In this article, we will take a look at some of the notable stocks that moved today.
The broader market is in the red today following increased uncertainty caused by the overnight attack on a nuclear power plant in Ukraine by Russia. In early trading, the S&P 500 Index was down 0.8%, and the Dow 30 Index has dipped over 1%. However, the better-than-expected February 2022 jobs report can change the sentiment during the remaining part of the day. The US economy added 678,000 jobs during February as opposed to the analysts’ expectations of 423,000, resulting in the unemployment rate falling to 3.8%, compared to the consensus estimate of 3.9%. Some of the stocks that captured investors’ attention today include United Airlines Holdings, Inc. (NASDAQ:UAL), Newmont Corporation (NYSE:NEM), and The Kroger Co. (NYSE:KR).
Let’s discuss the stocks that moved today and how elite funds are positioned in them.
10. Tesla, Inc. (NASDAQ:TSLA) is up 1.6% after Elon Musk, the CEO of the Austin, Texas-based electric vehicle manufacturer, gave an open invitation to the United Autoworkers (UAW) to come to his facility and rally his labor force to unionize. Musk thinks that Tesla, Inc. (NASDAQ:TSLA) treats the laborers fairly and compensates them well. Another key reason for the rise in stock price is the increase in crude oil prices, which make the proposition of electric vehicles attractive in the eyes of the consumers and potentially increase the total addressable market (TAM) for the industry. ARK Investment Management is one of the leading investors in Tesla, Inc.. As of Q4 2021, 91 hedge funds out of the 924 being tracked by Insider Monkey held a cumulative stake of over $12.9 billion in Tesla, Inc..
9. Broadcom Inc. (NASDAQ:AVGO) is 3% in the green after Joseph Moore at Morgan Stanley reiterated an Overweight rating on the stock with a price target of $703. The target price provides a potential upside of over 18% from the current stock price. The San Jose, California-based semiconductor company posted strong Q1 FY22 results, which surpassed the consensus estimates and resulted in Morgan Stanley highlighting the stellar cloud and enterprise spending of Broadcom Inc. (NASDAQ:AVGO). The analyst sees value in the company on a free cash flow basis. According to Insider Monkey’s database, 62 hedge funds had gone long Broadcom Inc. as of Q4 2021, up from 50 in the preceding quarter.
8. Splunk Inc. (NASDAQ:SPLK) has soared more than 7.2% today following a report that Hellman & Fried has taken a 7.5% stake in the company. The private equity firm started to take a long position in the company in December 2021 after the stock plummeted following the resignation of the CEO. As a result, the firm has become the largest shareholder in Splunk Inc. (NASDAQ:SPLK), with a stake of over $1.4 billion. The disclosure of the stake was made after Splunk Inc. revealed that Gary Steele will be taking over as the new CEO, effective from April 1. Insider Monkey’s proprietary data revealed that 44 hedge funds have a long position in Splunk Inc. as of Q4 2021.
7. Best Buy Co., Inc. (NYSE:BBY) is down 4.5% after Raymond James downgraded the stock from an Outperform to a Market Perform rating. The financial institution thinks that Best Buy Co., Inc. (NYSE:BBY) is in the middle of a ‘very challenging’ setup. Earlier this week on Monday, Bobby Griffin at Raymond James had already slashed the target price for Best Buy Co., Inc. from $135 to $105 before Q4 2021 earnings results and annual investor’s event. The analyst thinks that the company faces a very challenging benchmark for FY23 on the back of two years of COVID-19 lockdowns. AQR Capital Management is the leading shareholder in Best Buy Co., Inc., with a stake worth over $132 million. Overall, 29 hedge funds held a stake in Best Buy Co., Inc. at the end of Q4 2021.
