5 Best Quantum Computing Stocks To Invest In

4. Alibaba Group Holding Company (NYSE:BABA)

Number of Hedge Fund Holders: 146

Alibaba Group Holding Limited (NYSE:BABA) is a multinational technology company that specializes in e-commerce, retail and cloud computing. The China-based tech and retail giant ranks fourth on our list of the 11 best quantum computing stocks to invest in.

The company is one of the Chinese leaders in the race for quantum computing supremacy,  engaged in “full stack” quantum businesses, offering access to quantum computing through the cloud alongside designing their own suite of algorithms, quantum computing hardware, software, and consulting services.

The company last released its quarterly earnings report on August 3, with reported earnings per share at $2.57, beating market estimates by $0.35. The revenue for the quarter was reported at $31.80 billion, an increase of 43.04% on a year-over-year basis.

According to our database, 146 hedge funds out of the 873 tracked by Insider Monkey held stakes in Alibaba Group Holding Limited (NYSE:BABA), worth roughly $16.79 billion. This is compared to 135 hedge funds in the previous quarter with a total stake value of approximately $15.4 billion.

On September 6, KGI Securities initiated coverage of Alibaba Group Holding Limited (NYSE:BABA) with a Neutral rating and $26.33 price target on the company’s shares.

Out of the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Alibaba Group Holding Limited (NYSE:BABA) with 14.1 million shares worth more than $3.2 billion.