5 Best Gig Economy Stocks To Buy

2. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 293

Amazon.com, Inc. (NASDAQ:AMZN) is directly engaged in the gig economy through its various programs, including Delivery Service Partners (DSP), Amazon Flex, and Mechanical Turk, among others. Mechanical Turk allows people to earn by completing menial tasks and drivers use their own vehicles for delivery under Amazon Flex. Amazon.com, Inc. (NASDAQ:AMZN) was held by 293 hedge funds in the fourth quarter of 2023 and the stakes amounted to $50.884 billion. Fisher Asset Management is the most prominent shareholder of the company and has a position worth $6.348 billion as of the fourth quarter of 2023.

On May 2, HSBC raised the price target on Amazon.com, Inc. (NASDAQ:AMZN) to $220 from $200 and kept a Buy rating on the shares.

Ithaka US Growth Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its first quarter 2024 investor letter:

“Founded in 1994, Amazon.com, Inc. (NASDAQ:AMZN) has evolved from its early roots as an online bookstore to become one of the world’s largest eCommerce retailers. At the end of 2022 Amazon stood poised to capture ~40% of all US e-commerce sales, representing five times more share than the next closest competitor. In addition to eCommerce, Amazon Web Services (“AWS”) has become the market leader in outsourced cloud infrastructure. Further, Amazon Advertising is garnering significant share in digital advertising, particularly product placement ads, thanks to consumers beginning their product searches on Amazon’s site. Amazon’s stock appreciated on the back of stabilization of the company’s cloud computing segment and increased confidence the company would be able to contain expenses and push operating margins above prior peaks in the near-to-medium term.”