In this article, we will discuss some of the popular stocks trending today. You can skip our detailed analysis of these stocks and go to Why These 5 Stocks Are Trending on Wednesday.
The S&P 500 Index, Dow Jones Industrial Average (DJIA) Index, and the NASDAQ Composite Index were up 2.3%, 2%, and 2.8%, respectively, as of 11:35 AM ET on March 9. The movements reflect that the equity markets have absorbed concerns related to the sanctions imposed on Russia. Crude oil prices have declined significantly from their 14-year high following the announcement of an import ban on Russian crude by US President Joe Biden. Stocks like Exxon Mobil Corporation (NYSE:XOM), Amazon.com, Inc. (NASDAQ:AMZN), and Domino’s Pizza, Inc. (NYSE:DPZ) captured investors’ attention today.
Let’s discuss the stocks that are trending today and how hedge funds are positioned in them.
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10. Booking Holdings Inc. (NASDAQ:BKNG) is up more than 8.2% as of 9:54 AM ET after the Norwalk, Connecticut-based travel services company was upgraded from a Perform to an Outperform rating by Jed Kelly at Oppenheimer. Mr. Kelly thinks that Booking Holdings Inc. (NASDAQ:BKNG) is investing aggressively into the recovery of economic activities through connected trips, brand and loyalty initiatives, and payments. The analyst revised the revenue and EPS estimates for 2023 by 4% and 10%, respectively, on the back of a decline in international traveling restrictions. Jed Kelly anticipates an EPS growth of 65% from 2021 to 2023. The target price of $2,560 is based on 20 times the earnings per share in 2023, which is surprisingly less than the multiple of 21 times against 2022 EPS. Out of the 924 hedge funds in Insider Monkey’s database, 92 owned a stake in Booking Holdings Inc. (NASDAQ:BKNG) at the end of Q4 2021. Harris Associates has taken a long position in Booking Holdings Inc. (NASDAQ:BKNG), with a stake worth over $1 billion.
9. Match Group, Inc. (NASDAQ:MTCH) has soared 10.7% as of 10:08 AM ET after the stock was upgraded from a Market Perform to an Outperform rating by Daniel Salmon at BMO Capital Markets. Mr. Salmon is broadly positive about the online dating applications industry and expects it to outperform the internet sector. The analyst gave a target price of $130 on Match Group, Inc. (NASDAQ:MTCH). The stock has a 52-week low and high of $89.15 and $182, respectively. At the end of Q4 2021, 53 hedge funds owned a stake in Match Group, Inc. (NASDAQ:MTCH), down from 56 in the preceding quarter.
8. Dollar Tree, Inc. (NASDAQ:DLTR) has risen 2.7% as of 10:25 AM ET after the Chesapeake, Virginia-based discount retailer revealed yesterday that it would increase the size of its Board of Directors to 12 and, in the process, add seven directors to its existing roster of five. This was part of a settlement with activist investor Mantle Ridge. On the back of this development, Dollar Tree, Inc. (NASDAQ:DLTR) stock has received positive feedback from analysts in terms of multiple upgrades. Piper Sandler upgraded the stock to an Overweight rating with a price target of $181. The firm thinks that Dollar Tree, Inc. (NASDAQ:DLTR) is on a multi-year improvement plan. Meanwhile, Anthony Chukumba at Loop Capital upgraded the stock from a Hold to a Buy rating with a $200 price target. Of the 924 hedge funds being tracked by Insider Monkey, 44 reported owning a stake in Dollar Tree, Inc. (NASDAQ:DLTR) at the end of Q4 2021.
7. Netflix, Inc. (NASDAQ:NFLX) is 4.6% in the green as of 10:37 AM ET after the Los Gatos, California-based streaming giant received an upgrade from Underperform to a Neutral rating by Michael Pachter at Wedbush, with a target price of $342. The analyst thinks that Netflix, Inc. (NASDAQ:NFLX) is an extremely profitable enterprise that offers a long-term growth prospect. In another development, Netflix’s CFO Spencer Neumann kept open the possibility of introducing advertisements on the platform to provide a cheaper offering to customers. According to Insider Monkey’s database, 113 hedge funds had a stake in Netflix, Inc. (NASDAQ:NFLX) as of Q4 2021. The total value of their holdings was $14.47 billion. Fisher Asset Management is the leading shareholder in Netflix, Inc. (NASDAQ:NFLX), with a stake worth over $3.2 billion.
6. Under Armor, Inc. (NYSE:UAA) is up 6.6% as of 11:28 AM ET after Matthew Boss at JPMorgan highlighted that there is a buying opportunity for potential investors at the current stock price. In a research note issued today following meetings with the management, the analyst has given Under Armor, Inc. (NYSE:UAA) stock an Overweight rating with a price target of $23. During the meeting with the analyst, the Baltimore, Maryland-based apparel, footwear, and accessories manufacturing and retailing company highlighted that there is a “clear inflection in demand” for the Under Armor brand. As of Q4 2021, 53 hedge funds had a stake in Under Armor, Inc. (NYSE:UAA), with a cumulative value of $1.78 billion.
Apart from Under Armor, Inc. (NYSE:UAA), Domino’s Pizza, Inc. (NYSE:DPZ), Exxon Mobil Corporation (NYSE:XOM), and Amazon.com, Inc. (NASDAQ:AMZN) are amongst the stocks trending today.
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Disclose. None. Why These 10 Stocks Are Trending on Wednesday is originally published on Insider Monkey.
