4 Best Cobalt Stocks to Buy Now

3. ATI Inc. (NYSE:ATI)

Number of Hedge Fund Holders: 31   

ATI Inc. (NYSE:ATI) is a company that markets specialty metals and related products. The firm makes and sells cobalt and nickel-based alloys. On December 1, KeyBanc analyst Philip Gibbs maintained an Overweight rating on ATI Inc. (NYSE:ATI) stock and raised the price target to $49 from $48, noting the firm was attractive to long-term cyclical growth investors.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm DE Shaw is a leading shareholder in ATI Inc. (NYSE:ATI) with 1.2 million shares worth more than $50 million. 

In its Q1 2023 investor letter, Liberty Park Capital Management, an asset management firm, highlighted a few stocks and ATI Inc. (NYSE:ATI) was one of them. Here is what the fund said:

“We are pleased that Liberty Park Fund, LP has gotten off to a strong start in 2023. January was a particularly strong month for both of our funds, and LPF was able to use the market’s strength to install several new short positions; those positions greatly helped the portfolio in February and March as the market receded.

ATI Inc. (NYSE:ATI) and ZEUS each reported better-than-expected earnings caused by a widening spread between selling prices and commodity prices. We expect these spreads to compress and for margins at each of the companies to revert back to normal levels.”