In this article, we take a look at five stocks that are on the move on Friday. If you want to take a look at some more stocks that are tending today and the latest market situation, go to Why These 10 Stocks Are on the Move on Friday.
5. Tesla, Inc. (NASDAQ:TSLA) has declined 2.3% as of 10:41 AM ET following the news that experts and industry insiders think that Tesla, Inc. (NASDAQ:TSLA) will not be able to reach its ambitious target of mass-producing its batteries by the end of 2022. Moreover, the analysts think that the increasing cost of raw materials such as nickel could drive Tesla, Inc.’s (NASDAQ:TSLA) cost of manufacturing an electric car by over $1000. The hedge funds seem to be bullish on Tesla, Inc. (NASDAQ:TSLA) as the number of hedge funds invested in the company increased by 31 to 90 at the end of Q4 2021.
4. Caterpillar Inc. (NYSE:CAT) has risen 2.2% as of 10:49 AM ET following a coverage initiation that reflects a 9% upside from the last closing price. Seth Weber at Wells Fargo started coverage on Caterpillar Inc. (NYSE:CAT) with an Equal Weight rating and a target price of $231. In a research note issued to investors, Mr. Weber highlighted that Caterpillar Inc. (NYSE:CAT) is in a strong position to seek benefit from the construction, energy, and mining industries. Furthermore, the stock offers upside as we progress deeper into the current economic cycle. Out of the 924 hedge funds being tracked by Insider Monkey, 53 funds held a stake in Caterpillar Inc. (NYSE:CAT) at the end of Q4 2021
3. Starbucks Corporation (NASDAQ:SBUX) has fallen more than 2.2% as of 10:58 AM ET as the unionizing movement of its workforce is gaining strength. The most recent development has come out of Denver earlier this morning, where the workers of the coffee chain have gone on strike at the 2975 E. Colfax Avenue location. The workers are claiming that they have been targeted for supporting unionization and are going on a strike to raise their voice against the alleged unfair practices of Starbucks Corporation (NASDAQ:SBUX) against its employees. Overall, 53 hedge funds had a stake in Starbucks Corporation (NASDAQ:SBUX) at the end of Q4 2021, down from 58 in the previous quarter.
2. Adobe Inc. (NASDAQ:ADBE) is down 3.1% as of 11:09 AM ET after the target price of San Jose, California-based software giant was lowered more than 12% by Gregg Moskowitz at Mizuho earlier today. While maintaining a Buy rating on Adobe Inc. (NASDAQ:ADBE) stock, the analyst lowered the target price from $685 to $600, leaving a potential upside of 36% from the last closing stock price. Of the 924 hedge funds in Insider Monkey’s database, 94 held a position in Adobe Inc. (NASDAQ:ADBE) as of Q4 2021.
1. Amazon.com, Inc. (NASDAQ:AMZN) has gained more than 0.6% as of 11:19 AM ET. Lee Horowitz at Deutsche Bank initiated coverage on Amazon.com, Inc. (NASDAQ:AMZN) with a Buy rating and a target price of $4,200. The target price is more than 43% higher than the last closing price. The analyst thinks that Amazon.com, Inc. (NASDAQ:AMZN) is expected to undergo strong growth in revenue due to its grocery business and Amazon Web Services (AWS). He termed the stock as a “highly compelling risk/reward opportunity” in the present market situation. At the end of Q4 2021, 279 hedge funds held a stake in Amazon.com, Inc. (NASDAQ:AMZN), up from 242 in the preceding quarter.
You can also take a peek at the 10 Cheap Pharmaceutical Stocks For 2022 and Billionaire Paul Singer’s 10 Best Dividend Stocks.
