In this article, we discuss the 5 cheap growth stocks to buy according to billionaire Steve Cohen. If you want to read our detailed analysis of these stocks, go directly to the 10 Cheap Growth Stocks to Buy According to Billionaire Steve Cohen.
5. ViewRay, Inc. (NASDAQ:VRAY)
Share Price as of December 13: $5.35
Number of Hedge Fund Holders: 17
Medical device company ViewRay, Inc. (NASDAQ:VRAY) sells radiation therapy systems in the US, UK, Germany, France, Taiwan, and internationally. In the nine months that ended in September, the company’s revenue grew 29% year over year to $49.7 million. The Ohio-based medical device company expects full-year revenue of $63 million – $73 million in fiscal 2021.
Following strong Q3 results, Piper Sandler analyst Jason Bednar increased his price target for ViewRay, Inc. (NASDAQ:VRAY) to $9 from $8 and maintained an Overweight rating on the shares. Bednar highlighted ViewRay, Inc.’s (NASDAQ:VRAY) seven MRIdian orders, which increased the company’s backlog to a record $295 million.
Steve Cohen’s Point72 Asset Management increased its stake in ViewRay, Inc. (NASDAQ:VRAY) in the third quarter by 6% bringing the total shares to 1.42 million shares worth $10.2 million. New York-based investment firm Hudson Executive Capital owns 14 million shares of the medical device company worth over $106 million.
4. Nokia Corporation (NYSE:NOK)
Share Price as of December 13: $5.98
Number of Hedge Fund Holders: 22
Nokia Corporation (NYSE:NOK), one of the largest 5G network providers in the world, is among the cheap growth stocks to buy according to Steve Cohen. According to Q3 13F data tracked by Insider Monkey, Point72 Asset Management owned 2.6 million shares of Nokia Corporation (NYSE:NOK) valued at $14.3 million.
On November 1, Andrew Gardiner of Barclays upped his target for Nokia Corporation (NYSE:NOK) to EUR 5.25 from EUR 5 and maintained an Equal Weight on the shares.
In late November, the 5G firm signed a five-year agreement with Qatari telecom giant Ooredoo to provide technological and network solutions, such as 5G, to Ooredoo customers in the Middle East, North Africa, and Southeast Asia. Nokia Corporation (NYSE:NOK) shares soared 54% year to date.
With over 22.6 million shares, Massachusetts-based investment firm Arrowstreet Capital is the biggest shareholder of Nokia Corporation (NYSE:NOK) as of the end of the September quarter. The total value of the stake is $123 million.
3. Hut 8 Mining Corp. (NASDAQ:HUT)
Share Price as of December 13: $8.15
Number of Hedge Fund Holders: 10
Hut 8 Mining Corp. (NASDAQ:HUT) is an industrial bitcoin mining company. As of the end of the third quarter of 2021, billionaire investor Steve Cohen owned 1.97 million shares of the company worth $16.5 million, making Point72 Asset Management the biggest shareholder of the bitcoin mining firm.
In addition, more hedge funds had a stake in the Toronto-based company in the third quarter of 2021. Insider Monkey’s data shows that 10 elite hedge funds held stakes in Hut 8 Mining Corp. (NASDAQ:HUT) at the end of Q3 2021, up from 4 funds a quarter earlier.
Hut 8 Mining Corp. (NASDAQ:HUT) had a total bitcoin balance of 5,053 with a market value of approximately $430 million as of the second week of November. The stock gained 219% year to date and 74% in the last six months.
Canaccord analyst Joseph Vafi on November 12 kept a Buy rating on Hut 8 Mining Corp. (NASDAQ:HUT) and increased his price target for the stock to $20 from $12.
2. Tricida, Inc. (NASDAQ:TCDA)
Share Price as of December 13: $7.62
Number of Hedge Fund Holders: 19
Tricida, Inc. (NASDAQ:TCDA) is a San Francisco-based biotech company that develops and sells oral drugs for chronic kidney disease. The pharmaceutical company comprises 0.09% of Steve Cohen’s holdings in the quarter that ended in September. Point72 Asset Management owned 4.89 million shares of Tricida, Inc. (NASDAQ:TCDA) worth $22.7 million in the period.
Tricida, Inc. (NASDAQ:TCDA) stock popped 41% in November after the biotech firm raised $42 million in definitive agreements with certain investors for the purchase and sale of common shares. Investors and analysts are optimistic about the stock after the company raised more capital to support its ongoing clinical trials. On November 16, JPMorgan analyst Jessica Fye upgraded Tricida, Inc. (NASDAQ:TCDA) from Underweight to Neutral with a $7 price target following the $42 million capital raise.
The San Francisco-based biotech company is slated to release clinical data results from its veverimer renal drug in Q3 2022.
1. Affimed N.V. (NASDAQ:AFMD)
Share Price as of December 13: $5.60
Number of Hedge Fund Holders: 19
Affimed N.V. (NASDAQ:AFMD), a biotech company developing cancer immunotherapies, is among the most affordable growth stocks in Steve Cohen’s portfolio. As of the end of the September quarter, Cohen owned 6.12 million shares of the company worth nearly $38 million. Point72 Asset Management is the biggest shareholder of Affimed N.V. (NASDAQ:AFMD) and it accounts for 0.16% of the fund’s total holdings in the third quarter.
On November 17, Berenberg analyst Zhiqiang Shu initiated a Buy rating on Affimed N.V. (NASDAQ:AFMD) with a price target of $11.
Affimed N.V. (NASDAQ:AFMD) shares surged 22% on November 20 after receiving optimistic early-stage trial data for its lead product candidate, AFM13. The biotech company topped analysts’ estimates by $1.34 million in the third quarter and reported total revenue of $9.94 million.
At the end of the September quarter, 19 hedge funds in the database of Insider Monkey were bullish on Affimed N.V. (NASDAQ:AFMD). The total worth of this stake is $156 million.
You can also take a peek at 10 Best Stocks to Buy for the Next 10 Years and 10 Dividend Aristocrats to Buy for 2022.
