In this article, we will discuss some of the notable stocks on the move today. To take a look at some more stocks that are tending today, go to Why These 5 Stocks Are on the Move on Friday.
There are mixed trading signals in the US equity markets today. The S&P 500 Index and the Dow Jones Industrial Average (DJIA) Index are up 0.02% and 0.55%, respectively, while the tech-heavy NASDAQ Composite Index is down 0.7% as of 11:26 AM ET. Notable companies like Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), and Adobe Inc. (NASDAQ:ADBE) are trending today.
Let’s discuss the factors moving the stocks today and look at how elite hedge funds are positioned in them.
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10. EPAM Systems, Inc. (NYSE:EPAM) has risen more than 4.2% as of 9:54 AM ET. The stock price of Newtown, Pennsylvania-based manufacturer of customized software is rallying after reports that Russian President Putin sees some “positive shifts” amidst the talks between Russia and Ukraine. During a televised meeting with Belarusian President Alexander Lukashenko earlier today, Mr. Putin shared these comments. At the end of Q4 2021, 38 hedge funds held a stake in EPAM Systems, Inc. (NYSE:EPAM), with a cumulative value of $503.08 million. Driehaus Capital is long over 81,000 shares of EPAM Systems, Inc. (NYSE:EPAM) as of Q4 2021.
9. Moderna, Inc. (NASDAQ:MRNA) is up 2.8% as of 10:03 AM ET after the Cambridge, Massachusetts-based biotech giant revealed that during the Phase II clinical trial of the Omicron-specific booster candidate, it had dosed the first human subject. Moderna, Inc. (NASDAQ:MRNA) plans to induct around 375 subjects in the trial that will be carried out at 20 study centers across the US. The Phase II of the clinical trial will study the safety and efficacy of a single shot booster in adults aged 18 and above. The company is working on staying ahead of the virus by creating more evolved vaccines. Of the 924 hedge funds in Insider Monkey’s database, 43 held a stake in Moderna, Inc. (NASDAQ:MRNA) at the end of Q4 2021, down from 49 in the previous quarter.
8. Meta Platforms, Inc. (NASDAQ:FB) is 3.1% down as of 10:10 AM ET. The European Union (EU) and the UK antitrust authorities have opened parallel investigations against the social media giant, looking into a 2018 online display advertising deal between Facebook and Google. Meta Platforms, Inc. (NASDAQ:FB) has been accused of colluding and adversely impacting competition in the online advertisement display services. Out of the 924 hedge funds being tracked by Insider Monkey, 224 funds had a stake in Meta Platforms, Inc. (NASDAQ:FB) at the end of Q4 2021. Codex Capital is the leading investor in Meta Platforms, Inc. (NASDAQ:FB), with a stake worth over $9 billion as of Q4 2021.
7. Deere & Company (NYSE:DE) has surged 1.8% as of 10:22 AM ET after the coverage on the agricultural equipment manufacturer was initiated with an Overweight rating and a price target of $455 by Seth Weber at Wells Fargo. The analyst thinks that the farm equipment industry has moved into the moderate range, and the farmers’ income will be under pressure due to lower subsidies by the government and higher costs of production. However, Deere & Company (NYSE:DE) is constantly working on distancing itself from the rest of the industry by benefiting from the secular tailwinds related to technology and sustainability. Overall, 61 hedge funds were long on Deere & Company (NYSE:DE) at the end of Q4 2021, up from 54 in the preceding quarter.
6. EOG Resources, Inc. (NYSE:EOG) has plummeted 3.2% as of 10:33 AM ET. The stock price of EOG Resources, Inc. (NYSE:EOG) is under pressure after legislators in the US brought forward a bill that would tax the windfall profits of significant oil companies at a rate of 50%. This action would be taken to enhance the tax proceeds and divert them as direct payments to consumers earning less than $75,000 annually. Under the bill, the tax would apply to those organizations that either produce or import more than 300,000 barrels of crude oil per day. As of Q4 2021, EOG Resources, Inc.’s (NYSE:EOG) crude oil production stood at 456,200 barrels per day (BPD). At the end of Q4, 51 hedge funds held a stake in EOG Resources, Inc. (NYSE:EOG), compared to 47 funds during Q3 2021.
In addition to EOG Resources, Inc. (NYSE:EOG), popular companies like Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), and Adobe Inc. (NASDAQ:ADBE) are in the spotlight today.
Click to continue reading and see Why These 5 Stocks Are on the Move on Friday.
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Disclose. None. Why These 10 Stocks Are on the Move on Friday is originally published on Insider Monkey.
