Hedge Funds are Betting on These 5 Sliding Stocks

In this article, we will take a look at the hedge funds that are betting on these 5 sliding stocks. To see more such companies, go directly to Hedge Funds are Betting on These 14 Sliding Stocks.

5. Target Hospitality Corp. (NASDAQ:TH)

Number of Hedge Fund Holders: 28

Target Hospitality Corp. (NASDAQ:TH) shares have lost about 25% year to date through December 4.

As of the end of the third quarter of 2023, 28 hedge funds had stakes in Target Hospitality Corp. (NASDAQ:TH), as per Insider Monkey’s database.

4. PNM Resources, Inc. (NYSE:PNM)

Number of Hedge Fund Holders: 40

Energy company PNM Resources, Inc. (NYSE:PNM) have lost about 13% year to date through December 4. A total of 40 hedge funds tracked by Insider Monkey reported owning stakes in PNM Resources, Inc. (NYSE:PNM).

The most significant stakeholder of PNM Resources, Inc. (NYSE:PNM) was Sander Gerber’s Hudson Bay Capital Management which owns a $119 million take in the company.

3. Bristol Myers Squibb Company (NYSE:BMY)

Number of Hedge Fund Holders: 65

Bristol Myers Squibb Company (NYSE:BMY) shares have lost a whopping 30% year to date through December 4. Last month, Reuters reported that the FDA approved Bristol Myers Squibb Company (NYSE:BMY)’s drug repotrectinib for the treatment of a type of non-small cell lung cancer.

As of the end of the third quarter of 2023, 65 hedge funds reported owning stakes in Bristol Myers Squibb Company (NYSE:BMY).

2. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 72

Chevron Corporation (NYSE:CVX) shares have lost about 17% year to date through December 4. As of the end of the third quarter of 2023, 72 hedge funds had stakes in Chevron Corporation (NYSE:CVX).

In November, Bernstein upgraded Chevron Corporation (NYSE:CVX) to Outperform from Market Perform with a $182 price target. The firm said that the selloff around Chevron Corporation (NYSE:CVX) after the company’s quarterly report was overdone.

1. Merck & Co., Inc. (NYSE:MRK)

Number of Hedge Fund Holders: 85

Merck & Co., Inc. (NYSE:MRK) shares have lost about 5.95% over the past one year. As of the end of the third quarter of 2023, 85 hedge funds reported owning stakes in Merck & Co., Inc. (NYSE:MRK). The biggest stakeholder of Merck & Co., Inc. (NYSE:MRK) was Ken Fisher’s Fisher Asset Management which owns a $1.3 billion stake in the company.

You can also take a peek at 25 Worst States for Human Trafficking in America and 20 Most Common Places to Get Kidnapped.