5 Best Consumer Electronics Stocks To Buy

2. Best Buy Co., Inc. (NYSE:BBY)

Number of Hedge Fund Holders: 33

Best Buy Co., Inc. (NYSE:BBY) is a retail company that specializes in selling technology products in the United States and Canada. The company’s stores offer a wide range of products, including computers, mobile phones, networking devices, tablets, smartwatches, and consumer electronics. The consumer electronics category includes items like digital cameras, health and fitness products, home theater systems, portable audio devices such as headphones and speakers, as well as smart home products. Best Buy Co., Inc. (NYSE:BBY) is one of the premium consumer electronics stocks to invest in.

As per Loop Capital analyst Anthony Chukumba, their quarterly pricing study reveals that the price difference between products sold at Best Buy Co., Inc. (NYSE:BBY) and Amazon has increased to an average of 2.1% from 0.9% in December. Chukumba mentioned that despite this widening gap, Best Buy Co., Inc. (NYSE:BBY)’s prices are still very competitive. While the analyst has some concerns about Best Buy’s short-term performance, he maintains a positive outlook on the company’s long-term prospects. Loop Capital reiterated a Buy rating on Best Buy Co., Inc. (NYSE:BBY) shares and set a price target of $110 on March 21.

According to Insider Monkey’s fourth quarter database, 33 hedge funds were bullish on Best Buy Co., Inc. (NYSE:BBY), compared to 31 funds in the earlier quarter. Ken Griffin’s Citadel Investment Group is the biggest position holder in the company.