5 Best E-Commerce Stocks to Buy Now

2. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 105

Alibaba Group Holding Limited (NYSE:BABA) is one of the largest and most successful e-commerce companies in the world. With a vast network of customers, suppliers, and partners, Alibaba Group Holding Limited (NYSE:BABA) has a dominant market share in China and is rapidly expanding internationally. The company is technology-driven and is investing heavily in advanced technologies such as artificial intelligence, cloud computing, and the Internet of Things. This enables Alibaba Group Holding Limited (NYSE:BABA) to better serve its customers and gain a competitive edge. The company is well-positioned to benefit from the long-term growth opportunities in the Chinese economy and from the growth of the global digital economy. Alibaba Group Holding Limited (NYSE:BABA) is one of the best e-commerce stocks to buy now.

On November 18, Truist analyst Youssef Squali updated his price target on Alibaba Group Holding Limited (NYSE:BABA) to $120 from $125 and reiterated a Buy rating on the shares. This November, UBS analyst Jerry Liu revised his price target on Alibaba Group Holding Limited (NYSE:BABA) to $135 from $140 and maintained a Buy rating on the shares.

At the close of the third quarter of 2022, 105 hedge funds were eager on Alibaba Group Holding Limited (NYSE:BABA) and held collective stakes worth $4.14 billion. Of those, Generation Investment Management is the top investor in the company and has a position worth $360.7 million.

Here is what Polen Capital had to say about Alibaba Group Holding Limited (NYSE:BABA) in its third-quarter 2022 investor letter:

“Alibaba Group Holding Limited (NYSE:BABA) is the leading e-commerce company in China. The stock was weak over the quarter as they reported a quarterly revenue decline. The company has been heavily impacted by the continued covid-19 lockdowns throughout China and the aggressive rate increases and deteriorating outlook for China’s economy have weighed heavily on the stock. The share price has also been under pressure due to the U.S. Securities and Exchange Commission’s plans to delist Chinese tech stocks in 2024 if they do not provide access to audit files.”