10 Best Robinhood Stocks To Buy According To Hedge Funds

Published December 19, 2023 at 12:29 pm EST Updated September 7, 2026 at 12:13 pm EDT

In this article, we discuss the 10 best Robinhood stocks to buy according to hedge funds.

It has been astonishing to witness the incredible rise of stock trading applications in the past few years as tech-led disruption upends the finance markets around the globe. One of the biggest winners from this change has been Robinhood Markets, Inc. (NASDAQ:HOOD), a California-based financial services firm that offers commission-free trades. The reason that these applications are so popular is that they have given more power to retail investors. The Robinhood business is worth more than $11 billion and has over 20 million funded accounts.

Retail investors have become a dominant market force through the use of Robinhood Markets, Inc.. Latest figures reveal that users on the platform who engage in trades have an average age of just thirty one. Over half of the total users on the platform are first time traders. The company, founded in 2013, debuted on the market in 2021 and was valued at more than $32 billion at the time. Since then, inflationary pressures and recession fears have pummeled growth stocks, although they are now starting to recover from these challenges.

Some of the top Robinhood stocks to buy according to hedge funds include Microsoft Corporation (NASDAQ:MSFT), NVIDIA Corporation (NASDAQ:NVDA), and Walt Disney Company (NYSE:DIS), among others discussed in detail below. Vlad Tenev, the CEO of Robinhood Markets, Inc., recently highlighted how the advent of stocks trading apps had transformed finance, with individual stock trades going up even as the popularity of index funds reaches new highs.

“Our surviving competitors have been forced to adopt our business model and even to adapt their user interfaces to be similar to ours. And Robinhood is no longer just the trading app, we’ve been rapidly evolving into a broad financial services platform serving multiple financial needs, including spending, savings, and retirement. Our ambition and the opportunity ahead of us has expanded greatly. And so, it still feels like we are at the beginning of our journey.

We’re still No. 2 in retail trading market share in the US. We’re at the very early stages of expanding beyond trading, with just over $1 billion of retirement assets on our platform, out of the over $12 trillion US IRA market. We’re also just now beginning to take our first steps to serve customers outside the US, where we believe the need and opportunity for innovation in financial services is even greater than it is domestically.

As we continue to execute on our strategy, we believe we can grow into one of the largest and most profitable financial companies in the world.”

Our Methodology

These were selected using the Robinhood Investor Index as well as research using third party tools to identify the most popular stocks on trading application Robinhood Markets, Inc.. The analyst ratings of each stock are also discussed to provide readers with some context for their investment choices. Hedge fund sentiment was included as a classifier as well. The hedge fund sentiment around each stock was calculated using the data of around 900 hedge funds tracked by Insider Monkey in the third quarter of 2023.

A Traders Desk showing different stocks, with traders hands hovering above the screen.

Best Robinhood Stocks To Buy According To Hedge Funds

10. BlackBerry Limited (NYSE:BB)

Number of Hedge Fund Holders: 19

BlackBerry Limited (NYSE:BB) is a Canadian firm that provides security software services. On December 18, investment advisory RBC Capital maintained a Sector Perform rating on BlackBerry Limited stock with a price target of $4.5, noting the firm was expected to provide more details on the liquidity and cost-restructuring plan now that it is no longer proceeding with the IPO of the IoT business.

Among the hedge funds being tracked by Insider Monkey, Canada-based investment firm Fairfax Financial Holdings is a leading shareholder in BlackBerry Limited with 46 million shares worth more than $220 million.

Just like Microsoft Corporation, NVIDIA Corporation, and Walt Disney Company, BlackBerry Limited is one of the best Robinhood stocks to buy according to hedge funds.

9. Snap Inc. (NYSE:SNAP)

Number of Hedge Fund Holders: 25

Snap Inc. (NYSE:SNAP) is a California-based camera company. On December 19, investment advisory Loop Capital maintained a Buy rating on Snap Inc. stock and raised the price target to $21 from $15, backing the firm as a gen-AI winner.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm SRS Investment Management is a leading shareholder in Snap Inc. with 52 million shares worth more than $469 million.

8. Airbnb, Inc. (NASDAQ:ABNB)

Number of Hedge Fund Holders: 44

Airbnb, Inc. (NASDAQ:ABNB) operates a platform that enables hosts to offer stays and experiences to guests worldwide. On October 31, Mizuho analyst James Lee maintained a Neutral rating on Airbnb, Inc. stock and lowered the price target to $130 from $150.

Among the hedge funds being tracked by Insider Monkey, Florida-based Citadel Investment Group is a leading shareholder in Airbnb, Inc. with 3 million shares worth more than $422 million.

