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 Monday.
The conflict between Russia and Ukraine is the key headline driving the market forces today. Many stocks are in the red, and crude oil prices are on the rise as consumers around the world assess the adverse impact of the conflict on the global economy. Gold prices have also surpassed the $2,000 level first time since September 2020.
The spike in crude oil prices and gold took place after the US Secretary of State Antony Blinken told CNN that the US government and the European Union are considering a ban on Russian crude oil imports. Russia is the third biggest crude oil producer behind Saudi Arabia and the US. Furthermore, the possible nuclear nonproliferation deal with Iran has also hit a stalemate with the global powers. Russia has demanded written guarantees that its trading relationship with Iran would not be impacted by any sanctions later imposed on it. Amongst the prominent movers of today are United Airlines Holdings, Inc. (NASDAQ:UAL), Ralph Lauren Corporation (NYSE:RL), and Bed Bath & Beyond Inc. (NASDAQ:BBBY).
Let’s discuss the stocks that moved today and how hedge funds are positioned in them.
10. Tesla, Inc. (NASDAQ:TSLA) soared 2.2% in early trading after a bullish note was issued to investors by Dan Ives at Wedbush. Mr. Ives thinks that the Berlin Gigafactory has immense importance for the Austin, Texas-based company. This development has removed an overhang from Tesla, Inc. (NASDAQ:TSLA) stock and unlocked the potential for significant upside. The analyst thinks that the production from Berlin Gigafactory will open the European and global electric vehicle market for Tesla, Inc. (NASDAQ:TSLA). Back in October 2021, the market capitalization of Tesla, Inc. (NASDAQ:TSLA) surpassed the $1 trillion level, but since then, the stock has given back its gains, and currently, its market value stands at around $850 billion. Tesla, Inc. (NASDAQ:TSLA) anticipates the Berlin facility to manufacture 500,000 annually at full capacity. The analyst has given a target price of $1,400, which is 66% higher than the current stock price. ARK Investment Management has a stake worth over $2 billion in Tesla, Inc. (NASDAQ:TSLA) as of Q4 2021. Overall, 91 hedge funds held a stake in the company at the end of the fourth quarter, up from 60 in the previous quarter.
9. Phillip Morris International Inc. (NYSE:PM) is down 5.3% after the cigarette company was downgraded to a Neutral rating by Jared Dinges at JPMorgan. The analyst also slashed the target price from $130 to $110 and shared that the guidance related to Next Generation Products is at risk. Dinges thinks that the Russia-Ukraine conflict will adversely impact the short-term and medium-term NGP targets because both markets account for 23% of Phillip Morris International Inc.’s (NYSE:PM) heated tobacco units volume. Of the 924 hedge funds being tracked by Insider Monkey, 47 funds held a stake in Phillip Morris International Inc. (NYSE:PM) as of Q4 2021. The cumulative value of the stake is $6.20 billion.
8. Schlumberger Limited (NYSE:SLB) is up over 10% after crude oil prices surpassed the $130 level and reached a new 13-year high. Schlumberger Limited (NYSE:SLB) generates only 5% to 6% of its revenue from Russia. The oilfield services company can easily replace this revenue from the boom in oil and gas exploration and production (E&P) due to the spike in crude oil and natural gas prices. As of Q4 2021, 47 hedge funds had a stake in Schlumberger Limited (NYSE:SLB), compared to 39 hedge funds in the preceding quarter. First Eagle Investment Management is the leading investor in Schlumberger Limited (NYSE:SLB), with a stake worth over $803 million.
7. L3Harris Technologies, Inc. (NYSE:LHX) has risen more than 4.4% today after Matthew Akers at Wells Fargo maintained an Overweight rating on the stock and increased the target price from $240 to $291. The analyst thinks that the valuation of the Melbourne, Florida-based aerospace and defense company is expected to remain high during the period of conflict between Ukraine and Russia. This is because the countries involved in the conflict are likely to increase their military spending, which will favor companies like L3Harris Technologies, Inc. (NYSE:LHX). Of the 924 hedge funds in Insider Monkey’s database, 40 reported owning a stake in L3Harris Technologies, Inc. (NYSE:LHX) at the end of Q4 2021.
6. The Mosaic Company (NYSE:MOS) has gained 4.6% during trading today after the Tampa, Florida-based company received a 40% upward revision in target price. Charles Neivert at Piper Sandler increased the target price on The Mosaic Company (NYSE:MOS) from $57 to $80. The analyst made a significant upward revision to the chemical business EBITDA estimates for this year and 2023 on the back of the Russia-Ukraine conflict. Neivert thinks that the conflict may find a solution sooner or later, but it will have a long-term impact on the dynamics of the chemical business. During Q4 2021, the total count of hedge funds holding a stake in The Mosaic Company (NYSE:MOS) increased to 46 with a cumulative value of $1.35 billion.
Like L3Harris Technologies, Inc. (NYSE:LHX), United Airlines Holdings, Inc. (NASDAQ:UAL), Ralph Lauren Corporation (NYSE:RL), and Bed Bath & Beyond Inc. (NASDAQ:BBBY) are some of the prominent movers in the market today.
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Disclose. None. Why These 10 Stocks Are Moving on Monday is originally published on Insider Monkey.
