In this article, we will discuss some of the popular stocks gaining on Wednesday. To take a look at some more stocks that are rising, go to Top Gainers: 5 Stocks to Watch on Wednesday.
The major indices are reflecting mixed sentiments on Wednesday as investors are processing some of the notable earnings results for Q1 2022. The S&P 500 Index and the Dow 30 Index are adding on to yesterday’s gain as they are both up 0.30% and 0.96%, respectively, as of 12:05 PM ET. Popular stocks such as The Procter & Gamble Company (NYSE:PG), Exelon Corporation (NASDAQ:EXC), and International Business Machines Corporation (NASDAQ:IBM) are contributing to the bullish sentiment. Meanwhile, the tech-heavy NASDAQ Composite Index is down 0.83% after it has been bogged down by disappointing results and guidance from Netflix, Inc. (NASDAQ:NFLX). The stock of the streaming giant has lost 35% of its value during trading today.
Let’s look at why these stocks are gaining today and discuss how elite funds are positioned in them.
10. Avis Budget Group, Inc. (NASDAQ:CAR) has rocketed 11.30% as of 12:05 PM ET after the Parsippany, New Jersey-based car rental provider was upgraded from an Underweight to an Equal-weight rating with a price target of $245 by Brian Johnson at Barclays. Although the price target implies a potential downside of over 14.1% from the last closing price, it is still significantly higher than the analysts’ average target price of $214.67. The upgrade in ratings is a reflecting a positive sentiment toward the car rental industry in which Avis Budget Group, Inc. (NASDAQ:CAR) is considered one of the biggest players globally. The analyst cites the inflationary environment as a positive development for the car rental industry.
Of the 924 hedge funds in Insider Monkey’s database, Avis Budget Group, Inc. (NASDAQ:CAR) was held by 27 hedge funds as of Q4 2021. SRS Investment Management was the leading investor in Avis Budget Group, Inc. (NASDAQ:CAR), with a stake worth over $3.8 billion.
9. M&T Bank Corporation (NYSE:MTB) has risen 9.28% as of 12:03 PM ET after the Buffalo, New York-based bank beat consensus revenue and earnings estimates for Q1 2022. M&T Bank Corporation (NYSE:MTB) reported net operating EPS of $2.73, compared to the consensus forecast of $2.34. Although M&T Bank Corporation’s (NYSE:MTB) revenue for the quarter declined by 2.7% YoY to $1.45 billion, it outperformed the analysts’ forecast of $1.43 billion. Total deposits and outstanding loans were posted at $126.3 billion and 92.2 billion, respectively, at the end of Q1 2022.
As of Q4 2021, 37 hedge funds held a stake in the M&T Bank Corporation (NYSE:MTB), with a combined value of $1 billion.
8. Omnicom Group Inc. (NYSE:OMC) has rocketed 5.36% as of 12:03 PM ET after the New York-based advertising agency reported better-than-expected revenue and EPS results for Q1 2022. Omnicom Group Inc. (NYSE:OMC) reported revenue of $3.41 billion, beating the analysts’ forecast of $3.29 billion. Moreover, the company surpassed the analysts’ consensus non-GAAP EPS estimate of $1.33 by $0.06.
The hedge funds have been taking a keen interest in Omnicom Group Inc. (NYSE:OMC) stock. The number of hedge funds holding a stake in Omnicom Group Inc. (NYSE:OMC) has increased by 8% on a sequential basis to 33 at the end of Q4 2021.
7. Teradyne, Inc. (NASDAQ: TER) has moved up 1.63% as of 12:04 PM ET after the North Reading, Massachusetts-based automatic test equipment designer, manufacturer, and seller revealed that it has shipped the 7,000th unit of its J750 testers to leading Chinese microcontroller chip (MCU) and security chip manufacturer, Nations Technologies. Introduced in 1998, Teradyne, Inc. (NASDAQ:TER) reached the milestone of shipping the 6,000th unit in December 2019. The J750 testers are known for high-volume tests of low-cost devices.
Teradyne, Inc. (NASDAQ:TER) was held by 40 hedge funds at the end of Q4 2021. ARK Investment Management was long over 381,193 shares of Teradyne, Inc. (NASDAQ:TER) during Q1 2022.
6. ASML Holding N.V. (NASDAQ:ASML) has gained 2.89% as of 12:01 PM ET after the Dutch semiconductor equipment maker reported strong Q1 2022 results and also provided stellar guidance for the next quarter. The company saw its revenue increase by 11.8% YoY to €3.5 billion, outperforming the consensus estimate of €3.48 billion. Meanwhile, the GAAP EPS was posted at €1.73, beating the consensus estimates of €1.68. The net bookings stood at €7 billion at the end of the first quarter.
For Q2 2022, ASML Holding N.V. (NASDAQ:ASML) anticipates revenue to be around €5.1 billion to €5.3 billion, with a gross profit margin between 49% and 50%. For the rest of the year, the company anticipates revenue growth of 20% YoY.
According to data compiled by Insider Monkey, 40 hedge funds held a stake in ASML Holding N.V. (NASDAQ:ASML) as of Q4 2021.
In addition to ASML Holding N.V. (NASDAQ:ASML), some other notable stocks that are gaining on Wednesday include The Procter & Gamble Company (NYSE:PG), Exelon Corporation (NASDAQ:EXC), and International Business Machines Corporation (NASDAQ:IBM).
Click to continue reading and see the Top Gainers: 5 Stocks to Watch on Wednesday.
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Disclose. None. Top Gainers: 10 Stocks to Watch on Wednesday is originally published on Insider Monkey.
