5 Stocks Dumb Money’s Steve Cohen Is Betting On Now

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

Value of Point72 Asset Management’s 13F Position: $396 million

Number of Hedge Fund Shareholders: 283

During the second quarter, Point72 Asset Management sold 25% of its stake in Amazon.com, Inc. (NASDAQ:AMZN) to capitalize on the strong share price uptrend. Despite this, Amazon is ranked third largest holding in the list of 15 stocks Dumb Money’s Steve Cohen is betting on now. Year to date, shares of the world’s largest e-commerce company have climbed 47%. 

In the second quarter investor letter, Diamond Hill Capital, an investment management company, expressed confidence in Amazon. Here is what the firm stated:

“Among our top contributors were insurance company American International Group (AIG), auto retailer CarMax and global online retailer Amazon.com, Inc. (NASDAQ:AMZN).

Amazon’s management team has been working to improve retail profitability, and Q1 results showed progress. In the case of Amazon’s web services (AWS), the market has shifted its focus from where growth will bottom in the near term to how AI can help accelerate the adoption of public cloud services in the future. We believe Amazon’s competitive advantages will continue to grow and that the business has the potential to grow faster than the overall economy in the coming years.”