6. Occidental Petroleum Corporation (NYSE:OXY) has gained 8.4% today. Oil prices are on the rise as the majority of market participants are not buying or holding Russian crude oil. Following the Russian attack on a nuclear power plant in Ukraine, Brent Crude and West Texas Intermediate (WTI) benchmarks are up 4.7% and 5.5%, respectively, for the day. Crude oil prices are hovering near a seven-year high. Out of the 924 hedge funds tracked by Insider Monkey, 58 elite funds had a long position in Occidental Petroleum Corporation (NYSE:OXY) at the end of Q4. Icahn Capital LP is the biggest investor in the stock, with a stake worth around $1.30 billion.
Like Occidental Petroleum Corporation, other notable companies such as United Airlines Holdings, Inc., Newmont Corporation, and The Kroger Co. also moved today.
5. United Airlines Holdings, Inc. (NASDAQ:UAL) has slumped 6.6% after the company announced that it would stop the use of Russian airspace and is also looking into the possibility of canceling two routes between the US and India. Earlier this month, Russia announced that it had closed its airspace for 36 countries, including all the 27 EU members but did not mention United Airlines Holdings, Inc. in the list. On the other hand, the US has prohibited all Russian aircraft and airlines from entering its flying zone. Paul Reeder and Edward Shapiro’s PAR Capital Management is the leading investor in the company with a stake of around $149 million. Overall, 35 hedge funds had a stake in United Airlines Holdings, Inc. at the end of Q4 2021, up from 30 in the third quarter.
4. The Mosaic Company (NYSE:MOS) is up 5.8% after Jeffrey Zekauskas at JPMorgan increased the target price from $50 to $57 while maintaining an Overweight rating on the stock. The global potash market, according to the analyst, is significantly different from the nitrogen or phosphate markets in that there are no significant cost constraints on any of the big potash suppliers. Of the 924 hedge funds in Insider Monkey’s database, 46 funds had a long position in The Mosaic Company (NYSE:MOS) as of Q4 2021.
3. The Kroger Co. (NYSE:KR) has gained over 2.5% after the company received multiple upward revisions in target price from notable analysts. Kelly Bania at BMO Capital reiterated a Neutral rating on The Kroger Co. but increased the target price from $41 to $57. The analyst highlighted that higher inflation and rising fuel prices provided support to strong comparable-store sales, which resulted in better-than-expected Q4 2021 results. A similar revision in target price was made by Robert Moskow at Credit Suisse. Mr. Moskow increased the target price from $47 to $57 while maintaining a Neutral rating. The analyst stated that the strong finish to FY21, and the bullish guidance is a sign by Kroger Co. that it intends to generate higher profits despite a challenging environment. As of Q4 2021, 41 hedge funds reported owning a stake in The Kroger Co., up from 39 in the preceding quarter.
2. Newmont Corporation (NYSE:NEM) is up 3% today following a 1.3% increase in gold prices due to rising uncertainty related to the conflict between Russia and Ukraine. The Denver, Colorado-based gold mining company already received a boost from Michael Jalonen at Bank of America, who increased the price target from $70 to $75 while reiterating a Buy rating on Newmont Corporation stock. Of the 924 hedge funds in Insider Monkey’s database, 45 funds held a stake in the precious metals company as of Q4 2021. First Eagle Investment Management is the leading investor in Newmont Corporation, with a stake worth over $1 billion.
1. CF Industries Holdings, Inc. (NYSE:CF) has gained 2.5% today after Jeffrey Zekauskas at JPMorgan increased the price target on the stock from $75 to $77 while reiterating a Neutral rating. The analyst thinks that the Deerfield, Illinois-based fertilizer manufacturing company does not face the cost predicament as faced by its European competitors. The cost of natural gas for CF Industries is $4.70/MMBtu, and the company is significantly profitable at the current nitrogen prices. At the end of Q4 2021, 58 hedge funds had a stake in CF Industries Holdings, Inc. (NYSE:CF), up from 49 in the preceding quarter.
You can also take a peek at the 6 Best Stocks to Buy According to Michael Burry and 10 Best Metaverse ETFs To Buy.
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This article is originally published at Insider Monkey.
