5 Best Performing NASDAQ Stocks in 2022

1. Constellation Energy Corporation (NASDAQ:CEG)

Number of Hedge Fund Holders: 54

YTD Share Price Gain as of December 27: 109.62%

Constellation Energy Corporation (NASDAQ:CEG) is a Maryland-based company that generates and sells electricity in the United States. The company operates through five segments – Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions. Constellation Energy Corporation (NASDAQ:CEG) stock has climbed nearly 110% year-to-date as of December 27, which merits its inclusion on our list of the best performing stocks for 2022. 

On December 14, Mizuho analyst Anthony Crowdell raised the price target on Constellation Energy Corporation (NASDAQ:CEG) to $94 from $54 and maintained a Neutral rating on the shares. The analyst updated his model to reflect the most up-to-date commodity prices and Q3 hedge disclosures for Constellation Energy Corporation (NASDAQ:CEG). He continues to view the stock’s valuation as fair.

According to Insider Monkey’s data, 54 hedge funds were long Constellation Energy Corporation (NASDAQ:CEG) at the end of Q3 2022, compared to 43 funds in the prior quarter. John Smith Clark’s Southpoint Capital Advisors is the largest stakeholder of the company, with 3.50 million shares worth $291 million. 

Alger Capital made the following comment about Constellation Energy Corporation (NASDAQ:CEG) in its Q3 2022 investor letter:

“Constellation Energy Corporation (NASDAQ:CEG) is America’s leading clean energy company, based on carbon-free production. The company is the largest supplier of clean energy and sustainable solutions to homes, businesses, governments, community aggregations, and a range of wholesale customers (such as municipalities, cooperatives, and other end markets) across the continental U.S., backed by approximately 32,400 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas and hydroelectric assets. Constellation produces nearly 10% of the nation’s carbon-free energy.

Shares outperformed during the third quarter primarily due to the Inflation Reduction Act (IRA). Signed into law in august, the bill provides a nuclear production tax credit of approximately $43.75 per megawatt hour of energy generated. This credit favorably impacted earnings, resulting in an increase in Constellation’s share price.”

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