5 Best Fitness Stocks To Invest In

2. DexCom, Inc. (NASDAQ:DXCM)

Number of Hedge Fund Holders: 56  

DexCom, Inc. (NASDAQ:DXCM) is a medical device company that focuses on the design, development, and commercialization of continuous glucose monitoring (CGM) systems. It is one of the elite fitness stocks to invest in. The firm recently said that the Dexcom G7 continuous Glucose Monitoring system was available for people with diabetes aged two years and older in the UK, Ireland, Germany, Australia, and Hong Kong. The company is also working to launch the G7 in New Zealand and South Africa. 

On July 29, Oppenheimer analyst Steven Lichtman maintained an Outperform rating on DexCom, Inc. (NASDAQ:DXCM) stock and lowered the price target to $105 from $131,  highlighting that the company post-earnings selloff was a buying opportunity for the investors. 

At the end of the second quarter of 2022, 56 hedge funds in the database of Insider Monkey held stakes worth $1.1 billion in DexCom, Inc. (NASDAQ:DXCM), compared to 58 in the preceding quarter worth $1.5 billion. 

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and DexCom, Inc. (NASDAQ:DXCM) was one of them. Here is what the fund said:

“DexCom, Inc. (NASDAQ:DXCM) is the leading provider of continuous glucose monitoring systems for patients with diabetes. The stock fell along with other premium valuation growth stocks, primarily on multiple contraction. Concern about price competition from Abbott Labs’ Libre product also played a role. Results for the first quarter were solid. Sales increased 22% organically, margins expanded 350 basis points, and the company maintained guidance for continued strong results.

An important new and revolutionary product, the G7, was approved and launched in Europe, and the company expects it to be approved in the U.S. soon. The product is 60% smaller, fully disposable, and designed for extended wear. We remain excited that CGM will become the standard of care for Type 1 diabetics and will be used extensively for Type 2 diabetics as well, which we think will be a major driver of continued sales and profit growth well into the future.”