In this article, we take a look at five stocks that are losing today. If you want to take a look at some more stocks that are declining on Tuesday and the latest market situation, go to the Top 10 Losers on Tuesday.
5. Chegg, Inc. (NYSE:CHGG) has crashed 30.22% as of 11:42 AM ET after CEO Dan Rosensweig warned that the demand for the educational services provider is likely to take a hit. He stated that rising inflation coupled with stagnant wages will result in consumers giving precedence to “earning over learning.” Chegg, Inc. (NYSE:CHGG) lowered its operating profit guidance to $235 million, down from $270 million earlier. Chegg, Inc. (NYSE:CHGG) stock price was hovering near its lowest level in 4 years following the guidance cut.
Out of the 924 hedge funds in Insider Monkey’s database, 41 funds held a position in Chegg, Inc. (NYSE:CHGG) at the end of Q4 2021.
4. Logitech International S.A. (NASDAQ:LOGI) has declined 2.56% as of 11:49 AM ET after the computer peripherals’ manufacturer reported a 20% decline in sales. Logitech International S.A. (NASDAQ:LOGI) shared that the current year’s sales pale in comparison to the pandemic-fueled surge in 2021. Logitech International S.A. (NASDAQ:LOGI) was downgraded from a b rating to a c+ rating at TheStreet.
At the end of Q4 2021, 11 hedge funds reported owning a stake in Logitech International S.A. (NASDAQ:LOGI), down from 20 in the preceding quarter.
3. Airbnb, Inc. (NASDAQ:ABNB) is down 6.51% as of 1:06 PM ET after Justin Patterson at KeyBanc lowered the price target on Airbnb, Inc. (NASDAQ:ABNB) from $210 to $195. Patterson reduced the 2022 EBITDA and revenue by 2% due to FX. Airbnb, Inc. (NASDAQ:ABNB) is expected to post its earnings report after the closing bell today. Analysts are anticipating Airbnb, Inc. (NASDAQ:ABNB) to record a loss per share of 25 cents and revenue of $1.45 billion.
Of the 924 hedge funds in Insider Monkey’s database, 63 funds held a stake in Airbnb, Inc. (NASDAQ:ABNB) at the end of Q4 2021.
2. Paramount Global (NASDAQ:PARA) has fallen 1.26% as of 1:13 PM ET. The streaming giant reported that Paramount+ led to an increase of 6.8 million subscribers in Q1 2022. However, this wasn’t backed by a corresponding increase in profits. Money-losing subscriber growth has rendered investors skeptical of Paramount Global’s (NASDAQ:PARA) streaming model. Moreover, Paramount Global’s (NASDAQ:PARA) chief financial officer revealed that the second quarter of the year would see the company’s direct-to-consumer subscriber growth decline by 3 million.
As of Q4 2021, Paramount Global (NASDAQ:PARA) was held by 21 hedge funds, up from 15 in the third quarter.
1. Rockwell Automation, Inc. (NYSE:ROK) has crashed 13.64% as of 1:36 PM ET after the industrial automation provider lowered its FY22 revenue outlook from 16% – 19% to 11% – 15%. Rockwell Automation, Inc.’s (NYSE:ROK) chief executive officer shared that the company recorded lower sales and profits due to supply-chain snags. Rockwell Automation, Inc. (NYSE:ROK) saw “supplier push-outs and de-commits for electronic component shipments” owing to Covid 19 and the Russia-Ukraine conflict.
At the end of Q4 2021, 31 hedge funds held a position in Rockwell Automation, Inc. (NYSE:ROK), up from 29 in the preceding quarter.
You can also take a peek at the 10 Best Micro-Cap Stocks to Buy According to Hedge Funds and 10 Favorite Stocks of Billionaire Izzy Englander.
