In this article, we take a look at five stocks that are trending today. If you want to take a look at some more stocks that are trending today and the latest market situation, go to Why These 10 Stocks Are Trending on Tuesday.
5. Snap Inc. (NYSE:SNAP) has crashed 41% as of 12:42 PM ET after CEO Evan Spiegel warned that Snap Inc. (NYSE:SNAP) is expected to miss the earnings and revenue estimates for Q1 2022. The CEO attributed the slowdown in growth to the adverse macro-economic environment. Snap Inc. (NYSE:SNAP) has also announced that it would be slowing down its pace of hiring till the end of 2022 to lower the company’s overall expenses.
Snap Inc. (NYSE:SNAP) was discussed in the Q4 2021 investor letter of Baron Funds. Here’s what was said about the company:
“Snap Inc. is the leading social network among teens and young adults in North America and a growing number of overseas markets, including Western Europe and India. Shares fell this quarter on a greater-thananticipated impact from Apple’s new privacy changes for iOS mobile devices. These changes made it more difficult for Snapchat to measure the effectiveness of ads shown on its platform. We believe this is a near-term, industry-wide issue for which Snap is already developing a solution. Longer term, we continue to view Snap favorably as the company sustains its rapid pace of product innovation and expands its premium partnerships with advertisers.”
Of the 912 hedge funds tracked by Insider Monkey during Q1 2022, 54 funds held a stake in Snap Inc. (NYSE:SNAP).
4. Roivant Sciences Ltd. (NASDAQ:ROIV) has surged 5.62% as of 1:17 PM ET after a subdivision of the company, Dermavant Sciences, got the high-profile approval by the U.S. Food and Drug Administration for its launch of Vtama cream. The cream is designed to treat cases of acute skin-related disorders such as psoriasis. The analysts are bullish on Roivant Sciences Ltd. (NASDAQ:ROIV) stock with a buy rating and an average price target of $14.2. The target price provides a potential upside of nearly 295% from the last closing price.
Overall, 27 hedge funds held a position in Roivant Sciences Ltd. (NASDAQ:ROIV) as of Q1 2022.
3. Roblox Corporation (NYSE:RBLX) is down nearly 8.78% as of 1:40 PM ET after Atlantic Equities downgraded the stock from an Overweight to a Neutral rating. Analyst Kunal Malde also lowered the price target on Roblox Corporation (NYSE:RBLX) from $60 to $30. He shared that the Roblox Corporation (NYSE:RBLX) app’s download trend reflects weak user engagement. The analyst further stated that the “stock’s growth-consistent valuation looks relatively less attractive” in comparison to its competitors.
Roblox Corporation (NYSE:RBLX) was mentioned in the Q4 2021 investor letter of Tao Value. Here’s what the firm said:
“Roblox (RBLX) got significant more attention from both institutional & retail investors after Facebook announced to rename itself as Meta Platforms. I believe the price appreciation is largely attributed to the increased attention. On business side, Roblox rolled out a few successful music events and also partnered with Netflix on testing long-form media consumption in virtual world. Apple in its iOS 14.5 rolled out an impactful change for digital advertising landscape by requiring all apps to ask users to “opt in”.
Roblox Corporation (NYSE:RBLX) was held by 40 hedge funds at the end of Q1 2022, down from 61 in the preceding quarter.
2. Eaton Corporation plc (NYSE:ETN) is down 3.47% as of 1:51 PM ET after the power management company was downgraded from an Equal Weight to an Underweight rating at Barclays. The price target on Eaton Corporation plc (NYSE:ETN) was also lowered from $145 to $120. The revised price target presents a potential downside of 8.77% from the last closing price. Eaton Corporation plc’s (NYSE:ETN) stock is down 21% YTD.
Eaton Corporation plc (NYSE:ETN) was mentioned in the Q1 2022 investor letter of ClearBridge Investments. Here’s what the firm said:
“We also added to Eaton (NYSE:ETN), a market leader in the electrical equipment industry and a position begun late in 2021. Eaton’s products enable the electrification of the power grid and, importantly, EV charging infrastructure. Share prices should benefit as EVs grow and investments increase to improve grid efficiency and resilience.”
Of the 912 hedge funds tracked at the end of Q1 2022, Eaton Corporation plc (NYSE:ETN) was held by 42 hedge funds.
1. Abercrombie & Fitch Co. (NYSE:ANF) has slid over 30% as of 2:02 PM ET after the company cut its sales outlook for the current year, citing economic headwinds. Abercrombie & Fitch Co. (NYSE:ANF) shared that the product and freight costs were weighing down on the margins. Moreover, supply-chain backlogs are resulting in inventory piling up with the customer demand weakening. Abercrombie & Fitch Co.’s (NYSE:ANF) CEO stated that the company is working on reducing the high logistical expenses in the near future.
Abercrombie & Fitch Co. (NYSE:ANF) was held by 26 hedge funds at the end of Q1 2022.
You can also take a peek at the 12 Best US Stocks to Buy Now and 10 European Defense Stocks to Buy Now.
