In this article, we will discuss some of the popular stocks trending today. You can skip our detailed analysis of these stocks and go to Why These 5 Stocks Are in the Spotlight on Thursday.
All the three major indexes were in the red today, as of 11:44 AM ET. The equity markets are down after no positive development related to the ceasefire was announced following the meeting of the Russian and the Ukrainian foreign ministers. Meanwhile, in the US, the CPI reached a four-decade high. McDonald’s Corporation (NYSE:MCD), JD.com, Inc. (NASDAQ:JD), and Asana, Inc. (NYSE:ASAN) are some of the stocks on the move today.
Let’s discuss the stocks in the spotlight today and look at how hedge funds are positioned in them.
10. Amazon.com, Inc. (NASDAQ:AMZN) is up over 5.2% as of 9:57 AM ET after the Seattle, Washington-based e-commerce giant revealed a stock split and a share buyback plan. The Board of Directors of the online retailer approved a 20-for-1 stock split and a share repurchase plan of $10 billion. The stock split will be presented to shareholders on May 25. If the plan is approved, the stock split is expected to take place on June 6. Deepak Mathivanan at Wolfe Research termed the development as ‘positive,’ despite the company facing significant headwinds due to rising fuel prices. He has given Amazon.com, Inc. (NASDAQ:AMZN) stock an Overweight rating with a target price of $4,200. As of Q4 2021, 279 hedge funds held a stake in Amazon.com, Inc. (NASDAQ:AMZN), with a combined value of $49.16 billion. Codex Capital is the leading hedge fund investor in Amazon.com, Inc. (NASDAQ:AMZN), with a holding of over $9.43 billion.
9. CF Industries Holdings, Inc. (NYSE:CF) has risen 7.2% as of 10:06 AM ET following the news that Russia has decided to suspend the exports of fertilizers temporarily. The announcement was made by Russian Industry Minister earlier today. The decision is made to overcome the possibility of higher food prices in the Russian market. Russia provides 14% of the world’s urea and caters to 21% of the potash demand globally. Following this development, the stock price of CF Industries Holdings, Inc. (NYSE:CF) is surging as US fertilizer manufacturers have a benefit of cheaper natural gas in comparison to their European and Asian counterparts. Of the 924 hedge funds in our database, 58 hedge funds had a position in CF Industries Holdings, Inc. (NYSE:CF) at the end of Q4 2021.
8. Tesla, Inc. (NASDAQ:TSLA) is down 2.4% as of 10:25 AM ET on the possibility that the Dallas, Texas-based electric vehicle manufacturer can suffer significantly from the rise in nickel prices and souring relation between the US and China. These sentiments were shared by Alexander Potter at Piper Sandler. The analyst also highlighted the strength shown by Tesla, Inc.’s (NASDAQ:TSLA) Shanghai factory, reflected by the weekly sales and production numbers issued by the China Passenger Car Association. Potter has given Tesla, Inc. (NASDAQ:TSLA) stock an Overweight rating with a price target of $1,350. According to data compiled by Insider Monkey, 91 hedge funds had a stake in Tesla, Inc. (NASDAQ:TSLA) with a cumulative value of $12.91 billion.
7. The Kroger Co. (NYSE:KR) is 2.4% in the green as of 10:32 AM ET after the Cincinnati, Ohio-based grocery retailer received an upward revision in price target by Patricia Baker at Scotiabank. The analyst increased the price target on The Kroger Co. (NYSE:KR) from $60 to $64 and maintained an Outperform rating. Baker highlighted that during the investor day, the company reiterated its aim of delivering an 8% to 11% annual shareholder return. The analyst pinpointed the success of “Restock Kroger” and shared that the transformation through this plan should provide confidence to investors that The Kroger Co. (NYSE:KR) could deliver on its strategic agenda. Berkshire Hathaway is the leading shareholder in the company, with a stake worth over $2.7 billion. Out of the 924 hedge funds being tracked by Insider Monkey, 41 held a stake in The Kroger Co. (NYSE:KR) as of Q4 2021, up from 39 in the preceding quarter.
6. EOG Resources, Inc. (NYSE:EOG) has soared 2.5% as of 10:38 AM ET after Mark Lear at Piper Sandler increased the price target on EOG Resources, Inc. (NYSE:EOG) from $134 to $140 while maintaining an Overweight rating. The analyst highlighted that the US oil and gas exploration and production (E&P) stocks had outperformed the broader market since the beginning of the year. However, the stock price does not incorporate the instability related to crude oil and natural gas supply following the start of the conflict between Russia and Ukraine. At the end of Q4 2021, 51 hedge funds reported owning a stake in EOG Resources, Inc. (NYSE:EOG).
Apart from EOG Resources, Inc. (NYSE:EOG), McDonald’s Corporation (NYSE:MCD), JD.com, Inc. (NASDAQ:JD), and Asana, Inc. (NYSE:ASAN) are some of the stocks that are trending today.
Click to continue reading and see Why These 5 Stocks Are in the Spotlight on Thursday.
Suggested Articles:
- 10 Stocks to Buy Now According to Wayne Yu’s BCK Capital
- Ro Khanna Stock Portfolio: 10 Stocks To Consider
- Gillson Capital Stock Portfolio: 10 Best Dividend Stocks
Disclose. None. Why These 10 Stocks Are in the Spotlight on Thursday is originally published on Insider Monkey.
