In this article, we will take a look at some of the notable stocks that moved today. You can skip our detailed analysis of these stocks and go to Why These 5 Stocks Are Moving on Friday.
The broader market is in the red today following increased uncertainty caused by the overnight attack on a nuclear power plant in Ukraine by Russia. In early trading, the S&P 500 Index was down 0.8%, and the Dow 30 Index has dipped over 1%. However, the better-than-expected February 2022 jobs report can change the sentiment during the remaining part of the day. The US economy added 678,000 jobs during February as opposed to the analysts’ expectations of 423,000, resulting in the unemployment rate falling to 3.8%, compared to the consensus estimate of 3.9%. Some of the stocks that captured investors’ attention today include United Airlines Holdings, Inc. (NASDAQ:UAL), Newmont Corporation (NYSE:NEM), and The Kroger Co. (NYSE:KR).
Let’s discuss the stocks that moved today and how elite funds are positioned in them.
10. Tesla, Inc. (NASDAQ:TSLA) is up 1.6% after Elon Musk, the CEO of the Austin, Texas-based electric vehicle manufacturer, gave an open invitation to the United Autoworkers (UAW) to come to his facility and rally his labor force to unionize. Musk thinks that Tesla, Inc. (NASDAQ:TSLA) treats the laborers fairly and compensates them well. Another key reason for the rise in stock price is the increase in crude oil prices, which make the proposition of electric vehicles attractive in the eyes of the consumers and potentially increase the total addressable market (TAM) for the industry. ARK Investment Management is one of the leading investors in Tesla, Inc. (NASDAQ:TSLA). As of Q4 2021, 91 hedge funds out of the 924 being tracked by Insider Monkey held a cumulative stake of over $12.9 billion in Tesla, Inc. (NASDAQ:TSLA).
9. Broadcom Inc. (NASDAQ:AVGO) is 3% in the green after Joseph Moore at Morgan Stanley reiterated an Overweight rating on the stock with a price target of $703. The target price provides a potential upside of over 18% from the current stock price. The San Jose, California-based semiconductor company posted strong Q1 FY22 results, which surpassed the consensus estimates and resulted in Morgan Stanley highlighting the stellar cloud and enterprise spending of Broadcom Inc. (NASDAQ:AVGO). The analyst sees value in the company on a free cash flow basis. According to Insider Monkey’s database, 62 hedge funds had gone long Broadcom Inc. (NASDAQ:AVGO) as of Q4 2021, up from 50 in the preceding quarter.
8. Splunk Inc. (NASDAQ:SPLK) has soared more than 7.2% today following a report that Hellman & Fried has taken a 7.5% stake in the company. The private equity firm started to take a long position in the company in December 2021 after the stock plummeted following the resignation of the CEO. As a result, the firm has become the largest shareholder in Splunk Inc. (NASDAQ:SPLK), with a stake of over $1.4 billion. The disclosure of the stake was made after Splunk Inc. (NASDAQ:SPLK) revealed that Gary Steele will be taking over as the new CEO, effective from April 1. Insider Monkey’s proprietary data revealed that 44 hedge funds have a long position in Splunk Inc. (NASDAQ:SPLK) as of Q4 2021.
7. Best Buy Co., Inc. (NYSE:BBY) is down 4.5% after Raymond James downgraded the stock from an Outperform to a Market Perform rating. The financial institution thinks that Best Buy Co., Inc. (NYSE:BBY) is in the middle of a ‘very challenging’ setup. Earlier this week on Monday, Bobby Griffin at Raymond James had already slashed the target price for Best Buy Co., Inc. (NYSE:BBY) from $135 to $105 before Q4 2021 earnings results and annual investor’s event. The analyst thinks that the company faces a very challenging benchmark for FY23 on the back of two years of COVID-19 lockdowns. AQR Capital Management is the leading shareholder in Best Buy Co., Inc. (NYSE:BBY), with a stake worth over $132 million. Overall, 29 hedge funds held a stake in Best Buy Co., Inc. (NYSE:BBY) at the end of Q4 2021.
6. Occidental Petroleum Corporation (NYSE:OXY) has gained 8.4% today. Oil prices are on the rise as the majority of market participants are not buying or holding Russian crude oil. Following the Russian attack on a nuclear power plant in Ukraine, Brent Crude and West Texas Intermediate (WTI) benchmarks are up 4.7% and 5.5%, respectively, for the day. Crude oil prices are hovering near a seven-year high. Out of the 924 hedge funds tracked by Insider Monkey, 58 elite funds had a long position in Occidental Petroleum Corporation (NYSE:OXY) at the end of Q4. Icahn Capital LP is the biggest investor in the stock, with a stake worth around $1.30 billion.
Like Occidental Petroleum Corporation (NYSE:OXY), other notable companies such as United Airlines Holdings, Inc. (NASDAQ:UAL), Newmont Corporation (NYSE:NEM), and The Kroger Co. (NYSE:KR) also moved today.
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Disclose. None. Why These 10 Stocks Are Moving on Friday is originally published on Insider Monkey.
