5 Best Momentum Stocks To Buy Now

In this piece, we will take a look at the five best momentum stocks to buy now. If you want to find out what momentum trading is all about, then read 13 Best Momentum Stocks To Buy Now.

5. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Investors In Q4 2023: 173

NVIDIA Corporation (NASDAQ:NVDA) is the most valuable semiconductor company in the world. A continuing surge in investor optimism is boding well for the firm as it made history and crossed Alphabet and Amazon in market value in February 2024 briefly.

After scouring through 933 hedge fund portfolios for their fourth quarter of 2023 shareholdings, Insider Monkey found that 173 had bought a stake in NVIDIA Corporation (NASDAQ:NVDA). Rajiv Jain’s GQG Partners was the biggest investor due to its $6.8 billion stake.

4. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Investors In Q4 2023: 214

Alphabet Inc. (NASDAQ:GOOGL) is one of the biggest technology companies in the world. February 2024 is proving to be a rather dangerous month for Alphabet Inc. (NASDAQ:GOOGL), as its self driving business division Waymo’s test car was set on fire in California.

As of December 2023 end, 214 out of the 933 hedge funds covered by Insider Monkey’s research had held a stake in the company. The largest Alphabet Inc. (NASDAQ:GOOGL) shareholder is Ken Fisher’s Fisher Asset Management since it holds $6.3 billion worth of shares.

3. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Investors In Q4 2023: 242

Meta Platforms, Inc. (NASDAQ:META) is a social media and connectivity firm headquartered in Menlo Park, California. A leading contender in big tech’s ongoing A.I. race, the shares are rated Strong Buy on average with an average share price target of $496.48.

By the end of last year’s fourth quarter, 242 out of the 933 hedge funds part of Insider Monkey’s database were Meta Platforms, Inc. (NASDAQ:META)’s investors. Rajiv Jain’s GQG Partners owned the biggest stake among these which was worth $3.94 billion.

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

Number of Hedge Fund Investors In Q4 2023: 293

Amazon.com, Inc. (NASDAQ:AMZN) is one of the biggest eCommerce companies in the world. 2024 is shaping up to be an interesting month for the firm, as not only does it have to hold its own in the A.I. race, but as the Super Bowl advertisements made clear, Amazon might be in for some tough competition from the PDD backed eCommerce platform Temu.

During 2023’s December quarter, 293 out of the 933 hedge funds covered by Insider Monkey’s research had held a stake in the firm. Amazon.com, Inc. (NASDAQ:AMZN)’s largest hedge fund investor is Ken Fisher’s Fisher Asset Management due to its $6.4 billion stake.

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Investors In Q4 2023: 302

Microsoft Corporation (NASDAQ:MSFT) is another mega cap technology stock. It scored a win in Europe in February 2024 when authorities determined that Microsoft Corporation (NASDAQ:MSFT)’s platforms such as Bing could not be accused of gatekeeping – sparing them from regulatory oversight.

302 out of the 933 hedge funds part of Insider Monkey’s Q4 2023 database had bought and owned Microsoft Corporation (NASDAQ:MSFT)’s shares. Michael Larson’s Bill & Melinda Gates Foundation Trust was the biggest shareholder since it held $14.3 billion worth of shares.

Disclosure: None. You can also take a look at 15 Countries With the Best Coffee According to Reddit and Ken Griffin’s Wellington Fund Delivers Mind-Numbing Returns: Here are Its Top 15 Stocks.

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