Q4 2021.
9. Appian Corporation (NASDAQ:APPN) has gained 30.43% as of 12:17 PM ET after the Mclean, Virginia-based low-code platform for workflow and automation won a lawsuit against Pegasystems Inc. (NASDAQ:PEGA) related to trade secrets involving the two application software competitors. The Circuit Court in Fairfax County has awarded Appian Corporation (NASDAQ:APPN) over $2.03 billion in damages for trade secret misappropriation that violate the Virginia Computer Crimes Act. On the other hand, the shares of Pegasystems Inc. (NASDAQ:PEGA) lost 28.30% of their value today.
Abdiel Capital Advisors was the leading hedge fund investor in Appian Corporation (NASDAQ:APPN) during Q4 2021. Out of the 924 hedge funds covered by Insider Monkey, 14 funds had a holding in Appian Corporation (NASDAQ:APPN) as of Q4 2021.
8. Upstart Holdings, Inc. (NASDAQ:UPST) has sunk 59.51% as of 12:19 PM ET after Vincent Caintic at Stephens downgraded the stock from an Equal Weight to an Underweight rating. Caintic lowered the price target on Upstart Holdings, Inc. (NASDAQ:UPST) from $124 to $28. The update in rating and target price followed the Q1 earnings results, which have been termed as ‘more severe than anticipated’ by the analyst. Other firms like Citi, Goldman Sachs, and Piper Sandler have also downgraded Upstart Holdings, Inc. (NASDAQ:UPST) following the dismal quarterly results.
On a sequential basis, the number of hedge funds invested in Upstart Holdings, Inc. (NASDAQ:UPST) decreased by three to 20 hedge funds as of Q4 2021.
7. Altria Group, Inc. (NYSE:MO) has fallen 7.78% as of 12:19 PM ET after the Richmond, Virginia-based producer and marketer of tobacco and other related products was downgraded from an Outperform to a Market Perform rating by Callum Elliott at Bernstein. In a note issued to investors earlier today, Elliot slashed the target price on Altria Group, Inc. (NYSE:MO) from $58 to $53. The new target price presents a potential downside of over 4% from the last closing price. Elliott sees a weakening of the relationship between Altria Group, Inc. (NYSE:MO) and its former subsidiary Phillip Morris International Inc. (NYSE:PM). Furthermore, the deal between Phillip Morris and Swedish Match can result in a potential headwind for Altria Group, Inc. (NYSE:MO).
Overall, 39 hedge funds had a stake in Altria Group, Inc. (NYSE:MO) as of Q4 2021, with a combined value of $1.056 billion.
6. Tesla, Inc. (NASDAQ:TSLA) has risen 0.24% as of 12:20 PM ET after coverage on the Austin, Texas-based electric vehicle (EV) company was initiated by Adrian Yanoshik at Berenberg with a Hold rating and a price target of $900. The target price offers a potential upside of 14.3% from the last closing price. The analyst thinks that Tesla, Inc. (NASDAQ:TSLA) can support pricing due to tight volumes through a ‘modest’ recession. Furthermore, he highlighted that the company’s premium segment is resilient.
Of the 924 hedge funds in Insider Monkey’s database, 91 funds held a stake in Tesla, Inc. (NASDAQ:TSLA) as of Q4 2021.
In addition to Tesla, Inc. (NASDAQ:TSLA), some other notable stocks making headlines today include Netflix, Inc. (NASDAQ:NFLX), Intel Corporation (NASDAQ:INTC), and AMC Entertainment Holdings, Inc. (NYSE:AMC).
Click to continue reading and see the 5 Stocks Making Headlines Today.
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Disclose. None. 10 Stocks Making Headlines Today is originally published on Insider Monkey.
