In this article, we will discuss some of the notable stocks trending today. To take a look at some more stocks that are tending today, go to Why These 5 Stocks Are Trending on Monday.
Amidst the uncertainty over the Russia-Ukraine conflict and reports of rising Covid-19 cases in China, it’s a mixed day on Wall Street. As of 12:33 PM ET, the S&P 500 Index and the NASDAQ Composite Index are down 0.08% and 1.19%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) Index is up 0.66%. Popular companies like Alibaba Group Holding Limited (NYSE:BABA), Tesla, Inc. (NASDAQ:TSLA), Apple Inc. (NASDAQ:AAPL), and Nokia Oyj (NYSE:NOK) are in the spotlight today.
Let’s look at the reasons the stocks are trending today and discuss how elite hedge funds are positioned in them.
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10. Moderna, Inc. (NASDAQ:MRNA) is up 17.4% as of 10:54 AM ET following global concerns related to the new COVID-19 variant, Deltacron. In addition to this, China is currently facing the worst outbreak of COVID-19 cases since early 2020. The country imposed lockdowns in various cities, following 3400 new reported cases on Sunday. On March 11, the WHO revealed that some cases of the Deltacron variant had been detected in Denmark, France, and the Netherlands. Of the 924 hedge funds in Insider Monkey’s database, 43 funds held a position in Moderna, Inc. (NASDAQ:MRNA) with a combined value of $3.89 billion as of Q4 2021. Theleme Partners is long over 5 million shares of Moderna, Inc. (NASDAQ:MRNA) as of Q4 2021.
9. DexCom, Inc. (NASDAQ:DXCM) has risen 6.5% as of 11:03 AM ET after the San Diego, California-based developer, manufacturer, and distributor of glucose monitoring system secured the globally renowned CE Mark for its DexCom G7 Continuous Glucose Monitoring System. The G7 Continuous Monitoring system takes regular readings and sends the result on a compatible display device. DexCom, Inc. (NASDAQ:DXCM) also claims that the system has the option to provide alerts that are customizable and can warn the users in case of low or high glucose readings. Earlier today, an analyst at Piper Sandler stated that DexCom, Inc. (NASDAQ:DXCM) is “off to the races in Europe” following this development. Overall, 71 hedge funds held a stake in DexCom, Inc. (NASDAQ:DXCM) at the end of Q4 2021.
8. Occidental Petroleum Corporation (NYSE:OXY) has plummeted 4.1% as of 11:15 AM ET following the news over the weekend that Russia and Ukraine are heading towards a diplomatic agreement, leading to a fall in crude oil prices. Furthermore, the Houston, Texas-based crude oil and natural gas exploration and production (E&P) company was downgraded from an Overweight to an Equal Weight rating by Devin McDermott at Morgan Stanley with a $52 target price. The analyst has cited relative outperformance and expensive valuation of Occidental Petroleum Corporation (NYSE:OXY) as the primary reasons for the downgrade. In the last 52 weeks, the stock price of Occidental Petroleum has seen a low and high of $21.62 and $59.60, respectively. Out of the 924 hedge funds being tracked by Insider Monkey, 58 held a stake in Occidental Petroleum Corporation (NYSE:OXY) at the end of Q4 2021.
7. SolarEdge Technologies, Inc. (NASDAQ:SEDG) is 4.8% down as of 11:25 AM ET following a round of diplomatic talks between Russia and Ukraine. This has caused crude oil prices to trace back their gains in recent days. Reduction in oil prices makes power generation from crude oil cheaper again. As a result, the installation of rooftop solar panels becomes less attractive for potential customers. Any possible diplomatic agreement would ease the energy crisis in Europe, which would bring down the utility bills and would act as a negative development for the Israeli-American solar company. Overall, 34 hedge funds held a position in SolarEdge Technologies, Inc. (NASDAQ:SEDG) at the end of Q4, up from 33 in the preceding quarter. Impax Asset Management is the leading investor in SolarEdge Technologies, Inc. (NASDAQ:SEDG), with a stake worth over $210 million as of Q4 2021.
6. Alibaba Group Holding Limited (NYSE:BABA) has declined 6.8% as of 11:33 AM ET after the Chinese e-commerce giant was double downgraded at JPMorgan. In addition to this, the target price was slashed by more than 63%. In a report issued to investors earlier today, Alex Yao at JPMorgan downgraded Alibaba Group Holding Limited (NYSE:BABA) stock from an Overweight to an Underweight rating and reduced the price target from $180 to $65. The analyst thinks that the increasing macroeconomic and geopolitical risks are causing numerous international investors to reduce their exposure in the Chinese internet sector. This has resulted in a significant outflow of funds. The reemergence of COVID-19 has also shaken investor confidence in future economic activity. As of Q4 2021, 96 hedge funds had a holding in Alibaba Group Holding Limited (NYSE:BABA), compared to 115 funds in the third quarter.
Besides Alibaba Group Holding Limited (NYSE:BABA), Tesla, Inc. (NASDAQ:TSLA), Apple Inc. (NASDAQ:AAPL), and Nokia Oyj (NYSE:NOK) are amongst the stocks trending today.
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Disclose. None. Why These 10 Stocks Are Trending on Monday is originally published on Insider Monkey.
