5 Best New Stocks to Buy According to Hedge Funds

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In this article, we discuss 5 best new stocks to buy according to hedge funds. If you want to read about some more new stocks, go directly to 12 Best New Stocks to Buy According to Hedge Funds.

5. ProFrac Holding Corp. (NASDAQ:PFHC)

Number of Hedge Fund Holders: 17     

ProFrac Holding Corp (NASDAQ:PFHC) is a vertically integrated energy services company that provides hydraulic fracturing, completion, and other products and services to upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. It is one of the best IPO stocks to invest in. On June 21, the company announced that it had acquired SP Silica of Monahans and SP Silica Sales, the west Texas subsidiary of Signal Peak Silica, for approximately $90 million. 

On August 15, Stifel analyst Stephen Gengaro maintained a Buy rating on ProFrac Holding Corp. (NASDAQ:PFHC) stock and raised the price target to $29 from $27, noting that the company delivered a second consecutive upside since its IPO bolstered by solid execution and the positive benefits of its vertical integration. 

At the end of the second quarter of 2022, 17 hedge funds in the database of Insider Monkey held stakes worth $99.1 million in ProFrac Holding Corp (NASDAQ:PFHC).

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