All three major indices are down today after the latest unemployment insurance weekly data indicated that there were 332,000 first time jobless claims for last week, while economists expected around 320,000 initial claims. Despite August retail data being better than expected, the Dow is down around 0.37% while the S&P 500 is down around 0.45%.
Among the stocks that have had large price movements include Fisker Inc. (NYSE:FSR), Lucid Group, Inc. (NASDAQ: LCID), Beyond Meat, Inc. (NASDAQ: BYND), and DoorDash, Inc. (NYSE:DASH). Here’s more on why each stock is trending and how elite funds are positioned according to the latest 13F filing data.
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Electric vehicle maker Fisker Inc. (NYSE:FSR) is down around 6% after analyst John Murphy of Bank of America lowered his rating to ‘Neutral’ from ‘Buy’. Although Murphy believes Fisker Inc. (NYSE:FSR) is ‘one of the more legitimate among the universe of start-up electric vehicle automakers’, the analyst also believes competition is incredibly fierce.
EV companies like Tesla have a lot of resources and are growing rapidly. Meanwhile mainstream automakers such as Volkswagen have also spent considerable amount of capital to expand their potential EV production levels in the future. Electric vehicle maker Rivian is planning on debuting to raise a considerable amount of capital to compete too.
According to our data that covers 873 elite funds, 16 elite funds we track owned Fisker Inc. (NYSE:FSR) in the second quarter of 2021, down from 22 in the first quarter of 2021.
Lucid Group, Inc. (NASDAQ: LCID) shares are up 5.75% after the EPA said on Thursday that Lucid’s Air Dream Edition Range could drive 520 miles on a fully battery, or over 100 miles more than Tesla Model S Long range. The Tesla Model S Long Range used to be the electric car with the furthest range on a single charge. Lucid Group, Inc. (NASDAQ: LCID)’s CEO, Peter Rawlinson, was previously a Tesla engineer.
For the filing period ended June 30, 2021, Philippe Laffont’s Coatue Management increased its position in Lucid Group, Inc. (NASDAQ: LCID) by 292% to 3,526,049 shares. At the end of June, Coatue Management’s position in Lucid made up around 0.39% of the fund’s 13F equity portfolio.
Beyond Meat, Inc. (NASDAQ: BYND) shares are more than 5% in the red after analyst Michael Lavery of Piper Sandler cut his rating to ‘underweight’ from ‘neutral’. Lavery also lowered his price target to $95 for Beyond Meat, Inc. (NASDAQ: BYND). The analyst wrote, “Beyond is an early leader in plant-based meat, but we believe its current all-channel retail momentum lags consensus expectations, and our foodservice estimates may be high, too.”
Of the elite funds that we track in our database, 17 elite funds we track owned shares of Beyond Meat, Inc. (NASDAQ: BYND), in Q2 2021, down from 26 in Q1 2021.
DoorDash, Inc. (NYSE:DASH) shares have rallied more than 5% after Michael McGovern of Bank of America upgraded his rating to ‘Buy’ from ‘Neutral’ and also increased his price target to $255 from $190. McGovern said of DoorDash, Inc. (NYSE:DASH), “We expect non-restaurant ordering to help mitigate much of the post-pandemic drop in restaurant ordering, with numerous new partnerships underscoring DoorDash’s strong position in the sector.” According to our data, Stephen Mandel‘s Lone Pine Capital raised its stake in DoorDash, Inc. (NYSE:DASH) by 11% to 7,460,157 shares for the latest 13F filing period.
Disclosure: None. This article was originally published at Insider Monkey.
