In this article we take a look at the some of notable stocks that are moving today. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Are Moving on Thursday.
It’s a mixed day on Wall Street with the Dow Jones down 0.41% and the S&P 500 up 0.31%. The NASDAQ 100 is up 1.47%. Some stocks on the move today include Parker-Hannifin Corporation (NYSE:PH), Electronic Arts Inc. (NASDAQ:EA), Moderna, Inc. (NASDAQ:MRNA), General Motors Company (NYSE:GM), Etsy, Inc. (NASDAQ:ETSY), Lumen Technologies, Inc. (NYSE:LUMN), and NVIDIA Corporation (NASDAQ:NVDA). Let’s find out why each stock is moving and how elite funds were positioned among them.
Why do we care about hedge fund activity? Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 86 percentage points since March 2017. Between March 2017 and July 2021 our monthly newsletter’s stock picks returned 186.1%, vs. 100.1% for the SPY. Our stock picks outperformed the market by 86 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
Photo by Austin Distel on Unsplash
10. Moderna, Inc. (NASDAQ:MRNA) has fallen 18.3% after the company reported third quarter EPS of $7.70, missing the average estimate by $1.41 per share. Sales for the period was $4.97 billion, up 3047.4% year over year, but $1.32 billion under the consensus. For FY22, Moderna, Inc. (NASDAQ:MRNA) sees sales of $17 billion to $22 billion versus the consensus of $20.08 billion. Renaissance Technologies owned 3,188,454 shares of Moderna, Inc. (NASDAQ:MRNA) at the end of Q2.
9. General Motors Company (NYSE:GM) is up 3.9% as valuations among some leading traditional automakers benefit from the recent rally in Tesla’s stock. Like Tesla, General Motors Company (NYSE:GM) is also investing substantial resources in EVs and autonomous driving. Eagle Capital Management owned more than 12.09 million shares of General Motors Company (NYSE:GM) at the end of June.
8. Etsy, Inc. (NASDAQ:ETSY) has risen by more than 15% after the company reported Q3 EPS of $0.62 on revenue of $532.43 million, exceeding the consensus by $0.07 and $13.29 million. For Q4, Etsy, Inc. (NASDAQ:ETSY) sees revenue of $660 million to $690 million, versus the average estimate of $689.94 million. Among the elite funds in our database, the largest stake in Etsy Inc (NASDAQ:ETSY) was held by Renaissance Technologies, which reported holding $362.9 million worth of stock at the end of June.
7. Lumen Technologies, Inc. (NYSE:LUMN) has risen 13.5% after reporting third quarter adjusted EPS of $0.49 on sales of $4.89 billion, versus the consensus of $0.38 on sales of $4.9 billion. Lumen Technologies, Inc. (NYSE:LUMN) also raised its free cash flow view for FY21 to $3.6-$3.8 billion from the previous $3.1-$3.3 billion as the company has cut back on its planned capital expenditures for the year. At the end of June, a total of 33 of the hedge funds tracked by Insider Monkey were long Lumen Technologies, Inc. (NYSE:LUMN), a change of 3% from one quarter earlier.
6. NVIDIA Corporation (NASDAQ:NVDA) has surged by 17.6% after Aaron Rakers of Wells Fargo upped his price target to $320 from $245 while keeping his ‘Overweight’ rating. Rakers expects NVIDIA Corporation (NASDAQ:NVDA) to launch the general availability of Omniverse Enterprise at GTC 2021 next week. The analyst is also bullish on NVIDIA Corporation (NASDAQ:NVDA) ‘s metaverse opportunity. Ken Fisher’s Fisher Asset Management was long over 4.84 million shares of NVIDIA Corporation (NASDAQ:NVDA) at the end of September.
Like Moderna, Inc. (NASDAQ:MRNA), General Motors Company (NYSE:GM), Etsy, Inc. (NASDAQ:ETSY), Lumen Technologies, Inc. (NYSE:LUMN), and NVIDIA Corporation (NASDAQ:NVDA), Parker-Hannifin Corporation (NYSE:PH), and Electronic Arts Inc. (NASDAQ:EA) are on the move.
Click to continue reading and see Why These 5 Stocks Are Moving on Thursday.
Suggested articles
Were Hedge Funds Right About Microsoft Corporation (MSFT)?
Were Hedge Funds Right About Amazon.com (AMZN)?
Were Hedge Funds Right About Piling Into Alphabet Inc (GOOGL)?
Disclosure: None. Why These 10 Stocks Are Moving on Thursday is originally published on Insider Monkey.
