5 Best Performing Stocks in the Last 3 Months

In this article, we discuss 5 best performing stocks in the last 3 months. If you want to read our detailed discussion about the stock market performance, head over to 15 Best Performing Stocks in the Last 3 Months. 

5. BridgeBio Pharma, Inc. (NASDAQ:BBIO)

3-Month Share Price Gains as of August 15: 132.9%

Number of Hedge Fund Holders: 44

BridgeBio Pharma, Inc. (NASDAQ:BBIO) is a pharmaceutical company that focuses on the research and treatment for genetic diseases. The company has over 30 development programs that cater to different stages in diseases, be it early diagnosis or late-stage development. On August 3, BridgeBio Pharma, Inc. (NASDAQ:BBIO) announced Q2 GAAP loss per share of $0.98, along with a revenue of $1.6 million. Based on the 3-month share price performance, it is one of the best performing stocks. 

According to Insider Monkey’s first quarter database, 44 hedge funds were bullish on BridgeBio Pharma, Inc. (NASDAQ:BBIO). This number went up from 28 hedge funds during the preceding quarter. Andreas Halvorsen’s Viking Global had the largest holding in the company, with 26.6 million shares worth $441.3 million. 

4. IonQ, Inc. (NYSE:IONQ)

3-Month Share Price Gains as of August 15: 134.3%

Number of Hedge Fund Holders: 19

IonQ, Inc. (NYSE:IONQ) is focused on offering quantum computing solutions to tackle complex problems. The company is partnered with Microsoft, Google Cloud Marketplace, and Amazon Web Services to provide cloud-based solutions. On August 10, IonQ, Inc. (NYSE:IONQ) announced a Q2 non-GAAP loss per share of $0.22, which fell short of expectations by $0.14. However, the revenue of $5.52 million outperformed Street consensus by $1.16 million. The company expects 2023 revenue figures to be between $18.9 to $19.3 million, while the market consensus is $19.37 million. It is one of the best performing stocks in the last three months.

According to Insider Monkey’s first quarter database, a total of 19 hedge funds were bullish on IonQ, Inc. (NYSE:IONQ), while 23 hedge funds were invested in the company, during the last quarter. 

3. Aurora Innovation, Inc. (NASDAQ:AUR)

3-Month Share Price Gains as of August 15: 148.0%

Number of Hedge Fund Holders: 21

Aurora Innovation, Inc. (NASDAQ:AUR) is focused on developing self-driving solutions for the automobile sector. On August 2, Aurora Innovation, Inc. (NASDAQ:AUR) reported a Q2 GAAP loss per share of $0.18, which fell short of expectations by $0.01. As of July 19, the company plans to raise over $220 million by offering 73.3 million class A shares at an offer price of $3.00 per share. Based on 3-month share price performance, Aurora Innovation, Inc. (NASDAQ:AUR) is one of the best performing stocks. 

According to Insider Monkey’s first quarter database, 21 hedge funds were bullish on Aurora Innovation, Inc. (NASDAQ:AUR), as opposed to 18 from the last quarter. 

2. United States Cellular Corporation (NYSE:USM)

3-Month Share Price Gains as of August 15: 164.9%

Number of Hedge Fund Holders: 12

United States Cellular Corporation (NYSE:USM) is a telecommunications provider offering wireless communication services in the United States. This includes voice, data, and messaging services. On August 8, JP Morgan upgraded the stock to Overweight, with the price target rising from $24 to $52, due to strategic decisions by the management, including a strategic review by the company’s board. It is one of the top performing stocks of the last 3 months.

According to Insider Monkey’s first quarter database, 12 hedge funds were bullish on United States Cellular Corporation (NYSE:USM). During the previous quarter, this number was 11. Mario Gabelli’s GAMCO Investors held the largest stake in the company, with 1.3 million shares worth $26.1 million. 

1. Carvana Co. (NYSE:CVNA)

3-Month Share Price Gains as of August 15: 291.3%

Number of Hedge Fund Holders: 33

Carvana Co. (NYSE:CVNA) operates an e-commerce platform for the buying and selling of vehicles in the United States. It also provides related value adding services, such as inspection, financing, and warranty solutions. On July 19, Carvana Co. (NYSE:CVNA) reported a Q2 revenue of $2.97 billion, outperforming estimates by $360 million. The company also announced its intent to restructure debt, which would reduce debt by $1.2 billion. Carvana Co. (NYSE:CVNA) might raise $350 million as new stock too. 

According to Insider Monkey’s first quarter database, 33 hedge funds were bullish on Carvana Co. (NYSE:CVNA), as opposed to 36 hedge funds from the preceding quarter. Zachary Sternberg and Benjamin Stein’s Spruce House Investment Management was the largest shareholder in the company, with 10 million shares worth $97.9 million. 

Kerrisdale Capital said this about Carvana Co. (NYSE:CVNA) in the investor letter:

“We are short shares of Carvana Co. (NYSE:CVNA), a $4bn market cap online platform for buying and selling used cars. Originally hyped up as an innovative disruptor, Carvana is now recognized to be just a poorly run auto retailer struggling under the challenges of a severe industry downturn and the unsustainable burden of $6.5bn in debt. While many have shared concerns over Carvana’s business before, we voice ours at a time when shares have risen 165% in only a month on misguided optimism for profits that amount to little more than buffing the paint job on a totaled car.

Over its history of burning billions of dollars of investor capital to manufacture topline growth, Carvana has never generated sustainable profits or free cash flow. Even during the pandemic, when Carvana was virtually the only online option for scores of desperate car buyers willing to pay any price, the company failed to turn an annual profit. As the prospect of bankruptcy loomed, last year management began slashing costs, shrinking its operations and finessing working capital to try to generate positive free cash flow, and still failed. The company is pursuing a last-ditch attempt to sell markets on a new narrative, but ultimately, the business can’t escape the following reality: 1) whether a small local dealer or a tech-driven online platform, flipping used cars is a tough, capital-intensive business with lousy margins and, 2) any company can grow quickly and take share if run irresponsibly on costs, especially if capital markets are willing to foot the bill. Rather than representing true disruptive change, Carvana is a flawed player, armed with tools no better than the competition it seeks to disrupt and led by a management team which lacks seasoned automotive, operational experience. Carvana didn’t make money even when cars sold themselves, interest rates were low and used car prices were skyrocketing. Today, none of that is true anymore, and the company has no hope but to eventually restructure its massive debt load…” (Click here to read the full text)

 

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