These 10 Stocks Are Getting Crushed Today

Published May 11, 2022 at 4:37 pm EDT Updated September 7, 2026 at 11:31 am EDT

In this article, we will discuss some of the popular stocks getting crushed on Wednesday.

The major stock market indices are in the red today after the inflation data for April was published. It was revealed that CPI rose at a rate of 8.3%, higher than the analysts’ expectations. The latest inflation number will assist the Federal Reserve on the extent of measures required to control inflation. However, any move to control inflation also bears a risk of triggering a recession. Some notable stocks getting crushed today include Coinbase Global, Inc. (NASDAQ:COIN), Affirm Holdings, Inc. (NASDAQ:AFRM), and DISH Network Corporation (NASDAQ:DISH).

Let’s discuss why these stocks are crashing today and see how hedge funds are positioned in them.

10. Unity Software Inc. (NYSE:U) has fallen 32.38% as of 11:42 AM ET to a new 52-week low after the San Francisco, California-based software company lowered the FY22 revenue guidance. Unity Software Inc. (NYSE:U) anticipates Q2 2022 revenue to be in the range of $290 million to $295 million, reflecting a growth of 6% at the lower end, as opposed to a revenue growth of 36.3% experienced during Q1 2022. Moreover, Brian Schwartz at Oppenheimer also lowered the price target on Unity Software Inc. from $135 to $54.

Of the 924 hedge funds in Insider Monkey’s database, Unity Software Inc. was held by 36 hedge funds as of Q4 2021. ARK Investment Management was long over 8 million shares of Unity Software Inc. during Q1 2022.

9. Upstart Holdings, Inc. (NASDAQ:UPST) is down 11.78% as of 11:42 AM ET. The stock price of the California-based corporation lost more than 56% of its value yesterday following dismal earnings results. Upstart Holdings, Inc. (NASDAQ:UPST) stock is further being weighed down today due to a downgrade in rating from Overweight to Neutral by Simon Clinch at Atlantic Equities. Furthermore, the analyst made a significant downward revision in the price target on Upstart Holdings, Inc. from $245 to $45. Clinch highlighted that the outlook provided by the company assumes “heightened macro fears for the stock.” He expressed his concern about the company’s use of the balance sheet to supplement loan origination.

As of Q4 2021, 20 hedge funds held a stake in Upstart Holdings, Inc. as of Q4 2021.

8. T. Rowe Price Group, Inc. (NASDAQ:TROW) is down 3.30% as of 11:44 AM ET after the Baltimore, Maryland-based global investment firm reported a decline in assets under management (AUM) in April to $1.42 trillion. This reflects a decline of 11.25% on an MoM basis and 16.47% since the start of the year. Meanwhile, the AUM of US equity mutual funds was posted at $435 billion, reflecting a fall of 11% from March 2022 and 21.4% from December 2021.

On a sequential basis, the number of hedge funds holding a stake in T. Rowe Price Group, Inc. decreased by five to 30 hedge funds, with a combined stake of $474 million during Q4 2021. Markel Gayner Asset Management was the leading investor in T. Rowe Price Group, Inc. as of Q1 2022.

7. Rocket Companies, Inc. (NYSE:RKT) has slid 2.29% as of 11:43 AM ET after the Detroit, Michigan-based corporation was downgraded from a Buy to a Neutral rating by Arren Cyganovich at Citibank. The analyst also lowered the price target on Rocket Companies, Inc. (NYSE:RKT) from $14 to $8. The revision follows the company’s disappointing results for Q1 2022 that failed to surpass the analysts’ forecast. Cyganovich highlighted that although Rocket Companies, Inc. can increase its market share due to a tech-focused offering, he sees numerous challenges in the mortgage market in the near term. This can be due to higher inflation and rising interest rates resulting in higher bankruptcies and foreclosures.

The stock of Rocket Companies, Inc. was held by 20 hedge funds as of Q4 2021.

6. The Wendy’s Company (NASDAQ:WEN) has declined 8.26% as of 11:43 AM ET. Analysts anticipate the exuberant breakfast menu offered by The Wendy’s Company to face pressure as customers are likely to switch to more economical alternatives during times of rising inflation. During the first quarter, The Wendy’s Company’s (NASDAQ:WEN) same-store sales (SSS) increased by 1.1%, compared to the analysts’ forecast of 2.28%. Moreover, The Wendy’s Company was unable to surpass the consensus estimates for Q1 2022.

