5 Best Up And Coming Stocks To Invest In

2. Lululemon Athletica Inc. (NASDAQ:LULU)

Number of Hedge Fund Holders: 64

Lululemon Athletica Inc. (NASDAQ:LULU) designs and retails athletic apparel, footwear, and accessories. It is a brand that has become highly popular among Gen Z consumers and investors this year.

Noah Zatzkin at Keybanc maintains an Overweight rating on Lululemon Athletica Inc. (NASDAQ:LULU) shares alongside a $425 price target as of July 25.

In total, 64 hedge funds held stakes in Lululemon Athletica Inc. (NASDAQ:LULU) in the first quarter, with a total stake value of $3.5 billion.

Kinsman Oak Capital Partners said the following about Lululemon Athletica Inc. (NASDAQ:LULU) in its first-quarter 2023 investor letter:

“What is relatively new, however, is that we are beginning to see substantial write-downs and impairment charges. For instance, Lululemon Athletica Inc. (NASDAQ:LULU) is already exploring a sale of Mirror, the struggling fitness technology company it bought less than three years ago for half a billion dollars. Lululemon executives recently announced a $433 million impairment charge on the business (-89%). That is not an insignificant amount of money.”