5 Best Rebound Stocks to Buy Now

2. Alibaba Group Holding Limited (NYSE: BABA)

Number of Hedge Fund Holders: 156

Alibaba Group Holding Ltd. (NYSE: BABA) is also a China-based multinational technology firm that focuses on e-commerce and internet-related products. It is one of the largest e-commerce platforms in the world and also operates the fifth-largest artificial intelligence company globally by the name of Alibaba Cloud. At its debut on the New York Stock Exchange in 2014, Alibaba raised $25 billion and made a name for itself as the largest initial public offering in the world at the time. In 2020, Forbes magazine named it the 31st largest firm globally.

Alibaba has a market cap of over $608 billion and reported more than $70 billion in revenue in March 2020. Jackson Wong, an analyst at American professional asset management firm Amber Hill Capital, recently said that Alibaba was still the top technology stock in China. The comments on the back of increased regulatory pressure on dual-listed Chinese firms in the US.

At the end of the fourth quarter of 2020, 156 hedge funds in the database of Insider Monkey held stakes worth $17 billion in the firm, down from 166 in the preceding quarter.

Our calculations show that Alibaba Group Holding Limited (NYSE: BABA) ranks 7th in our list of the 30 Most Popular Stocks Among Hedge Funds.

Davis International Fund, in their Q4 2020 investor letter, mentioned Alibaba Group Holding Limited (NYSE: BABA). Here is what Davis International Fund has to say about Alibaba Group Holding Limited in their Q4 2020 investor letter:

“The current focus of the Chinese government is on e-commerce and consumer finance, impacting companies such as e-commerce leader Alibaba, resulting in the delay of the ANT Group IPO. Our expectation is that while a company like Alibaba will have to eliminate business practices such as exclusive supplier arrangements, it will maintain its leading position in the thriving Chinese e-commerce sector due to its brand, scale, network effects and ability to innovate.”