5 Most Promising QQQ Stocks According to Hedge Funds

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

Number of Hedge Fund Holders: 240

On February 2, Amazon.com, Inc. (NASDAQ:AMZN) posted earnings for the fourth quarter of fiscal 2022. The company reported an EPS of $0.03 and generated a revenue of $149.20 billion, up 8.58% year over year and ahead of Wall Street consensus by $3.43 billion. As of February 21, Amazon.com, Inc. (NASDAQ:AMZN) has gained 11.57% year to date.

On February 14, Loop Capital analyst Rob Sanderson reiterated his $140 price target and a Buy rating on Amazon.com, Inc. (NASDAQ:AMZN).

At the end of the fourth quarter of 2022, Amazon.com, Inc. (NASDAQ:AMZN) was held by 240 hedge funds. The total stakes of these hedge funds amounted to $27.5 billion. As of December 31, Harris Associates is the leading shareholder in the company and has a position worth $1.62 billion. Amazon.com, Inc. (NASDAQ:AMZN) is ranked second on our list of the most promising QQQ stocks according to hedge funds.

Here is what Diamond Hill Capital had to say about Amazon.com, Inc. (NASDAQ:AMZN) in its fourth-quarter 2022 investor letter:

“At Amazon.com, Inc. (NASDAQ:AMZN), recessionary and inflationary headwinds drove weaker demand and higher costs for its AWS (Amazon Web Services) and retail businesses. While overinvestment in the retail business during the pandemic and continued growth of investments in AWS could lead to near-term pressure on profitability, we believe Amazon’s competitive advantages will continue to grow and that the business has the potential to grow much faster than the overall economy in the coming years.”