In this article, we take a look at five stocks that are crashing today. If you want to take a look at some more stocks that are declining and the latest market situation, go to These 10 Stocks Are Crashing Today.
5. Advanced Micro Devices, Inc. (NASDAQ:AMD) is 2% in the red as of 11:34 AM ET after the Santa Clara, California-based developer of computer processors received a downgrade from a Buy to a Hold rating by Hans Engel at Erste Group. In a note issued to investors earlier today, the analyst highlighted that despite the strong product pipeline, there is an expected slowdown in global growth that will negatively impact the earnings of Advanced Micro Devices, Inc. (NASDAQ:AMD). Furthermore, Engel expects Advanced Micro Devices, Inc. (NASDAQ:AMD) to face stronger competition from Intel Corporation (NASDAQ:INTC) through its move in server CPUs.
At the end of Q4 2021, Advanced Micro Devices, Inc. (NASDAQ:AMD) was held by 69 hedge funds.
4. Bed Bath & Beyond Inc. (NASDAQ:BBBY) is down 3.3% as of 11:32 AM ET after the New Jersey-based homeware retailer was downgraded to an Underperform rating with a price target of $15 at Telsey. The target price assumes a downside of 16.5% from the last closing price. Bed Bath & Beyond Inc. (NASDAQ:BBBY) reported its Q4 2021 results yesterday, which highlighted that the top line was impacted by $175 million due to low inventory levels. Bed Bath & Beyond Inc. (NASDAQ:BBBY) is expected to face the same problem in the near term as well.
Of the 924 hedge funds in Insider Monkey’s database, 17 funds held a stake in Bed Bath & Beyond Inc. (NASDAQ:BBBY) as of Q4 2021.
3. Meta Platforms, Inc. (NASDAQ:FB) has declined 1.3% as of 12:37 PM ET after the target price of Menlo Park, California-based technology giant, was slashed by over 13% to $315 by Mark Mahaney at Evercore ISI. Furthermore, Meta Platforms, Inc. (NASDAQ:FB) stock has been a part of the “Tactical Asset Positioning (TAP) Underperform” list in the large-cap internet group before its quarterly results for Q1 2022.
Mark Mahaney thinks that Q1 revenue estimates for Meta Platforms, Inc. (NASDAQ:FB) by the analysts are very aggressive, and the impact of forex headwinds, potential decline in ad spending in Europe due to the Russia and Ukraine conflict, and limited monetization of the Reels feature can come into play.
Meta Platforms, Inc. (NASDAQ:FB) was held by 224 hedge funds as of Q4 2021.
2. Protagonist Therapeutics, Inc. (NASDAQ:PTGX) has slumped 21.3% as of 11:37 AM ET after the Newark, California-based biotech company revealed that the FDA might rescind the Breakthrough Therapy Designation that was awarded to Rusfertide in 2021 as a potential treatment against polycythemia vera (PV) in the reduction of erythrocytosis. The FDA has issued a letter of intent based on concerns that were first brought up in a clinical hold placed on the Protagonist Therapeutics, Inc.’s (NASDAQ:PTGX) drug candidate last year.
As of Q4 2021, Protagonist Therapeutics, Inc. (NASDAQ:PTGX) was owned by 24 hedge funds.
1. Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) is down 8.2% as of 11:37 AM ET after the Swedish information and communication company warned that it would likely be fined by US regulators over the handling of a bribery scandal originating from Iraq. The stock has lost 30% of its value since the scandal was reported.
Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) also reported a decline in profit following the suspension of its business in Russia due to the conflict. Furthermore, Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) recorded an 11% decline in adjusted earnings to $95 million in Q1 2022.
Of the 924 hedge funds being tracked by Insider Monkey, Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) was held by 18 hedge funds as of Q4 2021.
You can also take a peek at the 10 European Defense Stocks to Buy Now and 10 Best Micro-Cap Stocks to Buy According to Hedge Funds.
