In this article, we take a look at five stocks that are on the move on Wednesday. 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 Wednesday.
5. Micron Technology, Inc. (NASDAQ:MU) has soared nearly 4% as of 9:56 AM ET after the manufacturer and seller of semiconductors reported strong earnings and outlook, receiving the support of analysts. Vijay Rakesh at Mizuho increased the price target on Micron Technology, Inc. (NASDAQ:MU) from $110 to $113, reflecting a potential upside of over 40% from the last closing price. The analyst thinks that Micron Technology, Inc. (NASDAQ:MU) is ‘well-positioned’ to capitalize on the opportunities in the data center, PC, and mobile segments.
Of the 924 hedge funds in Insider Monkey’s database, 83 held a stake in Micron Technology, Inc. (NASDAQ:MU) at the end of Q4 2021.
4. Meta Platforms, Inc. (NASDAQ:FB) has fallen nearly 1% as of 9:57 AM ET after it was revealed that Meta Platforms, Inc. (NASDAQ:FB) paid a Republican consulting firm to damage the image of competitor social media giant, TikTok. The campaign included the use of editorials and letters to the editors of major media outlets, painting TikTok as a danger to children.
Meta Platforms, Inc. (NASDAQ:FB) is already under pressure as the social media conglomerate lost daily active users during the last three months of 2021. Meta Platforms, Inc. (NASDAQ:FB) was held by 224 hedge funds at the end of Q4 2021.
3. The Kroger Co. (NYSE:KR) is 0.6% in the green as of 9:55 AM ET. The Cincinnati, Ohio-based grocery retailer has received attention from activist investor Carl Icahn. Icahn has nominated two directors to the board of the company and has raised his concerns regarding the application of gestation crates for pigs. He also voiced his displeasure over putting an end to the $2 per hour ‘hero bonus’ that The Kroger Co. (NYSE:KR) granted to the front lines workers during the pandemic.
Out of the 924 hedge funds covered by Insider Monkey, 41 funds had a stake in The Kroger Co. (NYSE:KR) as of Q4 2021. Warren Buffett’s Berkshire Hathaway Inc (NYSE:BRK-A) is the leading investor in The Kroger Co. (NYSE:KR), with a stake worth $2.78 billion.
2. Wayfair Inc. (NYSE:W) has lost 6% of its value as of 9:57 AM ET after the Boston, Massachusetts-based furniture and home goods e-commerce company was downgraded to a Sell rating by Laura Champine at Loop Capital. The analyst gave Wayfair Inc. (NYSE:W) stock a price target of $90, as opposed to $95 previously. The target price shows a potential downside of nearly 25% from the last closing price. Overall, 28 hedge funds held a stake in Wayfair Inc. (NYSE:W) with a combined value of $2.11 billion. Spruce House Investment Management is long over 4.8 million shares of Wayfair Inc. (NYSE:W) as of Q4 2021.
1. RH (NYSE:RH) has plummeted 10.9% as of 9:58 AM ET as the company’s CEO Gary Friedman warned about the effects of inflation in a Tuesday earnings call.
The California-based home furniture retailer was, however, upgraded to a Buy rating by Jonathan Matuszewski at Jefferies with a price target of $560. The price target reflects a potential upside of over 45% from the last closing price. The analyst highlighted that RH (NYSE:RH) stock has lost 50% of its value since its peak in August last year and provides a ‘rare entry point’ in a high-quality business. RH (NYSE:RH) was held by 58 hedge funds as of Q4 2021.
You can also take a peek at the 10 Blue Chip Stocks with Dividends and 10 Dividend Stocks Better Than Cryptocurrencies.
