In this article, we talk about the 15 stocks with the biggest hedge fund momentum.
On February 23, Bloomberg News reported that during the week ended February 19, hedge funds registered record-high net sales of global stocks, the highest since early April 2025. Despite the selling spree, hedge funds maintained solid performance in early 2026, a period characterized by choppy markets and including the worst single-day drop for three major fund strategies since the COVID-19 pandemic.
Goldman Sachs Group Inc.’s Prime Services Desk said, “All major regions were net sold, led by North America and Europe. Single stocks and macro products were both net sold and made up 58% and 42% of the total notional net selling, respectively, both led by short sales.”
Meanwhile, JPMorgan told its clients in a note that hedge funds bought the largest tech stocks last week, according to a Reuters report from February 24. Hedge funds also bought shares in companies considered vulnerable to advances in artificial intelligence. Software stocks saw some buying after being sold down by historic amounts the week before, JPMorgan added.
Goldman Sachs also said that hedge fund leverage is nearing its highest level in a year, noting that net sales orders in global equities hit their highest level since U.S. President Donald Trump announced a barrage of import tariffs last April.
With that said, here is the list of the 15 stocks with the biggest hedge fund momentum.
Photo by Patrick Weissenberger on Unsplash
Our Methodology
We compiled a list of stocks of companies that saw the biggest jump in the number of hedge funds invested in them as per Insider Monkey’s hedge fund database. To do that, we included companies with at least 15 hedge fund holders in Q4 2025, then sorted them by the number of hedge funds they gained from Q3 2025 to Q4 2025.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
Note: All pricing data is as of market close on February 25, 2026.
15. Cogent Biosciences Inc. (NASDAQ:COGT)
Number of Hedge Fund Holders as of Q4 2025: 69 (+25 from Q3 2025)
Cogent Biosciences Inc. (NASDAQ:COGT) is one of the 15 stocks with the biggest hedge fund momentum, after gaining 25 hedge fund holders during the fourth quarter of 2025. On February 18, Piper Sandler analysts raised their price target on Cogent Biosciences Inc. (NASDAQ:COGT) t0 $52 from $39. According to these analysts, who maintained an Overweight rating on Cogent Biosciences Inc. (NASDAQ:COGT), their $13 increase on the price target is justified by the company’s shift toward regulatory approvals and commercial readiness following fourth-quarter 2025 results.
Piper Sandler noted that Cogent Biosciences Inc. (NASDAQ:COGT) submitted a New Drug Application (NDA) for bezuclastinib in non-advanced systemic mastocytosis, with acceptance expected this month. The drug is positioned for potential approval and launch in the second half of 2026. The company also plans to submit an NDA for second-line gastrointestinal stromal tumors in April and an advanced systemic mastocytosis NDA in the first half of 2026. Given these developments, the company’s focus now turns to execution as it moves toward commercialization, according to the analysts.
Cogent Biosciences Inc. (NASDAQ:COGT) is a biotechnology company that develops precision therapies for genetically defined diseases.
14. Lumentum Holdings Inc. (NASDAQ:LITE)
Number of Hedge Fund Holders as of Q4 2025: 95 (+26 from Q3 2025)
Lumentum Holdings Inc. (NASDAQ:LITE) is one of 15 stocks with the biggest hedge fund momentum, after gaining 26 hedge fund holders during the fourth quarter of 2025. On February 23, Morgan Stanley increased the price target on Lumentum Holdings Inc. (NASDAQ:LITE) to $520 from $420, while retaining the stock’s Equal Weight rating, citing the increasing speed of investment in AI data centers.
According to Morgan Stanley analysts, optical markets are set to grow to more than $65 billion by 2028 from about $30 billion in 2025. Morgan Stanley also projects the addition of $23 billion to the total addressable market for optical products from companies like Lumentum Holdings Inc. (NASDAQ:LITE), driven by the anticipated adoption of new optical technologies as traditional networks reach their limits. The analysts’ price target change followed a similar action from Mizuho, which also increased its price target on Lumentum Holdings Inc. (NASDAQ:LITE) to $645 from $525 on February 17, while retaining the stock’s current Outperform rating.
