In this article, we take a look at five stocks that are trending today. If you want to take a look at some more stocks that are moving and the latest market situation, go to 10 Hottest Stocks to Watch on Wednesday.
5. Bed Bath & Beyond Inc. (NASDAQ:BBBY) is down 0.28% as of 12:30 PM ET due to the mixed Q1 2022 results earlier today. Revenue was posted at $2.05 billion, declining by 21.8% YoY and missing the consensus estimate of $2.08 billion. Moreover, Bed Bath & Beyond Inc. (NASDAQ:BBBY) reported a surprise loss per share of 95 cents as opposed to a forecast profit of three cents per share. Comparable sales declined by 12% during the three months, higher than the consensus estimate of a drop of 8.5%. Adjusted gross profit contracted by four ppts to 28.9% compared to the analysts’ estimate of 32.9%. Bed Bath & Beyond Inc. (NASDAQ:BBBY) cited a lack of inventory as the reason for the contraction.
As of Q4 2021, 17 hedge funds had a stake in Bed Bath & Beyond Inc. (NASDAQ:BBBY).
4. JPMorgan Chase & Co. (NYSE:JPM) has fallen 2.5% as of 11:51 AM ET after the New York-based diversified financial services company reported a lower than expected bottom line for Q1 2022. The decline is being attributed to the fact that deal-making became challenging following the start of the conflict between Russia and Ukraine. JPMorgan Chase & Co.’s (NYSE:JPM) revenue declined by 5% from the same quarter last year to $30.86 billion in Q1 2022, missing the consensus estimate of $31.59 billion.
Of the 924 hedge funds in Insider Monkey’s database, 107 funds held a stake in JPMorgan Chase & Co. (NYSE:JPM) as of Q4 2021. Fisher Asset Management is the leading investor in JPMorgan Chase & Co. (NYSE:JPM), with a stake worth over $1.1 billion.
3. PayPal Holdings, Inc. (NASDAQ:PYPL) has fallen 3.8% as of 11:48 AM ET following the announcement by the San Jose, California-based online payment system operator that its CFO and VP, Global Customer Operations John Rainey will leave PayPal Holdings, Inc. (NASDAQ:PYPL) after seven years.
Rainey is expected to join Walmart Inc. (NYSE:WMT) following his exit. To ensure a smooth transition, he will stay with PayPal Holdings, Inc. (NASDAQ:PYPL) until May 2022. Gabrielle Rabinovitch has been appointed as the interim CFO. She is currently serving as Senior VP, Corporate Finance and Investors Relations.
Overall, 110 hedge funds had a stake in PayPal Holdings, Inc. (NASDAQ:PYPL) as of Q4 2021.
2. NVIDIA Corporation (NASDAQ:NVDA) is up 2.8% as of 11:52 AM ET after Pierre Ferragu at New Street upgraded the Santa Clara, California-based graphic processing unit (GPU) company from a Neutral to a Buy rating with a price target of $280. The price target assumes a potential upside of over 30% from the last closing price. The analyst sees NVIDIA Corporation (NASDAQ:NVDA) stock at an attractive valuation and sees the company as providing exposure to the risk and reward of the cryptocurrency mining industry. NVIDIA Corporation (NASDAQ:NVDA) has also provided a strong outlook on the data center market for its GPUs.
As per Insider Monkey’s database, NVIDIA Corporation (NASDAQ:NVDA) was held by 110 hedge funds at the end of Q4 2021.
1. Warner Bros. Discovery, Inc. (NASDAQ:WBD) has risen 7.4% as of 11:52 AM ET after Jessica Reif Ehrlich at Bank of America commenced coverage on the newly formed New York-based company with a Buy rating. The analyst set a price target of $45 on Warner Bros. Discovery, Inc. (NASDAQ:WBD). The target price provides an upside potential of over 82% from the last closing price.
Warner Bros. Discovery, Inc. (NASDAQ:WBD) was established following the spin-off of Warner Bros from AT&T Inc. (NYSE:T) and its merger into Discovery. Jessica sees the merger as the creation of a ‘global media powerhouse’ that provides an attractive growth and deleveraging profile. The analyst anticipates that Warner Bros. Discovery, Inc. (NASDAQ:WBD) will see its EBITDA grow by a CAGR of more than 14% from 2022 to 2025.
You can also take a peek at the 10 Blue Chip Stocks in Warren Buffett’s Portfolio and 10 Stocks to Buy According to Canyon Capital Advisors.
