In this article, we discuss the 5 growth stocks Reddit’s WallStreetBets is buying. If you want to read our detailed analysis of these stocks, go directly to the 10 Growth Stocks Reddit’s WallStreetBets Is Buying.
5. Novavax, Inc. (NASDAQ: NVAX)
Number of Hedge Fund Holders: 38
Novavax, Inc. (NASDAQ: NVAX) stock has returned 62% to investors over the past twelve months. It is placed fifth on our list of growth stocks Reddit’s WallStreetBets is buying. The firm operates in the biotechnology sector and focuses on the development of vaccines that treat serious infectious diseases. On July 2, news agency Reuters reported that Taiwan had chosen to get the COVID-19 vaccine developed by Novavax through the COVAX global sharing scheme, ordering more than 4.7 million shots of the vaccine through the program.
On June 15, investment advisory Cantor Fitzgerald maintained an Overweight rating on Novavax, Inc. (NASDAQ: NVAX) stock and raised the price target to $272 from $217, citing enhanced conviction for a coronavirus vaccine developed by the company.
At the end of the first quarter of 2021, 38 hedge funds in the database of Insider Monkey held stakes worth 1.2 billion in Novavax, Inc. (NASDAQ: NVAX), up from 37 in the previous quarter worth $1 billion.