Lumentum Holdings Inc. (NASDAQ:LITE) provides optical and photonic products. It operates through two segments: Cloud and Networking, which deals with optical and photonic components, modules, and subsystems, and Industrial Tech, which includes solid-state lasers, kilowatt-class fiber lasers, ultrafast lasers, diode lasers, and gas lasers.
13. Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM)
Number of Hedge Fund Holders as of Q4 2025: 221 (+27 from Q3 2025)
Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) is one of 15 stocks with the biggest hedge fund momentum, after gaining 27 hedge fund holders during the fourth quarter of 2025. On February 24, Apple said that it is on track to purchase more than 100 million advanced chips produced by Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) at its Arizona facility, marking a significant increase in orders from 2025. The iPhone maker said that it sourced more than 20 billion U.S.-made chips from 24 factories across 12 states, including those of partners like Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM), Broadcom, and Texas Instruments.
Apple also said GlobalWafers has begun production at its new $4 billion bare silicon wafer facility in Sherman, Texas. Wafers produced in Sherman will be used by Apple’s chip manufacturing partners in the U.S., including Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) and Texas Instruments. This disclosure from Apple followed NVIDIA CEO Jensen Huang’s remarks in January that his company had already overtaken the iPhone maker as TSMC’s largest customer, according to a January 26 CNBC report.
Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) is the world’s largest semiconductor foundry and is engaged in the manufacturing and designing of semiconductor chips. These chips are used by companies across several end markets, including personal computers and peripheral products, consumer electronics, wired and wireless communications systems, and automotive and industrial equipment.
12. NVIDIA Corp. (NASDAQ:NVDA)
Number of Hedge Fund Holders as of Q4 2025: 261 (+27 from Q3 2025)
NVIDIA Corp. (NASDAQ:NVDA) is one of 15 stocks with the biggest hedge fund momentum, after gaining 27 hedge fund holders during the fourth quarter of 2025. On February 25, NVIDIA Corp. (NASDAQ:NVDA) reported record revenue for its fourth quarter ended January 25, 2026, of $68.1 billion, up 20% from the previous quarter and up 73% from a year ago. For fiscal 2026, revenue was $215.9 billion, up 65% from a year ago.
For the quarter, GAAP and non-GAAP earnings per diluted share were $1.76 and $1.62, respectively. For fiscal 2026, GAAP and non-GAAP earnings per diluted share were $4.90 and $4.77, respectively. During fiscal 2026, NVIDIA returned $41.1 billion to shareholders through share repurchases and cash dividends. As of the end of the fourth quarter, the company had $58.5 billion remaining under its share repurchase authorization. Jensen Huang, founder and CEO of NVIDIA, said, “Enterprise adoption of agents is skyrocketing. Our customers are racing to invest in AI compute — the factories powering the AI industrial revolution and their future growth.”
NVIDIA expects its revenue for the first quarter of fiscal 2027 to be around $78.0 billion, plus or minus 2%, excluding data center compute revenue from China. GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, plus or minus 50 basis points, inclusive of a 0.1% impact from stock-based compensation expense. GAAP and non-GAAP operating expenses are expected to be approximately $7.7 billion and $7.5 billion, respectively, inclusive of $1.9 billion of stock-based compensation expense.
Meanwhile, on February 24, analysts at HSBC lowered their price target on NVIDIA Corp. (NASDAQ:NVDA) to $310 from $320 while maintaining a Buy rating.
NVIDIA Corporation (NASDAQ:NVDA) is a fabless semiconductor and AI computing company that designs GPUs, AI accelerators, Application Programming Interfaces (APIs), and system-on-a-chip units. Through its CUDA ecosystem, the company enables industries ranging from autonomous vehicles to scientific research by advancing AI, accelerated computing, and data center infrastructure.
