In this article, we discuss the 5 Reddit stocks hedge funds like. If you want to read our detailed analysis of these stocks, go directly to the 10 Reddit Stocks Hedge Funds Like.
5. ContextLogic Inc. (NASDAQ: WISH)
Number of Hedge Fund Holders: 21
ContextLogic Inc. (NASDAQ: WISH) is ranked fifth on our list of 10 Reddit stocks hedge funds like. The firm owns and operates a mobile ecommerce platform and is headquartered in California.
On August 23, investment advisory Citi kept a Neutral rating on ContextLogic Inc. (NASDAQ: WISH) stock but lowered the price target to $7.50 from $12, highlighting that the firm was having difficulty sustaining growth due to higher user churn and elevated ad rates.
Out of the hedge funds being tracked by Insider Monkey, New York-based firm JS Capital is a leading shareholder in ContextLogic Inc. (NASDAQ: WISH) with 1.8 million shares worth more than $24 million.
4. AMC Entertainment Holdings, Inc. (NYSE: AMC)
Number of Hedge Fund Holders: 21
AMC Entertainment Holdings, Inc. (NYSE: AMC) is a Kansas-based company involved in the theatrical exhibitions business. It is placed fourth on our list of 10 Reddit stocks hedge funds like.
On August 19, investment advisory Citi kept a Sell rating on AMC Entertainment Holdings, Inc. (NYSE: AMC) stock but raised the price target to $5 from $3.70, underlining that the remained overvalued at current levels.
At the end of the first quarter of 2021, 21 hedge funds in the database of Insider Monkey held stakes worth $404 million in AMC Entertainment Holdings, Inc. (NYSE: AMC), up from 19 in the preceding quarter worth $34 million.
In its Q4 2020 investor letter, Mittleman Investment Management LLC, an asset management firm, highlighted a few stocks and AMC Entertainment Holdings, Inc. (NYSE: AMC) was one of them. Here is what the fund said:
“AMC Entertainment (AMC) was our only material loser in Q4, dropping from $4.71 to $2.12 (-55%). I planned on discussing here why it was worth at least the $10 per share that my recently reduced estimate of fair value claimed, but since then AMC raised more cash against their UK holdings and then the stock took off due to speculative players from reddit.com getting involved, so we sold it all around $14 during the last week of Jan. 2021. This was a modest profit for most clients, but a loss for some others, depending on when the account began, so check your statements to see where you came out. And yes, I recognize it as being a dose of good luck, which I heartily accept from the universe as it seemed somewhat lacking in the portfolio of late. After the sale of AMC in late January 2021, our exposure to the movie theater business is now exclusively in Canada via Cineplex, which has a 75% market share and much less leverage on its balance sheet.”
3. Clover Health Investments, Corp. (NASDAQ: CLOV)
Number of Hedge Fund Holders: 23
Clover Health Investments, Corp. (NASDAQ: CLOV) is a Tennessee-based Medicare advantage insurer. It is ranked third on our list of 10 Reddit stocks hedge funds like.
On May 18, investment advisory Citi reiterated a Buy rating on Clover Health Investments, Corp. (NASDAQ: CLOV) stock but lowered the price target to $10 from $13, noting the firm had another rough quarter despite higher revenue.
Out of the hedge funds being tracked by Insider Monkey, San Francisco-based investment firm Greenoaks Capital is a leading shareholder in Clover Health Investments, Corp. (NASDAQ: CLOV) with 96.3 million shares worth more than $1.2 billion.
2. Palantir Technologies Inc. (NYSE: PLTR)
Number of Hedge Fund Holders: 26
Palantir Technologies Inc. (NYSE: PLTR) is placed second on our list of 10 Reddit stocks hedge funds like. The firm provides analytics and software solutions to the intelligence community and is based in Colorado.
On August 13, investment advisory Morgan Stanley maintained an Underweight rating on Palantir Technologies Inc. (NYSE: PLTR) stock and raised the price target to $22 from $19, underlining that there were questions about the durability of the near-term growth of the firm.
At the end of the second quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in Palantir Technologies Inc. (NYSE: PLTR).
In its Q4 2020 investor letter, Guardian Fund, an asset management firm, highlighted a few stocks andPalantir Technologies Inc. (NYSE: PLTR) was one of them. Here is what the fund said:
“In October, we bought a stake in Palantir. Earlier, in June, our concentrated Tech Fund, which has a mandate to also buy shares in the secondary market, bought shares of Palantir from insiders, before the direct listing. At the price we bought, the equity had much more upside than downside. Palantir is operating a software platform that functions as the digital infrastructure for data-driven operations and decision making. The software helps to structure and capture context in data of large corporations. Governments are increasingly realizing that they have to deal with serious data challenges and cyber risk. As most governments cannot attract the most talented software engineers, they need private enterprises such as Palantir to help them build solid infrastructure. Foundry, Palantir’s software for enterprises, is used by companiesto make safer cars and airplanes or to accelerate cancer research. The speed to bring new clients on board is improving and revenues will grow faster than expenses. Palantir has a long runway of growth ahead.”
1. Paysafe Limited (NYSE: PSFE)
Number of Hedge Fund Holders: 50
Paysafe Limited (NYSE: PSFE) is ranked first on our list of 10 Reddit stocks hedge funds like. The firm is headquartered in Bermuda and provides ecommerce solutions to businesses.
On August 12, investment advisory Bank of America initiated coverage of Paysafe Limited (NYSE: PSFE) stock with a Buy rating and a price target of $15, noting the firm was uniquely positioned to benefit from the rapidly growing iGaming market.
At the end of the second quarter of 2021, 50 hedge funds in the database of Insider Monkey held stakes worth $1.1 billion in Paysafe Limited (NYSE: PSFE), up from 41 in the previous quarter worth $1.3 billion.
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