These 10 Stocks Are Getting Crushed Today

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In this article, we will discuss some of the popular stocks getting crushed on Wednesday. To take a look at some more stocks that are declining, go to These 5 Stocks Are Getting Crushed Today.

The major stock market indices are in the red today after the inflation data for April was published. It was revealed that CPI rose at a rate of 8.3%, higher than the analysts’ expectations. The latest inflation number will assist the Federal Reserve on the extent of measures required to control inflation. However, any move to control inflation also bears a risk of triggering a recession. Some notable stocks getting crushed today include Coinbase Global, Inc. (NASDAQ:COIN), Affirm Holdings, Inc. (NASDAQ:AFRM), and DISH Network Corporation (NASDAQ:DISH).

Let’s discuss why these stocks are crashing today and see how hedge funds are positioned in them.

10. Unity Software Inc. (NYSE:U) has fallen 32.38% as of 11:42 AM ET to a new 52-week low after the San Francisco, California-based software company lowered the FY22 revenue guidance. Unity Software Inc. (NYSE:U) anticipates Q2 2022 revenue to be in the range of $290 million to $295 million, reflecting a growth of 6% at the lower end, as opposed to a revenue growth of 36.3% experienced during Q1 2022. Moreover, Brian Schwartz at Oppenheimer also lowered the price target on Unity Software Inc. (NYSE:U) from $135 to $54.

Of the 924 hedge funds in Insider Monkey’s database, Unity Software Inc. (NYSE:U) was held by 36 hedge funds as of Q4 2021. ARK Investment Management was long over 8 million shares of Unity Software Inc. (NYSE:U) during Q1 2022.

9. Upstart Holdings, Inc. (NASDAQ:UPST) is down 11.78% as of 11:42 AM ET. The stock price of the California-based corporation lost more than 56% of its value yesterday following dismal earnings results. Upstart Holdings, Inc. (NASDAQ:UPST) stock is further being weighed down today due to a downgrade in rating from Overweight to Neutral by Simon Clinch at Atlantic Equities. Furthermore, the analyst made a significant downward revision in the price target on Upstart Holdings, Inc. (NASDAQ:UPST) from $245 to $45. Clinch highlighted that the outlook provided by the company assumes “heightened macro fears for the stock.” He expressed his concern about the company’s use of the balance sheet to supplement loan origination.

As of Q4 2021, 20 hedge funds held a stake in Upstart Holdings, Inc. (NASDAQ:UPST) as of Q4 2021.

8. T. Rowe Price Group, Inc. (NASDAQ:TROW) is down 3.30% as of 11:44 AM ET after the Baltimore, Maryland-based global investment firm reported a decline in assets under management (AUM) in April to $1.42 trillion. This reflects a decline of 11.25% on an MoM basis and 16.47% since the start of the year. Meanwhile, the AUM of US equity mutual funds was posted at $435 billion, reflecting a fall of 11% from March 2022 and 21.4% from December 2021.

On a sequential basis, the number of hedge funds holding a stake in T. Rowe Price Group, Inc. (NASDAQ:TROW) decreased by five to 30 hedge funds, with a combined stake of $474 million during Q4 2021. Markel Gayner Asset Management was the leading investor in T. Rowe Price Group, Inc. (NASDAQ:TROW) as of Q1 2022.

7. Rocket Companies, Inc. (NYSE:RKT) has slid 2.29% as of 11:43 AM ET after the Detroit, Michigan-based corporation was downgraded from a Buy to a Neutral rating by Arren Cyganovich at Citibank. The analyst also lowered the price target on Rocket Companies, Inc. (NYSE:RKT) from $14 to $8. The revision follows the company’s disappointing results for Q1 2022 that failed to surpass the analysts’ forecast. Cyganovich highlighted that although Rocket Companies, Inc. (NYSE:RKT) can increase its market share due to a tech-focused offering, he sees numerous challenges in the mortgage market in the near term. This can be due to higher inflation and rising interest rates resulting in higher bankruptcies and foreclosures.

The stock of Rocket Companies, Inc. (NYSE:RKT) was held by 20 hedge funds as of Q4 2021.

6. The Wendy’s Company (NASDAQ:WEN) has declined 8.26% as of 11:43 AM ET. Analysts anticipate the exuberant breakfast menu offered by The Wendy’s Company (NASDAQ:WEN) to face pressure as customers are likely to switch to more economical alternatives during times of rising inflation. During the first quarter, The Wendy’s Company’s (NASDAQ:WEN) same-store sales (SSS) increased by 1.1%, compared to the analysts’ forecast of 2.28%. Moreover, The Wendy’s Company (NASDAQ:WEN) was unable to surpass the consensus estimates for Q1 2022.

Of the 924 hedge funds being tracked by Insider Monkey, The Wendy’s Company (NASDAQ:WEN) was held by 26 hedge funds as of Q4 2021.

In addition to The Wendy’s Company (NASDAQ:WEN), other notable stocks that are crashing today include Coinbase Global, Inc. (NASDAQ:COIN), Affirm Holdings, Inc. (NASDAQ:AFRM), and DISH Network Corporation (NASDAQ:DISH).

Click to continue reading and see These 5 Stocks Are Getting Crushed Today.

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Disclose. None. These 10 Stocks Are Getting Crushed Today is originally published on Insider Monkey.