Stocks on Tuesday bounced back from the lowest levels since July as investors eyed bargains in battered tech stocks while tracking inflation pressures in the global economy.
Here are some of the big movers in the stock market on Tuesday:
1. Under Armour | Increase 2%
Shares of Under Armour (UAA) – Get Under Armour, Inc. Class A Report rose after Wedbush analyst Tom Nikic initiated coverage of the sports apparel company with an outperform rating and $26 price target. Nikic said that given a healthy consumer, easy fourth-quarter comparisons, and a potential return of foreign tourism, he sees several key tailwinds to the footwear and apparel sector from a demand perspective over the near term.
2. Hershey | Increase 1.4%
Hersey (HSY) – Get Hershey Company (HSY) Report shares advanced one day after Goldman Sachs analyst Jason English raised his price target on the iconic chocolate maker to $191 from $190 and affirmed a buy rating on the shares. Management confirmed that the company last Thursday announced price increases across its US immediate consumption portfolio as well as its multiserve nonseasonal chocolate portfolio, the analyst said.
3. Coinbase Global | Increase 3%
Shares of Coinbase Global (COIN) , the country’s biggest cryptocurrency exchange, climbed as the prices for bitcoin and other crytpocurrencies surged. In addition, DA Davidson analyst Christopher Brendler, who has a buy rating and $400 price target on Coinbase, said recent exchange data suggests a volume-based third-quarter earnings beat.
4. Bit Digital | Increase 27%
Bit Digital (BTBT) – Get BIT DIGITAL, INC. Report shares were climbing after the bitcoin mining company said it had closed its previously announced private placement with institutional investors, a sale of 13.5 million shares.
5. Cloudflare | Increase 6.1%
Shares of Cloudflare (NET) – Get Cloudflare Inc Class A Report jumped after Wells Fargo analyst Andrew Nowinski initiated coverage of the cybersecurity company with an equal weight rating and $122 price target. Nowinski said Cloudflare is arguably one of the best-positioned vendors for digital transformation and migration to the cloud and is well positioned to be a leader in cloud security.
