5 Best Stocks To Buy Now According To Billionaire Steve Cohen

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

Point72 Asset Management’s Stake Value: $285.26 million

Percentage of Point72 Asset Management’s 13F Portfolio: 1.13%

Number of Hedge Fund Holders: 271

Amazon.com, Inc. (NASDAQ:AMZN) was the third largest holding of Steve Cohen’s Point72 Asset Management at the end of the first quarter, with a $285.3 million stake which represented 1.13% of the fund’s total holdings. This highlighted a 32% reduction in holding over the previous quarter. As part of the larger market sell-off in tech, shares of Amazon.com, Inc. (NASDAQ:AMZN) have plummeted more than 38% in the last 12 months as of July 6.

On July 6, Amazon.com, Inc. (NASDAQ:AMZN) announced a partnership with food delivery firm Grubhub, owned by Dutch company Just Eat Takeaway.com. Amazon Prime Members will now get a free one-year trial of Grubhub+ and receive free delivery for eligible orders from thousands of restaurants across the United States. This agreement will give Amazon the option to buy around 2% of Grubhub shares, with the option to buy a further 13% stake if certain performance targets are met.

Wolfe Research analyst Deepak Mathivanan on June 29 assessed that Amazon.com, Inc. (NASDAQ:AMZN) “remains a top-idea to navigate a volatile macro” in the second half of 2022, and gave the stock an ‘Outperform’ rating with a revised price target of $140, down from $145.

Out of the 912 hedge funds in the Q1 database of Insider Monkey, 271 hedge funds reported bullish bets on Amazon.com, Inc. (NASDAQ:AMZN) shares, making the most popular stock among hedge funds. In contrast, 279 hedge funds were stakeholders in Amazon a quarter earlier.

Here is what Weitz Investment Management had 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.”