5 Best Multibagger Stocks to Buy Now

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In this article, we discuss the 5 best multibagger stocks to buy now. To read the details about our prior multibagger stocks, go to 10 Best Multibagger Stocks to Buy Now.

5. Spotify Technology S.A. (NYSE:SPOT)

Number of Hedge Fund Holders: 68

1-Year Share Price Gain as of April 19: 106.88%

Spotify Technology S.A. (NYSE:SPOT) offers audio streaming subscription services all over the globe. As of April 19, the stock price increased 106.88% during the last 12 months and it is one the best multibagger stocks to buy now. On April 18, Benchmark analyst Mark Zgutowicz raised the price target on Spotify Technology S.A. (NYSE:SPOT) to $325 from $290 and maintained a Buy rating on the shares.

Hedge fund sentiment was positive toward Spotify Technology S.A. (NYSE:SPOT) in Q4 of 2023 as hedge funds with investments in the stock were 68 in the quarter, with positions worth $2.635 billion. This is compared to 53 funds with positions worth $1.3 billion in the prior quarter. Ken Griffin’s Citadel Investment Group is the top investor in the company as of Q4 of 2023. In the quarter, the firm increased its stake by a whopping 3128% to 1.656 million shares worth $311.169 million.

Artisan Partners commented on Spotify Technology S.A. (NYSE:SPOT) in its first quarter 2024 investor letter:

“Among our top Q1 contributors were Chipotle, Shockwave Medical and Spotify Technology S.A. (NYSE:SPOT) is a leading global audio streaming franchise with 600 million monthly active users. We believe its position in the supply chain is solid given a secular trend around the fragmentation of music as well as internal product and pricing initiatives. Shares rallied after the company reported strong earnings results, including growth of 23% for monthly active users, 15% for premium subscribers and 16% for revenue. The company also reported 140bps of gross margin expansion, to 26.7%, which we believe still has further to go due to likely price increases, potentially better terms with labels and further cost discipline.”

Follow Spotify Technology S.a. (NYSE:SPOT)

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