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 on Thursday and the latest market situation, go to 10 Market Movers to Watch on Thursday.
5. Rivian Automotive, Inc. (NASDAQ:RIVN) has soared 21.12% as of 11:43 AM ET after the Irvine, California-based electric vehicle (EV) startup received a boost from Morgan Stanley following its quarterly results and production update. Adam Jones at Morgan Stanley maintained an Overweight rating on Rivian Automotive, Inc. (NASDAQ:RIVN) with a price target of $85. The analyst highlighted that Rivian Automotive, Inc.’s (NASDAQ:RIVN) current stock price hovering around the $20 level reflects a run-rate volume of 200,000 by 2030.
As of Q4 2021, Rivian Automotive, Inc. (NASDAQ:RIVN) was held by 47 hedge funds.
4. Tesla, Inc. (NASDAQ:TSLA) has fallen 3.04% as of 2:57 PM ET after the stock price of the Austin, Texas-based electric vehicle (EV) company fell below the psychological $700 level for the first time since August 2021. Tesla, Inc. (NASDAQ:TSLA) stock has lost 42% of its value from its all-time high. Investors are not only concerned about the valuation reset following the broad sell-off but are also keeping an eye on the production slowdown in China since the start of this quarter. During April, Tesla, Inc. (NASDAQ:TSLA) delivered only 1,512 EVs from its Shanghai Gigafactory, which reflected a decline of 87% on a YoY basis and 98% on a sequential basis.
Of the 924 hedge funds in Insider Monkey’s database, Tesla, Inc. (NASDAQ:TSLA) was held by 91 hedge funds as of Q4 2021.
3. Warner Bros. Discovery, Inc. (NASDAQ:WBD) has rocketed 4.81% as of 11:44 AM ET after the stock of the recently merged New York-based mass media and entertainment company was upgraded from a Market Perform to an Outperform rating by Doug Creutz at Cowen. However, the analyst revised his price target on Warner Bros. Discovery, Inc. (NASDAQ:WBD) from $31 to $25. The price target still reflects a potential upside of over 44.4% from the last closing price. Creutz thinks that Warner Bros. Discovery, Inc.’s (NASDAQ:WBD) strategy of not trying to win the direct-to-consumer spending war reflects a more sustainable approach compared to its peers. However, he remains cautious about the “highly competitive” streaming landscape.
2. Roblox Corporation (NYSE:RBLX) is up 21.15% as of 11:44 AM ET after the San Mateo, California-based video game developer received a Buy rating from Bernie McTernan at Needham. The analyst also revised the target price on Roblox Corporation (NYSE:RBLX) to $45, reflecting a healthy potential upside of 87.7% from the last closing price. McTernan gave positive feedback on Roblox Corporation’s (NYSE:RBLX) more bullish approach to converting engagements into bookings and providing monetization opportunities. The analyst also highlighted the anticipated $1 billion contributions in revenue by the company’s advertisement segment by FY27.
Overall, Roblox Corporation (NYSE:RBLX) was held by 61 hedge funds at the end of Q4 2021.
1. Robinhood Markets, Inc. (NASDAQ:HOOD) has gained 5.52% as of 11:44 AM ET after a note issued to investors by Jason Bazinet at Citi stated that the stock of the widely popular commission-free trading platform could be worth $15 per share in case of a takeover attempt by a rival. The price provided by the firm reflects a humongous premium of over 84% from the last closing price, which is similar to what the Goldman Sachs Group, Inc. (NYSE:GS) paid for TD Ameritrade.
Out of the 924 hedge funds tracked by Insider Monkey at the end of Q4 2021, Robinhood Markets, Inc. (NASDAQ:HOOD) was held by 24 hedge funds. ARK Investment Management was the leading hedge fund investor in Robinhood Markets, Inc. (NASDAQ:HOOD) during Q1 2022.
You can also take a peek at the 10 Favorite Stocks of Billionaire Izzy Englander and 11 Best Video Game Stocks To Invest In.
