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.”
4. Bath & Body Works, Inc. (NYSE:BBWI)
Number of Hedge Fund Holders: 51
Gain in Share Price in November: 27%
Bath & Body Works, Inc. (NYSE:BBWI) operates as a specialty retailer of home fragrances, body care, and soap and sanitizer products. On November 17, Bath & Body Works Inc shares soared after a stronger-than-expected earnings report and increase in profit guidance raised the comfort level of investors.
On December 7, Argus analyst Taylor Conrad maintained a Buy rating on Bath & Body Works, Inc. (NYSE:BBWI) stock and raised the price target to $50 from $45, noting that to thrive in the current environment of increasing pressure from online retailers, companies need to have products that sell easily at brick-and-mortar stores and management teams that can make quick merchandising decisions.
At the end of the third quarter of 2022, 51 hedge funds in the database of Insider Monkey held stakes worth $2.4 billion in Bath & Body Works, Inc. (NYSE:BBWI), compared to 47 in the preceding quarter worth $2 billion.
3. Freeport-McMoRan Inc. (NYSE:FCX)
Number of Hedge Fund Holders: 57
Gain in Share Price in November: 26%
Freeport-McMoRan Inc. (NYSE:FCX) engages in the mining of mineral properties in North America, South America, and Indonesia. On December 6, S&P Global Market Intelligence reported that Freeport-McMoRan’s shares rose by 26% in November because the price of copper over the month of November rose from around $3.39 per pound to about $3.78 per pound at the end of the month.
On November 23, Deutsche Bank analyst Abhi Agarwal maintained a Hold rating on Freeport-McMoRan Inc. (NYSE:FCX) stock and raised the price target to $35 from $30, noting that the company’s production growth has ground to a halt over the past three years and when global demand turns back up, the market will again be faced with low inventories, inelastic supply and incentive level prices.
Among the hedge funds being tracked by Insider Monkey, Washington-based firm Fisher Asset Management is a leading shareholder in Freeport-McMoRan Inc. (NYSE:FCX) with 53.2 million shares worth more than $1.4 billion.
In its Q3 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Freeport-McMoRan Inc. (NYSE:FCX) was one of them. Here is what the fund said:
“Seeing better opportunities elsewhere in the materials sector, we exited our position in Ecolab and added to copper producer Freeport-McMoRan Inc. (NYSE:FCX), which supplies a much-needed resource for the energy transition, and speciality chemical company Linde (LIN), which has historically held onto pricing gains it has achieved following increases in energy costs. We think this pricing power should protect profitability during the acute inflationary phase and potentially lead to margin expansion when cost pressures abate. We think this pricing power should protect profitability during the acute inflationary phase and potentially lead to margin expansion when cost pressures abate.”
2. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Number of Hedge Fund Holders: 89
Gain in Share Price in November: 29%
Advanced Micro Devices, Inc. (NASDAQ: AMD) operates as a semiconductor company worldwide. On November 15, Credit Suisse analyst Chris Caso assumed coverage of Advanced Micro Devices, Inc. (NASDAQ:AMD) stock with an Outperform rating and $90 price target, noting that the advisory expected further server share gains and cloud market growth.
At the end of the third quarter of 2022, 89 hedge funds in the database of Insider Monkey held stakes worth $4.99 billion in Advanced Micro Devices, Inc. (NASDAQ: AMD), compared to 87 in the previous quarter worth $4.8 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Advanced Micro Devices, Inc. (NASDAQ: AMD) was one of them. Here is what the fund said:
“Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global fabless semiconductor company focusing on high-performance computing technology, software, and products. AMD designs leading high-performance central and graphics processing units (known as CPUs and GPUs) and integrates them with hardware and software to build differentiated solutions for customers.
AMD has been gaining meaningful share in personal computing and server end markets over the past several years driven by the performance of its processors and technology and strong execution against its technology roadmap, and we believe share gains will continue over the coming years from a combination of AMD’s continued advancements and Intel’s stumbles in developing its leading-edge technology (…read more)
1. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 89
Gain in Share Price in November: 25%
NVIDIA Corporation (NASDAQ:NVDA) provides graphics, computing and networking solutions. On December 8, Tigress Financial analyst Ivan Feinseth maintained a Buy rating on NVIDIA Corporation (NASDAQ:NVDA) stock and lowered the price target to $250 from $310, noting that Nvidia was in industry-leading positions in Artificial Intelligence and multiple new products and partnerships could enable it to overcome near-term headwinds and position it for a new business upcycle.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in NVIDIA Corporation (NASDAQ:NVDA) with 19.2 million shares worth more than $2.3 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:
“At the company-specific level, there was a broad correction across the entire portfolio. While four of our holdings contributed to performance, the contribution to absolute returns was less than 100bps combined, as unfortunately none of them was large enough to move the needle. We had 16 investments detracting over 100bps each with NVIDIA (NASDAQ:NVDA), our second largest detractor, costing the Fund 254bps.
NVIDIA’s stock was hit even harder, down 44.4%, impacted by concerns over consumer health, dramatic declines in crypto, and COVID-related lockdowns in China. Despite the sell-off and the increased near-term volatility in its gaming business, NVIDIA’s revenues grew 46% year-over-year with 48% operating margins, driven by continued strength in its data center business as companies across industries adopt AI and ML…(read more)
You can also take a peek at 11 Undervalued Canadian Stocks To Buy and 10 Best Cannabis Stocks To Buy.
