In this article, we will discuss some of the popular stocks losing on Tuesday. To take a look at some more stocks that are declining, go to the Top 5 Losers on Tuesday.
The S&P 500 index rose for the second consecutive day, powered by increases in economically sensitive stocks such as commodity producers. Moreover, Treasury 10-year rates fell after rising above 3% and reaching their highest level since November 2018. NASDAQ 100 Index and the DOW 30 Index also reflected a bullish sentiment as of 2:12 PM ET. However, notable stocks such as Airbnb, Inc. (NASDAQ:ABNB), Chegg, Inc. (NYSE:CHGG), and Paramount Global (NASDAQ:PARA) reported losses today.
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Let’s look at why these stocks are losing today and discuss how hedge funds are positioned in them.
10. The Estée Lauder Companies Inc. (NYSE:EL) has crashed 12.3% as of 9:35 AM ET after the company reduced its full-year sales guidance to 7% – 9%. Previously, Estée Lauder Companies Inc. (NYSE:EL) had presented a sales forecast of 13% – 16%. CEO Fabrizio Freda stated that Covid-19 lockdowns in China were problematic and had hampered Estée Lauder Companies Inc.’s (NYSE:EL) distribution facilities in Shanghai. Moreover, it was highlighted that the company’s move to suspend operations in Russia had also adversely impacted its sales.
Of the 924 hedge funds in Insider Monkey’s database, 44 funds held a position in The Estée Lauder Companies Inc. (NYSE:EL) at the end of Q4 2021, down from 49 in the preceding quarter.
9. Hayward Holdings, Inc. (NYSE:HAYW) is down 11.1% as of 9:41 AM ET after the company shared the pricing of a secondary offering of 24 million shares of common stock through the repurchase of common stock and by selling stockholders. Hayward Holdings, Inc. (NYSE:HAYW) intends to repurchase 8 million shares from the underwriters. The company plans to fund the deal through cash on hand and borrowings. The public offering price stands at $14.50 per share.
Overall, 18 hedge funds held a position in Hayward Holdings, Inc. (NYSE:HAYW) at the end of Q4 2021. Noked Capital was the leading investor in Hayward Holdings, Inc. (NYSE:HAYW), with a stake worth over $83 million.
8. Charter Communications, Inc. (NASDAQ:CHTR) has declined 4.24% as of 10:44 AM ET after the telecommunications company was downgraded from a Buy to a Neutral rating by Jessica Reif Ehrlich at Bank of America. The analyst lowered the price target on Charter Communications, Inc. (NASDAQ:CHTR) from $740 to $500. Jessica highlighted the intensified competition from accelerating fiber builds and fixed wireless deployments as points of concern for Charter Communications, Inc. (NASDAQ:CHTR). She was also of the opinion that the competition could impact Charter Communications, Inc.’s (NASDAQ:CHTR) pricing strategy for broadband services.
At the end of Q4 2021, Charter Communications, Inc. (NASDAQ:CHTR) was held by 73 hedge funds.
7. EverQuote, Inc. (NASDAQ:EVER) has crashed 23.34% as of 10:54 AM ET after Michael Graham at Canaccord slashed the price target on EverQuote, Inc. (NASDAQ:EVER) from $25 to $22. The analyst noted the profitability pressures on EverQuote, Inc.’s (NASDAQ:EVER) carriers due to the headwinds being faced by the Auto Industry. Graham further stated that the marketing patterns have been adversely impacted across the entire industry, and EverQuote, Inc.’s (NASDAQ:EVER) guidance is reflective of “a pullback in Auto spending and Health seasonality.”
As of Q4 2021, 16 hedge funds held a position in EverQuote, Inc. (NASDAQ:EVER) at the end of Q4 2021.
6. Spero Therapeutics, Inc. (NASDAQ:SPRO) has tumbled 61.5% as of 11:28 AM ET after the company announced a strategic direction change. Spero Therapeutics, Inc. (NASDAQ:SPRO) revealed that talks with the US FDA had led the company to believe that tebipenem is unlikely to receive approval. Hence, Spero Therapeutics, Inc. (NASDAQ:SPRO) is limiting its efforts related to the drug and reducing its workforce by 75%.
As of Q4 2021, 4 hedge funds reported owning a stake in Spero Therapeutics, Inc. (NASDAQ:SPRO). Bourgeon Capital was the leading investor in Spero Therapeutics, Inc. (NASDAQ:SPRO) during Q1 2022.
In addition to Spero Therapeutics, Inc. (NASDAQ:SPRO), popular stocks such as Airbnb, Inc. (NASDAQ:ABNB), Chegg, Inc. (NYSE:CHGG), and Paramount Global (NASDAQ:PARA) are amongst the top 10 losers today.
Click to continue reading and see the Top 5 Losers on Tuesday.
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Disclose. None. Top 10 Losers on Tuesday is originally published on Insider Monkey.