11. Olema Pharmaceuticals Inc. (NASDAQ:OLMA)
Number of Hedge Fund Holders as of Q4 2025: 50 (+28 from Q3 2025)
Olema Pharmaceuticals Inc. (NASDAQ:OLMA) is one of 15 stocks with the biggest hedge fund momentum, after gaining 28 hedge fund holders during the fourth quarter of 2025. On February 19, Citi analyst Yigal Nochomovitz maintained a Buy rating on Olema Pharmaceuticals Inc. (NASDAQ:OLMA) and set a price target of $60. Meanwhile, on February 11, Stifel initiated coverage of Olema Pharmaceuticals Inc. (NASDAQ:OLMA) with a Buy rating and $48 price target, saying that it conservatively modeled peak sales estimates of $3.1B in 2035 for lead asset palazestrant. The analyst added that endocrine therapy could be “a $20 billion plus global market opportunity with plenty of room for many big players.”
These analyst actions followed a January 30 announcement from Olema Pharmaceuticals Inc. (NASDAQ:OLMA) that Shane Kovacs, its Chief Operating Officer and Chief Financial Officer, had departed the company, effective the same day. The company stated that Kovacs is leaving to pursue new opportunities and will remain in a consulting role through August 1, 2026. The company also announced that Sean Bohen, Olema’s Chief Executive Officer, has assumed the responsibilities of principal financial officer on an interim basis until a successor is appointed.
Olema Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company that focuses on the discovery, development, and commercialization of next-generation targeted therapies for women’s cancers. Its product candidate, OP-1250, is a novel oral therapy with combined activity as both a complete ER antagonist, or CERAN, and a selective ER degrader, or SERD, which is believed to drive deeper, more durable responses than existing therapies
10. Circle Internet Group Inc. (NYSE:CRCL)
Number of Hedge Fund Holders as of Q4 2025: 57 (+28 from Q3 2025)
Circle Internet Group Inc. (NYSE:CRCL) is one of 15 stocks with the biggest hedge fund momentum, after gaining 28 hedge fund holders during the fourth quarter of 2025. On February 12, Wolfe Research lowered its price target on Circle Internet Group Inc. (NYSE:CRCL) to $40 from $65 while maintaining an Underperform rating.
In his report, Wolfe Research analyst Daniel Krebs cited “material lower out-year profitability estimate with similar operation expense growth assumptions” compared to the firm’s prior model as the primary reason for the target reduction. The new price target is based on a multiple of 19x the firm’s 2027 EBITDA estimate of $634 million, down from the previous estimate of $865 million. The multiple was also reduced from 21.5x previously. Despite the lower target, Wolfe Research noted that the assigned multiple on the company behind the stablecoin USDC, the second-most popular of its digital asset class following USDT, still represents a premium to peers trading at around 13-19x.
Circle Internet Group Inc. (NYSE:CRCL) is a financial technology company that creates digital currencies and public blockchains for payments, commerce, and financial applications worldwide.
9. Avidity Biosciences Inc. (NASDAQ:RNA)
Number of Hedge Fund Holders as of Q4 2025: 68 (+28 from Q3 2025)
Avidity Biosciences Inc. (NASDAQ:RNA) is one of 15 stocks with the biggest hedge fund momentum, after gaining 28 hedge fund holders during the fourth quarter of 2025. On February 23, Avidity Biosciences Inc. (NASDAQ:RNA) adjourned its special stockholder meeting scheduled for the same day and moved the date to February 26.
Avidity Biosciences Inc. (NASDAQ:RNA) said it needs additional time to satisfy conditions for the distribution of all outstanding shares of Atrium Therapeutics Inc. to Avidity stockholders. The distribution is required before closing the previously announced merger with Novartis AG. The company said the distribution is expected to occur on February 26, with the merger closing anticipated for February 27. Both transactions remain subject to closing conditions, including stockholder approval. The company’s common stock will temporarily trade under the symbol “RNAM” on the Nasdaq Global Market beginning on the distribution date to facilitate the transition.
