5 Best Metaverse Stocks To Buy Right Now

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

Number of Hedge Fund Holders: 286

Amazon.com, Inc. (NASDAQ:AMZN) ranks 2nd on our list of the best metaverse stocks. The online retail giant launched Amazon Anywhere, a service that allows customers to browse and purchase physical products from Amazon within virtual environments, including video games, augmented reality (AR), and third-party mobile apps, marking the company’s initial foray into the metaverse. 

On February 1, Amazon.com, Inc. (NASDAQ:AMZN) reported a Q4 EPS of $1.00 and a revenue of $170 billion, outperforming Wall Street estimates by $0.20 and $3.74 billion, respectively. 

According to Insider Monkey’s third quarter database, 286 hedge funds were bullish on Amazon.com, Inc. (NASDAQ:AMZN), compared to 278 funds in the prior quarter. Ken Fisher’s Fisher Asset Management is the leading stakeholder of the company, with 41.35 million shares worth $5.25 billion.

Polen Focus Growth Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its fourth quarter 2023 investor letter:

“For the full year, the top relative and absolute contributors were Amazon.com, Inc. (NASDAQ:AMZN), Salesforce, and ServiceNow. Amazon shares appreciated 88% in 2023, driven primarily by rapidly expanding operating profit margins and free cash flow growth. After the pandemic, Amazon experienced a period of inefficiency and over investment in its distribution and logistics infrastructure. Amazon is now leveraging these investments as growth returned to its e-commerce business in 2023 after a highly unusual 2022. At the same time, Amazon’s rapidly growing and high-margin advertising business is contributing strongly to the entire company’s operating profit growth. The AWS (Amazon Web Services) cloud infrastructure and services business continued to slow in 2023 as customers anticipating a more difficult economic environment looked to save money on their cloud spend, but these cloud spending optimizations began to stabilize in the second half of 2023. We now expect customer interest in generative AI will begin to contribute to growth.”