5 Best-Performing Growth Stocks in November 2022

4. JD.com, Inc. (NASDAQ:JD)

Number of Hedge Fund Holders: 67

1-Month Share Price Gain as of November 30: 53.31%

JD.com, Inc. (NASDAQ:JD) provides supply chain-based technologies and services in the People’s Republic of China. It is one of the best-performing equities in November 2022, with the shares up over 53% in the last month. JD.com, Inc. (NASDAQ:JD) reported a Q3 Non-GAAP EPADS of $0.88, beating market estimates by $0.25. Annual active customer accounts also increased by 6.5% to 588.3 million in the twelve months ended September 30, 2022.

On November 21, Citi analyst Alicia Yap raised the price target on JD.com, Inc. (NASDAQ:JD) to $90 from $85 and kept a Buy rating on the shares following the Q3 beat. Management confirmed that the higher profitability achieved through efficiency and controlled costs will be sustainable, the analyst told investors in a research note. She believes JD.com, Inc. (NASDAQ:JD) remains well positioned to capture accelerating growth in revenue and active user count once the pandemic is over.

According to Insider Monkey’s Q3 data, 67 hedge funds were long JD.com, Inc. (NASDAQ:JD), compared to 62 funds in the prior quarter. Chase Coleman’s Tiger Global Management is the largest position holder in the company, with approximately 30 million shares worth $1.50 billion. 

Here is what Argosy Investors has to say about JD.com, Inc. (NASDAQ:JD) in its Q3 2021 investor letter:

“We sold JD as a result of the furor over Chinese stocks during the quarter. We had been concerned about China’s lack of respect for investor rights for some time, and Beijing has become significantly more aggressive in asserting itself of late. In addition, the legal structure Chinese companies use to come public in the U.S., a Cayman Islands shell corporation leaves American investors with an unsure path to recovering value should these companies cease to trade on U.S. exchanges. Because of the uncertainty, we exited our position in JD completely. We still love JD’s long-term prospects, but we cannot estimate the legal/regulatory risk associated with these companies anymore. More broadly, we are freeing up cash for some other positions we already own which have declined in this market, and after additional review, remain attractive.”