In its Q3 2023 investor letter, Artisan Partners, an asset management firm, highlighted a few stocks and Airbnb, Inc. was one of them. Here is what the fund said:

“Top contributors to performance for the quarter included global online travel marketplace Airbnb, Inc.. Airbnb again defied fears about weaker travel demand as it experienced continued recovery in cross-border and urban nights and resilient pricing trends, though travel volumes remain mixed.”

7. Walmart Inc. (NYSE:WMT)

Number of Hedge Fund Holders: 80

Walmart Inc. (NYSE:WMT) operates as a retail firm. On November 14, investment advisory Jefferies maintained a Buy rating on Walmart Inc. stock and raised the price target to $195 from $190.

Among the hedge funds being tracked by Insider Monkey, Texas-based investment firm Fisher Asset Management is a leading shareholder in Walmart Inc. with 9.1 million shares worth more than $1.4 billion.

6. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 81

Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company. On December 18, investment advisory RBC Capital maintained an Outperform rating on Tesla, Inc. stock and lowered the price target to $300 from $301.

At the end of the third quarter of 2023, 81 hedge funds in the database of Insider Monkey held stakes worth $5.8 billion in Tesla, Inc., compared to 79 in the previous quarter worth $6.5 billion.

In addition to Microsoft Corporation, NVIDIA Corporation, and Walt Disney Company, Tesla, Inc. is one of the best Robinhood stocks to buy according to hedge funds.

Here is what Baron Fund has to say about Tesla, Inc. in its Q2 2023 investor letter:

“Many factors contributed to the strong performance of our largest Disruptive Growth position, Tesla, Inc., in the period. Investors’ concerns regarding Tesla in 2022 continue to dissipate, and the company’s business has continued to grow materially, although at below peak margins. Tesla’s deliveries in China are recovering. The company’s newest factory in Texas has ramped production and should contribute to improved domestic sales and margins. U.S. government policies have lowered the cost to own Tesla vehicles, while also reducing the company’s battery production expenses.

We continue to believe that Tesla is only scratching the surface of its potential. We regard announced partnerships between Tesla and its competitors in the quarter as important. In early June, Tesla agreed to provide Ford Motors access to Tesla’s electric vehicle (EV) charging technology and network. Other traditional and pure EV manufacturers, including General Motors, Rivian, and Volvo, quickly followed suit. We expect additional charging partnerships to ensue. In our view, these relationships validate Tesla’s charging technology and infrastructure as superior to other standards. Consolidation around a single technology should accelerate charging infrastructure deployment, diminish the risk of Tesla’s technology becoming obsolete, and lessen a key concern of hesitant EV purchasers. EV adoption is at a tipping point. And Tesla, with its approximately 60% domestic market share of EVs, should be the most important beneficiary of this shift…” (Click here to read the full text)

5. The Walt Disney Company (NYSE:DIS)

Number of Hedge Fund Holders: 89

The Walt Disney Company operates as an entertainment company worldwide. On December 12, investment advisory Morgan Stanley maintained an Overweight rating on The Walt Disney Company stock and raised the price target to $110 from $105.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in The Walt Disney Company with 11 million shares worth more than $929 million.

4. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 134

Apple Inc. (NASDAQ:AAPL) is a consumer electronics firm. On November 16, Tigress Financial analyst Ivan Feinseth maintained a Strong Buy rating on Apple Inc. stock and raised the price target to $240 from $225.

At the end of the third quarter of 2023, 134 hedge funds in the database of Insider Monkey held stakes worth $179 billion in Apple Inc., compared to 135 in the previous quarter worth $194 billion.

In its Q3 2023 investor letter, Baron Funds highlighted a few stocks and Apple Inc. was one of them. Here is what the fund said:

“After a strong start to the year, shares of Apple Inc. partially retraced their gains this quarter. Mixed second calendar quarter financial results, with iPhone, iPad, and Wearables revenue coming in just shy of consensus expectations, coupled with elevated investor concerns about the macro economy and potential weakness in consumer spending later this year, pressured shares. Despite these quarterly fluctuations in product sales, we are encouraged by several long-term trends, including: (1) revenue from higher-margin services like the App Store, iCloud, and Apple Pay, which are growing faster than the overall business, driving better revenue visibility and higher free-cash-flow (FCF) margins; (2) continued gains in global market share in smartphones, wearables, and other hardware categories; and (3) consistent returns of capital to shareholders via share repurchases and dividends. On top of these trends in the core business, Apple is thoughtfully investing in new categories like augmented reality, search, financial services, and streaming media content. We took advantage of weakness in the quarter to add to our position in Apple.”

3. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 180

NVIDIA Corporation provides graphics, computing and networking solutions. On November 13, investment advisory Wolfe maintained an Outperform rating on NVIDIA Corporation stock with a price target of $630.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in NVIDIA Corporation with 20 million shares worth more than $8.8 billion.

In its Q3 2023 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and NVIDIA Corporation was one of them. Here is what the fund said:

“At the portfolio level, the positive fundamental trends we noticed in the second quarter continued into the third quarter as well – many of our companies are reporting stability or slight improvement in business trends. Weighted average 2023 revenue growth expectations for the portfolio were up 3.8% during the third quarter or up 0.8% if we exclude NVIDIA. We wrote at length about NVIDIA earlier this year, but it is worth mentioning that the company has continued to exceed its own projections and the Street’s most optimistic expectations. After raising its revenue and EPS guidance for 2023 by 40% and 69%, respectively, following its last quarter, NVIDIA increased it further by 26% and 35%, respectively, after reporting the most recent one. Consensus expectations now call for revenues to grow 94% this year, while earnings per share are expected to increase by 192%. You may have seen these kinds of growth rates before, but we doubt you saw them from a company generating $50 billion in revenues. The skeptics who continue to question and doubt the accelerating demand for Generative artificial intelligence forgot to tell NVIDIA about it. But we digress…back to the portfolio…profit expectations have risen even faster than revenues and were up 11% during the third quarter (or up 7.8% ex-NVIDIA) with margin expectations up 149bps (107bps ex-NVIDIA). So, broadly speaking, our companies are seeing improvement in overall business trends, which flow through to their bottom lines, driving higher margins. We are also starting to see the benefits of leaner cost structures and more disciplined capital allocation compared to two or three years ago when capital was both cheaper and more readily available.”

2. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 286

Amazon.com, Inc. (NASDAQ:AMZN) is a diversified technology firm with core interests in ecommerce. On November 10, investment advisory Tigress Financial maintained a Buy rating on Amazon.com, Inc. stock and raised the price target to $210 from $204.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Amazon.com, Inc. with 34 million shares worth more than $4.3 billion.

In its Q3 2023 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and Amazon.com, Inc. was one of them. Here is what the fund said:

“Amazon continues to showcase it’s place as one of the most competitively advantaged companies in the world. The company has made significant progress in managing costs and better leveraging existing capacity, driving a strong recovery in its profitability. We think there’s additional room for improvement.

AWS growth seems to be stabilizing even while management continues to work with clients to optimize their infrastructure spend. Roughly 90% of global IT spending remains on premise. We believe this will eventually flip, with most IT spending ultimately moving to the cloud over time. We think AWS will be a significant beneficiary of this transition.

Further, our investment case on company profitability driven by AWS and advertising continues to unfold, delivering nearly $8 billion in free cash flow over the trailing twelve months and a net margin of 5%. We expect both to move higher with the mix shift of more profitable businesses growing fastest continuing to take effect.

At Amazon’s current price, we believe the company is well positioned to deliver a mid-teens or higher total shareholder return for our clients over the next five plus years without a Herculean effort from the business. It simply needs to continue executing on current businesses and growing into the capacity it built during and immediately after the pandemic.”

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 306

Microsoft Corporation is a Washington-based technology company. On November 16, investment advisory Jefferies maintained a Buy rating on Microsoft Corporation stock with a price target of $400.

Among the hedge funds being tracked by Insider Monkey, Texas-based investment firm Fisher Asset Management is a leading shareholder in Microsoft Corporation with 24 million shares worth more than $7.8 billion.

In its Q3 2023 investor letter, Jackson Peak Capital, an investment management firm, highlighted a few stocks and Microsoft Corporation was one of them. Here is what the fund said:

“The Microsoft Corporation/Activision Blizzard, Inc. (NASDAQ:ATVI) merger arbitrage came to a successful conclusion with the court denying the FTC’s preliminary injunction request. The deal subsequently received approval from the UK CMA and closed in October. The ATVI position was an example of “staying around the hoop” of a significant arb opportunity. At first, the position led to a small loss in Q2 when the UK CMA initially blocked the deal in April, but we stayed close to the case, analyzed the FTC trial and scaled up the ATVI position as it became apparent FTC had a weak case, meaning the probability of the deal going through was mispriced by the market since the companies would likely find a solution to work with the UK CMA (only global regulator who had an issue) if the FTC lost.”

You can also take a peek at 13 Best Hemp Stocks to Buy Now and Billionaire Dan Loeb’s Top 10 Stock Picks.