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 trending, go to Why These 5 Stocks Are on the Move on Wednesday.
According to a Bloomberg index, the liquidity in US government securities has decreased since the start of the year, hitting values not seen since the initial phase of the coronavirus pandemic. This month’s price fluctuations have been compounded by poor trading conditions, with investors becoming anxious about how efficiently the market will operate as the Fed begins to reduce the size of its $9 trillion balance sheet. As of 1:32 PM ET, all three primary indices are in the red today, with popular stocks such as Meta Platforms, Inc. (NASDAQ:FB), The Kroger Co. (NYSE:KR), and Micron Technology, Inc. (NASDAQ:MU) being in the spotlight.
Let’s discuss the reasons why these stocks are trending today and take a look at how elite funds are positioned in them.
10. Pearson plc (NYSE:PSO) has fallen over 6% as of 9:53 AM ET after the New York-based investment company Apollo decided to walk away from the deal to acquire the London-based education group. Apollo made a third takeover bid of $8.8 billion for Pearson plc (NYSE:PSO), which was rejected by the company.
Only eight hedge funds held a long position in Pearson plc (NYSE:PSO) as of Q4 2021. Kenneth Squire-led 13D Management is the leading hedge fund investor in Pearson plc (NYSE:PSO), with a stake worth around $6.95 million.
9. AMC Entertainment Holdings, Inc. (NYSE:AMC) is down 6.8% for the day as of 9:53 AM ET. The stock price has tumbled after Pacific Management Investment Management Company (Pimco) co-founder Bill Gross termed the stock a lottery stock. Gross thinks that shorting AMC Entertainment Holdings, Inc. (NYSE:AMC) would reap benefits in the long run as the stock price will fall sooner or later.
However, the hedge fund manager is being considered on the wrong side of the trade as the stock price of AMC Entertainment Holdings, Inc. (NYSE:AMC) has surged more than 43% in the last two weeks. According to data compiled by Insider Monkey, 17 hedge funds held a stake in AMC Entertainment Holdings, Inc. (NYSE:AMC) as of Q4 2021.
8. BioNTech SE (NASDAQ:BNTX) is up 2.7% as of 9:53 AM ET after the COVID-19 vaccine manufacturer reported strong Q4 2021 results and shared other positive developments. BioNTech SE (NASDAQ:BNTX) sold 2.6 billion COVID-19 vaccines in 2021 and has already signed orders to deliver 2.4 billion vaccines this year.
Moreover, BioNTech SE (NASDAQ:BNTX) announced a special dividend for its shareholders and also shared its plan to buy back $1.5 billion worth of stock in the next two years. As of Q4 2021, 27 hedge funds had a stake in BioNTech SE (NASDAQ:BNTX). Coatue Management is the leading investor in the company, with a stake worth over $272 million.
7. Lululemon Athletica Inc. (NASDAQ:LULU) has risen 7.3% as of 9:57 AM ET after the Vancouver, British Columbia-based athleisure brand reported its Q4 2021 earnings yesterday. The earnings result has received positive feedback from analysts across the market.
John Kernan at Cowen increased the price target on Lululemon Athletica Inc. (NASDAQ:LULU) from $491 to $507. The analyst highlighted that despite the presence of headwinds in the form of the Omicron variant of COVID-19, inflationary pressure, and supply chain disruptions, the company has managed to perform well. Of the 924 hedge funds in Insider Monkey’s database, Lululemon Athletica Inc. (NASDAQ:LULU) was held by 43 funds as of Q4 2021.
6. Occidental Petroleum Corporation (NYSE:OXY) has risen 3.3% as of 9:55 AM ET after the target price of the crude oil and natural gas exploration and production (E&P) company was revised by more than 41% by John Freeman at Raymond James. The analyst increased the target price on Occidental Petroleum Corporation (NYSE:OXY) from $60 to $85 while maintaining a Strong Buy rating on the stock.
In a note issued to investors on March 30, Freeman highlighted that after the record-breaking performance in FY 2021, Occidental Petroleum Corporation (NYSE:OXY) is not as highly leveraged as it used to be. As of Q4 2021, 58 hedge funds reported owning a stake in Occidental Petroleum Corporation (NYSE:OXY).
In addition to Occidental Petroleum Corporation (NYSE:OXY), some notable movers today include Micron Technology, Inc. (NASDAQ:MU), Meta Platforms, Inc. (NASDAQ:FB), and The Kroger Co. (NYSE:KR).
Click to continue reading and see Why These 5 Stocks Are on the Move on Wednesday.
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Disclose. None. Why These 10 Stocks Are on the Move on Wednesday is originally published on Insider Monkey.
