5 Best Performing Stocks in November

In this article, we discuss the 5 best performing stocks in November. If you want to read about some more best performing stocks in November, go directly to 10 Best Performing Stocks in November.

5. Etsy Inc. (NASDAQ:ETSY)

Number of Hedge Fund Holders: 45    

Gain in Share Price in November: 40%

Etsy Inc. (NASDAQ:ETSY) operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. On December 5, S&P Global Market Intelligence reported that shares of Etsy rose 40.7% in November. Etsy’s Black Friday sales hit a record $9.1 billion this year. Etsy reported lower gross merchandise sales but higher revenue in its latest quarter.

On December 6, BofA analyst Curtis Nagle maintained a Neutral rating on Etsy, Inc. (NASDAQ:ETSY) stock and raised the price target on Etsy to $145 from $110, noting that the company could see an earlier-than-expected stabilization in active customer and GMS trends despite a tough consumer backdrop.

At the end of the third quarter of 2022, 45 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in Etsy Inc. (NASDAQ:ETSY), compared to 29 in the previous quarter worth $595.9 million.

In its Q3 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Etsy Inc. (NASDAQ:ETSY)  was one of them. Here is what the fund said:

“Stock selection in the consumer discretionary sector proved a tailwind to performance. Etsy (NASDAQ:ETSY), which operates several online marketplaces for craft and artisan goods, delivered second-quarter results that demonstrated the company’s pricing power, cash flow generation, and margin upside remain intact. While Etsy is experiencing declines in gross merchandise sales, it is seeing better-than-expected take rates and improved margins. We believe the company is well-positioned to grow advertising spending on its marketplace, bring in new buyers and strengthen its e-commerce advantages.”