5 Best Fast Money Stocks To Buy According To Hedge Funds

In this article, we discuss 5 best fast money stocks to buy according to hedge funds. If you want to read about some more fast money stocks, go directly to 10 Best Fast Money Stocks To Buy According To Hedge Funds.

5. The Progressive Corporation (NYSE:PGR)

Number of Hedge Fund Holders: 54      

The Progressive Corporation (NYSE:PGR), an insurance holding company, provides personal and commercial auto, personal, residential and commercial property, general liability, and other specialty property-casualty insurance products and related services. It is one of the best fast money stocks to invest in. On August 17, the shares climbed after the auto and property insurer posted results that showed year-on-year growth in premiums. Net premiums written in July increased 8% from a year ago and net premiums earned of $4.69 billion rose 9%. 

On August 29, investment advisory Raymond James maintained an Outperform rating on The Progressive Corporation (NYSE:PGR) stock and raised the price target to $140 from $135. Analyst Gregory Peters issued the ratings update. 

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Orbis Investment Management is a leading shareholder in Berkshire Hathaway Inc. (NYSE: BRK-A), with 4.7 million shares worth more than $542 million. 

In its Q2 2022 investor letter, RiverPark Funds, an asset management firm, highlighted a few stocks and The Progressive Corporation (NYSE:PGR) was one of them. Here is what the fund said: 

“Progressive Corp had a positive contribution to performance during the quarter. Net Premiums Written (NPW) grew +12% as the Company grew both policies in force and took the rate to offset higher loss cost trends that are being driven by inflation. For example, we estimate accident severity for personal auto is up +35% since the beginning of the pandemic.

However, this is partially offset by a 20% decline in frequency, due to people driving fewer miles. Progressive is making up for this net rise in cost by raising policy rates in the mid-teens percentage range. Progressive has been relatively early to take rate compared to industry peers, so the Company should be able to aggressively compete for share as competitors play catchup.”