5 Best Stocks to Buy According to DE Shaw

3. Amazon.com, Inc. (NASDAQ:AMZN)

DE Shaw’s Stake Value: $1,340,244,000

Percentage of DE Shaw’s 13F Portfolio: 1.25%

Number of Hedge Fund Holders: 271

Amazon.com, Inc. (NASDAQ:AMZN) has been part of the DE Shaw since the fourth quarter of 2010, with a few breaks over the years. In the first quarter of 2022, the hedge fund boosted its position in the company by 28%, holding 411,124 shares worth $1.34 billion, representing 1.25% of the 13F portfolio. 

After Amazon.com, Inc. (NASDAQ:AMZN) posted record Prime Day sales, Morgan Stanley analyst Brian Nowak estimated Prime Day revenue increased 19% year-over-year to $4.6 billion, which was 12% ahead of his earlier expectations. The analyst said an acceleration compared to 8% Prime Day growth in 2021 gave him higher confidence in Q3, and maintained an Overweight rating and a $175 price target on Amazon.com, Inc. (NASDAQ:AMZN) shares on July 16. 

Among the hedge funds tracked by Insider Monkey, 271 hedge funds were long Amazon.com, Inc. (NASDAQ:AMZN) at the end of Q1 2022, compared to 279 funds in the last quarter. Skye Global Management is a notable position holder in the company, with 740,500 shares worth $2.4 billion. 

Here is what Weitz Investment Management Partners III Opportunity Fund has to say about Amazon.com, Inc. (NASDAQ:AMZN) in its Q1 2022 investor letter:

“Amazon.com’s (NASDAQ:AMZN) stock was down modestly in the quarter, but opportunistic purchases helped the position contribute positively to the Fund. Our index short positions against ETFs tracking market indexes provided helpful ballast during the first quarter drawdown but were otherwise detractors for the fiscal year. During the quarter, we covered roughly 20% of our S&P 500 short and 50% of our Nasdaq 100 short at progressively lower prices. Among our long equities, we added materially to high-conviction holdings Amazon.com.”