Avidity Biosciences Inc. (NASDAQ:RNA) engages in the development of a new class of oligonucleotide-based therapies called Antibody Oligonucleotide Conjugates (AOC). It utilizes its AOC platform to design, engineer, and develop therapeutics that combine the tissue selectivity of monoclonal antibodies and the precision of oligonucleotide-based therapies in order to access previously undruggable tissue and cell types and more effectively target underlying genetic drivers of diseases.
8. Coherent Corp. (NYSE:COHR)
Number of Hedge Fund Holders as of Q4 2025: 107 (+29 from Q3 2025)
Coherent Corp. (NYSE:COHR) is one of 15 stocks with the biggest hedge fund momentum, after gaining 29 hedge fund holders during the fourth quarter of 2025. On February 23, Morgan Stanley analyst Meta Marshall raised the firm’s price target on Coherent Corp. (NYSE:COHR) to $250 from $200, while keeping an Equal Weight rating on the shares. According to the analyst, traditional networks are about to reach their limits, leading to the adoption of new optical technologies that could add $23 billion to the total addressable market and expand the optical products industry to about $90 billion.
Meanwhile, on February 9, BofA raised its price target on Coherent Corp. (NYSE:COHR) to $250 from $230 and kept its Neutral rating on the shares. The analyst expects capital expenditure to be $748 billion and $869 billion in calendar years 2026 and 2027, respectively, representing 56% and 16% year-over-year growth, respectively. Notably, the analyst also raised price targets for a number of names exposed to the AI capital expenditure buildout.
Coherent Corp. (NYSE:COHR) engages in the development, refinement, manufacturing, and marketing of engineered materials, opto-electronic components and devices, and lasers for use in the industrial, communications, electronics, and instrumentation markets.
7. Micron Technology Inc. (NASDAQ:MU)
Number of Hedge Fund Holders as of Q4 2025: 135 (+30 from Q3 2025)
Micron Technology Inc. (NASDAQ:MU) is one of 15 stocks with the biggest hedge fund momentum, after gaining 30 hedge fund holders during the fourth quarter of 2025. On February 16, The Wall Street Journal reported that Micron Technology Inc. (NASDAQ:MU) is spending $200 billion as it rushes to add manufacturing capacity to avert the biggest supply crunch the memory chips industry has seen in more than 40 years.
In its headquarters, Micron Technology Inc. (NASDAQ:MU) is spending $50 billion to more than double the size of its 450-acre campus, including the construction of two new chip factories, with the inaugural silicon wafers expected to roll off the factory line in mid-2027. The company also broke ground on a $100 billion fab complex that represents the largest-ever private investment in the state of New York, after announcing a $9.6 billion fab investment in Hiroshima, Japan, last year.
Amid the AI boom, which resulted in demand far outpacing capacity in the memory-chip market, the processors designed by companies including Nvidia, Google, Broadcom, and Advanced Micro Devices require more and faster memory chips for both model training and inference, or the process of responding to queries, necessitating the rush to build more chip factories.
Micron Technology Inc. (NASDAQ:MU) provides memory and storage solutions sold into client, cloud server, enterprise, graphics, networking, smartphone, mobile-device, automotive, industrial, and consumer markets, among others.
6. Exact Sciences Corp. (NASDAQ:EXAS)
Number of Hedge Fund Holders as of Q4 2025: 83 (+31 from Q3 2025)
Exact Sciences Corp. (NASDAQ:EXAS) is one of 15 stocks with the biggest hedge fund momentum, after gaining 31 hedge fund holders during the fourth quarter of 2025. On February 20, the company announced that its shareholders had approved the proposed merger with Abbott Laboratories. The decision was made at a special meeting held that day. Under the terms of the merger agreement, Abbott Laboratories will acquire Exact Sciences for $105 per share in cash, a transaction valued at approximately $21 billion in equity. Exact Sciences will merge with a subsidiary of Abbott Laboratories and become a wholly owned subsidiary of Abbott.
