5 Best Stocks to Invest Your $1000 According to Reddit

2. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 128

Redditors believe that in addition to diversifying a portfolio with penny stocks, small-caps, and under-the-radar equities, it is prudent to invest in safe stocks like Apple Inc. (NASDAQ:AAPL), which offers growth opportunities and robust underlying business and financial fundamentals. On August 24, research firm Counterpoint Research said that Apple Inc. (NASDAQ:AAPL) experienced a 147% year-over-year growth in the $1,000 and above category of the smartphone market, accounting for 46% of the total Chinese market.

On August 19, KeyBanc analyst Brandon Nispel raised the price target on Apple Inc. (NASDAQ:AAPL) to $185 from $177 and reaffirmed an ‘Overweight’ rating on the shares. The analyst recommends buying Apple Inc. (NASDAQ:AAPL) and lifted the price target “based on strong trends”. July is seasonally the most resilient month for sequential growth, which appears to be off to a solid start, contended the analyst.

According to Insider Monkey’s Q2 data, Apple Inc. (NASDAQ:AAPL) was part of 128 hedge funds’ portfolios, compared to 131 funds in the previous quarter. Warren Buffett’s Berkshire Hathaway is the biggest stakeholder of Apple Inc. (NASDAQ:AAPL), with approximately 895 million shares worth $122.3 billion. 

Here is what Wedgewood Partners had to say about Apple Inc. (NASDAQ:AAPL) in its Q2 2022 investor letter:

“Apple grew revenues +9%, driven by +17% growth in the Services segment. While iPhone revenues grew a modest +5%, it was on an exceptional year ago comparison of +66%. iPhone continues to capture most industry smartphone profits by focusing on high-end price tiers. Apple is taking nearly two-thirds of the revenue share in the premium ($400 and above) smartphone segment. Further, most of the growth was driven by expansion in the “ultra-premium” price tier of $1000 or more per unit.[1] As we have highlighted in the past, Apple’s relentless focus on the development and integration between hardware (especially integrated circuits) and software continues to add significant value for customers of its products and services. We expect this favorable competitive dynamic to continue for the foreseeable future.”