5 Best Reddit Stocks to Buy Now

4. Alibaba Group Holding Ltd – ADR (NYSE:BABA)

Number of Hedge Fund Investors: 116

Alibaba Group Holding Ltd – ADR (NYSE:BABA) is one of the best Reddit stocks to buy in 2024 since a majority of Redditors in investing-related subreddits believe the Chinese ecommerce company is undervalued mainly due to the volatility and uncertainty in China, which they think is a temporary factor.

Out of the 933 hedge funds in Insider Monkey’s database,  116 hedge funds had stakes in Alibaba Group Holding Ltd – ADR (NYSE:BABA) as of the end of the fourth quarter of 2023.

Baron Emerging Markets Fund stated the following regarding Alibaba Group Holding Limited (NYSE:BABA) in its fourth quarter 2023 investor letter:

“Alibaba Group Holding Limited (NYSE:BABA) is the largest retailer and e-commerce company in China. Alibaba operates shopping platforms Taobao and Tmall and owns 33% of Ant Group, which operates Alipay, China’s largest third-party online payment provider. Shares of Alibaba were down in the fourth quarter due largely to the delay of the previously announced spin-off of its cloud division. Quarterly results were roughly in line with Street expectations, with strength in profitability. We retain conviction that Alibaba is well positioned to benefit from the ongoing growth in online commerce and cloud development in China. While the company is seeing early progress in its efforts to re-invigorate customer engagement and retention as well as merchant investment initiatives, we believe this investment will likely take some time to flow through to accelerating earnings growth. As such, we remain investors but have reduced our position as we monitor further progress.”