Of the 924 hedge funds being tracked by Insider Monkey, The Wendy’s Company was held by 26 hedge funds as of Q4 2021.

In addition to The Wendy’s Company, other notable stocks that are crashing today include Coinbase Global, Inc., Affirm Holdings, Inc., and DISH Network Corporation.

5. Coinbase Global, Inc. (NASDAQ:COIN) has plummeted 23.91% as of 11:43 AM ET after the cryptocurrency exchange platform saw its monthly transaction users (MTUs) decline from 11.4 million in Q4 2021 to 9.2 million in Q1 2022. Moreover, the total trading volume also took a hit as it declined from $547 billion in Q4 to $309 million in Q1 2022. Since last March, the stock price of Coinbase Global, Inc. has lost more than 70% of its value due to a broad tech sell-off coupled with a 30% decline in Bitcoin prices since the start of 2022.

ARK Investment Management was the leading investor in Coinbase Global, Inc. during Q1 2022. According to Insider Monkey’s proprietary data, Coinbase Global, Inc. was held by 57 hedge funds as of Q4 2021.

4. Pegasystems Inc. (NASDAQ:PEGA) is 3.42% in the red as of 11:44 AM ET after the stock of the Cambridge, Massachusetts-based software company was downgraded from a Buy to a Hold rating by Joe Meares at Truist. The analyst also revised the price target on Pegasystems Inc. (NASDAQ:PEGA) from $110 to $60, reflecting a potential upside of 14.8% from the last closing price. The analyst highlighted that in the low-code and automation space, Pegasystems Inc. is a solid company, but it will face an overhang due to the $2.04 billion damages ruling disclosed on Tuesday. The lawsuit decision could also harm the future growth of Pegasystems Inc..

Overall, Pegasystems Inc. was in the portfolio of 23 hedge funds as of Q4 2021.

3. BeiGene, Ltd. (NASDAQ:BGNE) has crashed by 13.06% as of 11:44 AM ET. The stocks of a group of biotech companies involved in the development of anti-TIGIT therapeutics have fallen after Swiss-based pharmaceutical giant Roche reported that the drug was unable to slow down the pace of non-small cell lung cancer. Investors had anticipated that the revolutionary treatment would open the door for next-generation therapy in immune-oncology with a potential of multi-billion dollars in sales.

Long Corridor Asset Management was the leading hedge fund investor in BeiGene, Ltd. during Q1 2022. Of the 924 hedge funds in Insider Monkey’s database, BeiGene, Ltd. was held by 19 hedge funds as of Q4 2021.

2. Affirm Holdings, Inc. (NASDAQ:AFRM) has lost 10.91% of its value as of 11:44 AM ET after a lukewarm initiation of coverage by Reginald Smith at JPMorgan. The analyst issued a Neutral rating on Affirm Holdings, Inc. and gave a target price of $30. The target price provides a potential upside of nearly 65% from the last closing price, reflecting an attractive entry point for potential investors. The analyst thinks that the San Francisco, California-based firm is heading for a hyper-growth phase through its partnership with Amazon.com, Inc. (NASDAQ:AMZN) and Shopify Inc. (NYSE:SHOP). However, Affirm Holdings, Inc. is faced with the threat of tougher competition, pricing-related pressure, and challenges related to the go-to-market strategy.

At the end of Q4 2021, Affirm Holdings, Inc. was held by 41 hedge funds.

1. DISH Network Corporation (NASDAQ:DISH) has fallen 9.84% as of 11:45 AM ET after the target price of the Colorado-based provider of pay-TV and mobile wireless services was lowered from $32 to $25 by Gregory Miller at Truist. The new target provides an upside potential of 14.94% from the last closing price. DISH Network Corporation stock also recorded a new 52-week low earlier today. DISH Network Corporation’s (NASDAQ:DISH) valuation has come under focus as fears related to a recession are mounting in the equity market.

As of Q4 2021, DISH Network Corporation was held by 54 hedge funds.

You can also take a peek at the 10 Oil Tanker Stocks That Pay Dividends and 10 Growth ETFs to Buy Now.

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