Of the 190,810,202 shares eligible to vote, 128,906,310 shares of Exact Sciences Corp. (NASDAQ:EXAS), or 67.56%, were represented in person or by proxy, constituting a quorum. The merger agreement proposal received 128,431,562 votes in favor, 386,941 votes against, and 87,807 abstentions. Completion of the merger remains subject to customary closing conditions, including regulatory approvals.
Exact Sciences Corp. (NASDAQ:EXAS) is a cancer screening and diagnostics company that offers a non-invasive screening test for the early detection of certain types of cancer.
5. Lululemon Athletica Inc. (NASDAQ:LULU)
Number of Hedge Fund Holders as of Q4 2025: 77 (+35 from Q3 2025)
Lululemon Athletica Inc. (NASDAQ:LULU) is one of 15 stocks with the biggest hedge fund momentum, after gaining 35 hedge fund holders during the fourth quarter of 2025. On February 13, Piper Sandler reiterated its Neutral rating and $190.00 price target on Lululemon Athletica Inc. (NASDAQ:LULU), noting significant uncertainty surrounding the company’s CEO search, with potential candidates including Jane Nielsen and Fran Horowitz.
The analyst firm also adjusted its fourth-quarter 2025 and fiscal 2026 estimates upward for Lululemon Athletica Inc. (NASDAQ:LULU), though its first-quarter 2026 projections remain below consensus, with the firm expressing concerns about the company’s product direction after reviewing the recently launched EasyFive denim collection.
In its research note, Piper Sandler indicated that a margin reset is likely ahead for the athletic apparel retailer, though it observed the stock is “inexpensive” at current specialty retail valuations of 13-14x earnings. The firm suggested the stock could experience “an outsized move” similar to Nike and Starbucks following their CEO announcements, while cautioning that “improving the product, re-engaging the consumer and returning to healthy full price selling takes time.”
Lululemon Athletica Inc. (NASDAQ:LULU) engages in the business of designing, distributing, and retailing technical athletic apparel, footwear, and accessories.
4. Rocket Companies Inc. (NYSE:RKT)
Number of Hedge Fund Holders as of Q4 2025: 113 (+36 from Q3 2025)
Rocket Companies Inc. (NYSE:RKT) is one of 15 stocks with the biggest hedge fund momentum, after gaining 36 hedge fund holders during the fourth quarter of 2025. On February 6, Rocket Companies Inc.’s (NYSE:RKT) real estate brokerage unit, Redfin, launched a new ChatGPT app that allows users to search for homes and access market data through conversational AI. The integration enables home searchers to ask specific housing questions and refine their criteria through natural conversation rather than repeatedly entering search parameters. Users can inquire about properties within certain budgets, neighborhood information, commute times, and price trends.
The ChatGPT app builds on previous AI initiatives by Redfin, including conversational search capabilities introduced to the Redfin website in November 2023 and later expanded to its iOS app. The company claims to be the only brokerage offering ongoing conversational search directly within its platforms’ search bars.
Rocket Cos., Inc. provides a suite of services related to homeownership and other personal financial transactions, including direct-to-consumer mortgage apps and platforms that connect partners’ mortgage products to clients.
3. Alphabet Inc. (NASDAQ:GOOGL)
Number of Hedge Fund Holders as of Q4 2025: 284 (+41 from Q3 2025)
Alphabet Inc. (NASDAQ:GOOGL) is one of 15 stocks with the biggest hedge fund momentum, after gaining 41 hedge fund holders during the fourth quarter of 2025. On February 24, Alphabet Inc. (NASDAQ:GOOGL)’s Google doubled down on efforts to secure power supply for its data centers across the country by entering into separate agreements with U.S. utilities AES Corp and Xcel Energy.
