5 Best Momentum Stocks to Buy Now

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1. Amazon Com Inc (NYSE:AMZN)

No of HFs: 245

Total Value of HF Holdings: $43.7 Billion

The top momentum stock to buy now is AMZN. At the end of September, a total of 245 hedge funds tracked by Insider Monkey were long this stock. One of the biggest hedge fund savings stakes in the company is Ken Griffin’s Citadel Investment Group which had $18 billion invested in the stock at the end of September. An insider recently purchased 1 share at around $3,213 in October 2020. The stock is up 2% since then. L1 Capital International Fund mentioned its comments on the stock in its Q3 2020 investor letter:

“Several investments in the technology sector were trimmed on valuation grounds with the proceeds used to increase our investment in Amazon. Amazon’s successful flywheel business model and Amazon Web Services are well known. However, we believe the current share price under‑appreciates:

– The consistency and longevity of Amazon’s growth potential in its key businesses;

– The importance of additional revenue streams such as advertising which are high margin and growing rapidly; and

– The strengthening barriers to competition and competitive advantages arising from Amazon’s stepped‑up investment in logistics and other infrastructure.”

Please also see Billionaire Ken Griffin’s Top 10 Stock Holdings and 30 Most Popular Stocks Among Hedge Funds: 2020 Q3 Rankings

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