In this article, we will take a look at the top 10 trending stocks today. If you want to check out some more companies making headlines on Tuesday, go directly to Top 5 Trending Stocks Today.
Retail giant Walmart Inc. (NYSE:WMT), consumer internet company Sea Limited (NYSE:SE) and home improvement retailer The Home Depot, Inc. (NYSE:HD) came into the limelight this morning following their earnings.
Shares of Walmart Inc. (NYSE:WMT) and The Home Depot, Inc. (NYSE:HD) rose after their upbeat financial performance. In comparison, Sea Limited (NYSE:SE) shares fell following its mixed results for Q2
Many other companies, including Bed Bath & Beyond Inc. (NASDAQ:BBBY) and Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), were also among the top trending stocks of the day.
Check out the complete article below to see why these stocks are trending today.
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10. Bed Bath & Beyond Inc. (NASDAQ:BBBY)
Number of Hedge Fund Holders: 15
Shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) extended their rally this morning, skyrocketing more than 50 percent on a massive volume. The stock has now climbed about 400 percent so far in August, including today's gain.
There is no company-specific news behind the latest winning streak. The rally has been primarily driven by platforms like Reddit's WallStreetBets, where individual traders are pumping the shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY).
Meanwhile, several analysts have downgraded Bed Bath & Beyond Inc. (NASDAQ:BBBY), citing its unrealistic valuation. For instance, B. Riley lowered its ratings for the New Jersey-based retail store operator to "Neutral." The research firm also reiterated a price target of $5 for Bed Bath & Beyond Inc. (NASDAQ:BBBY), compared to the stock's current trading price of about $25.
9. Nu Holdings Ltd. (NYSE:NU)
Number of Hedge Fund Holders: 17
Shares of Nu Holdings Ltd. (NYSE:NU) climbed over 12 percent in the pre-market trading session today after the Brazilian digital banking platform posted record sales for the second quarter.
Nu Holdings Ltd. (NYSE:NU) generated revenue of nearly $1.2 billion, representing a massive surge of 230 percent over the comparable period of 2021. It was also significantly higher than analysts' average estimate of $907.82 million.
In addition, the company reported adjusted earnings of $17 million for the quarter. Among other updates, Nu Holdings Ltd. (NYSE:NU) said that it added 5.7 million customers during the three months ended June 30, up 57 percent on a year-over-year basis.
8. The GEO Group, Inc. (NYSE:GEO)
Number of Hedge Fund Holders: 17
The GEO Group, Inc. (NYSE:GEO) is making headlines today after Michael Burry's hedge fund Scion Asset Management disclosed stakes in the Florida-based prison company. According to a recent filing, Scion holds about 0.5 million shares of The GEO Group, Inc. (NYSE:GEO).