Xcel entered into an agreement to power Google’s new data center in Pine Island, Minnesota, while bringing 1,900 megawatts of new clean energy to the grid. The utility said the project would not raise costs for existing customers, as Google will pay all costs for its new service. Google will also invest $50 million in Xcel’s efforts to build a battery storage network across Minnesota.
Meanwhile, Arlington, Virginia-based AES said it had signed a 20-year agreement with Google to power a new data center in Wilbarger County, Texas. AES signed deals for energy generation that will be co-located with the new data center and enable Google to expand its operations to meet demand for its core services.
Alphabet Inc. (NASDAQ:GOOGL) is a holding company that operates Google services such as search engines, ad platforms, Internet browsers, devices, mapping software, app stores, video streaming, and more. The company also offers cloud infrastructure and platform services, collaboration tools, and other services for enterprise customers, as well as healthcare-related services and internet services.
2. Terns Pharmaceuticals Inc. (NASDAQ:TERN)
Number of Hedge Fund Holders as of Q4 2025: 71 (+42 from Q3 2025)
Terns Pharmaceuticals Inc. (NASDAQ:TERN) is one of 15 stocks with the biggest hedge fund momentum, after gaining 42 hedge fund holders during the fourth quarter of 2025. On February 9, Leerink Partners initiated coverage on Terns Pharmaceuticals Inc. (NASDAQ:TERN) with an Outperform rating and a price target of $58.
Leerink Partners noted that TERN-701, Terns Pharmaceuticals Inc. (NASDAQ:TERN)’s next-generation allosteric inhibitor being developed for chronic myeloid leukemia, addresses a market with established targeted therapy adoption. The firm expects a $4.8 billion opportunity for TERN-701, while forecasting an additional $1.4 billion in second-line and beyond peak revenues.
The analyst firm also said that TERN-701 builds upon the clinical and commercial success of allosteric inhibition established by Novartis’s Scemblix, which is currently on a $1.6 billion run rate as of the fourth quarter of 2025. Early Phase 1 data from the CARDINAL trial suggest TERN-701 may have a best-in-class profile, with higher molecular response rates and a clean safety profile that enables deeper and more durable target suppression, according to the research firm.
Terns Pharmaceuticals Inc. (NASDAQ:TERN) is a clinical-stage biopharmaceutical company that develops a portfolio of small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis and other chronic liver diseases.
1. Amazon.com Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders as of Q4 2025: 378 (+46 from Q3 2025)
Amazon.com Inc. (NASDAQ:AMZN) is one of 15 stocks with the biggest hedge fund momentum, after gaining 46 hedge fund holders during the fourth quarter of 2025. On February 23, Amazon.com Inc. (NASDAQ:AMZN) announced plans to invest $12B in northwest Louisiana to build data center campuses that will support cloud computing technologies. The online retailer said the data center buildout in northwest Louisiana will create 540 full-time jobs, as well as additional jobs to support the facilities, such as electricians and heating, ventilation, and air-conditioning technicians. As part of Amazon’s fourth-quarter earnings report earlier this month, the company said it expected $200 billion in capital expenditures this year, a sharp increase from 2025’s $131 billion, sending shares lower.
Meanwhile, on February 23, Wells Fargo lowered its price target on Amazon.com Inc. (NASDAQ:AMZN) to $304 from $305, while keeping an Overweight rating on the shares. Compute capacity is a key success factor as AI-driven demand is expected to materially exceed supply in the near to medium term, according to the analyst firm, which also anticipates 2x growth on hyperscaler capacity to 98 GW on annual capital expense reaching $860 billion by 2027, assuming that the cloud industry grows meaningfully faster than the consensus view.
Amazon.com Inc. (NASDAQ:AMZN) operates across e-commerce, digital content, advertising, and cloud computing. Its online and offline stores offer both in-house and third-party products, while its Amazon Web Services (AWS) division runs one of the world’s largest data center networks.
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