Top 5 Losers Today

In this article, we discuss the top 5 losers today. If you want to see some more stocks losing value on Wednesday, go directly to Top 10 Losers Today.

5. Carvana Co. (NYSE:CVNA)

Number of Hedge Fund Holders: 43

Shares of Carvana Co. (NYSE:CVNA) moved down today after Bank of America lowered its ratings for the online used car retailer from “Buy” to “Neutral,” citing concerns over its cash position.

BofA analyst Nat Schindler said Carvana Co. (NYSE:CVNA) is quickly burning cash. Schindler added that it is also facing difficulties in generating a profit. The analyst believes the company would soon run out of cash without a capital infusion. He also trimmed his price target for Carvana stock from $43 per share to $10 per share.

4. Nutrien Ltd. (NYSE:NTR)

Number of Hedge Fund Holders: 52

Shares of Nutrien Ltd. (NYSE:NTR) declined over three percent this morning after receiving a downgrade from Piper Sandler. The research firm cut its ratings for the fertilizer giant from “Overweight” to “Neutral.”

Analyst Charles Neivert was primarily moved by the company’s lower-than-expected results for Q3 and revised guidance for the full year. Neivert also lowered his price target for Nutrien Ltd. (NYSE:NTR) from $115 per share to $93 per share.

Earlier this month, Nutrien Ltd. (NYSE:NTR) missed financial expectations for the third quarter. Moreover, it also reduced its full-year guidance amid weak potash sales and dropping prices.

Speaking on the results, CEO of Nutrien Ltd. (NYSE:NTR), Ken Seitz, said in a statement back then:

“Nutrien has delivered record earnings in 2022 due to the strength of agriculture fundamentals, higher fertilizer prices and excellent Retail performance. During the third quarter, we saw a temporary reduction in potash purchasing in North America and Brazil, which has impacted our sales volumes and realized prices in the second half of the year.”

3. Micron Technology, Inc. (NASDAQ:MU)

Number of Hedge Fund Holders: 74

Shares of Micron Technology, Inc. (NASDAQ:MU) slid nearly four percent after the opening bell today. The drop came after Mizuho trimmed its price target for the semiconductor company from $52 per share to $50 per share.

Mizuho analyst Vijay Rakesh pointed towards near-term weakness because of renewed Covid restrictions in China and elevated inventories. Nevertheless, Rakesh kept a “Neutral” rating for Micron Technology, Inc. (NASDAQ:MU).

Separately, asset management firm Claret Asset Management also briefly discussed Micron Technology, Inc. (NASDAQ:MU) in its third-quarter 2022 investor letter. Here’s what the firm said:

“Inflation is still higher than interest rates… not an incentive to save for most people. Either inflation must come down or interest rates have to go up further. Or both. And probably both. Now that they are taking the punch bowl away and the party is over, what happens next? For whatever reason, the stock market seems to always precede the economic reality: Micron reached a high of $98.45 on January 5th, 2022 and is trading at $50.00 today.”

2. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)

Number of Hedge Fund Holders: 85

Shares of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) lost nearly 20 percent of their value this morning on lower-than-expected sales outlook for the current quarter. The cybersecurity technology company projected revenue of $619.1 – $628.2 million for its fiscal fourth quarter, below the consensus of $633.9 million.

The weak guidance also overshadowed the company’s earnings beat for its fiscal Q3. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) reported adjusted earnings of 40 cents per share, up from 17 cents per share in the comparable period of 2021.

Revenue for the quarter skyrocketed 53 percent on a year-over-year basis to $581 million. Analysts expected CrowdStrike Holdings, Inc. (NASDAQ:CRWD) to earn 32 cents per share on revenue of $575.1 million.

1. Intuit Inc. (NASDAQ:INTU)

Number of Hedge Fund Holders: 86

Intuit Inc. (NASDAQ:INTU) managed to surpass financial expectations for its fiscal first quarter. However, it lowered its sales outlook for the full year, sending its shares marginally down in pre-market trading Wednesday.

The business software company earned $1.66 per share on an adjusted basis, beating estimates of $1.19 per share. Revenue came in at $2.6 billion, up 29 percent on a year-over-year basis and above expectations of $2.5 billion.

Looking forward, Intuit Inc. (NASDAQ:INTU) now expects revenue in the range of $14.035 – $14.250 billion for its FY 2023. The updated guidance is below analysts’ average estimate of $14.5 billion.

You can also take a peek at 15 Biggest Fintech Companies in the World and 12 Best Consumer Staple Stocks.