5 Stocks to Buy According to Cheyne Capital

3. Activision Blizzard, Inc. (NASDAQ:ATVI)

Cheyne Capital’s Stake Value: $4,827,000
Percentage of Cheyne Capital’s 13F Portfolio: 4.07%
Number of Hedge Fund Holders: 80

Activision Blizzard, Inc. (NASDAQ:ATVI) develops and sells interactive entertainment products and services. In the second quarter of 2022, Activision Blizzard, Inc. (NASDAQ:ATVI) also joined Cheyne Capital’s portfolio. The hedge fund purchased 62,000 shares of the company, worth $4.83 million.

On August 4, analyst Benjamin Soff of Deutsche Bank cut his price objective on Activision Blizzard, Inc. (NASDAQ:ATVI) from $95 to $84 while reiterating a ‘Hold’ rating on the stock. The analyst had a “balanced judgement on the likelihood” that authorities would accept Microsoft Corporation (NASDAQ:MSFT)’s planned acquisition of Activision. Microsoft Corporation (NASDAQ:MSFT) announced in January this year that it would buy Activision Blizzard, Inc. (NASDAQ:ATVI) for an all-cash deal worth $68.7 billion.

Warren Buffett’s Berkshire Hathaway held a notable stake in Activision Blizzard, Inc. (NASDAQ:ATVI) at the end of the second quarter of 2022. The hedge fund’s position in the company climbed to almost $5.33 billion from $5.15 billion.

Insider Monkey’s data shows that 80 elite hedge funds held stakes in Activision Blizzard, Inc. (NASDAQ:ATVI) at the end of the first quarter, up from 70 funds a quarter earlier. The total value of these stakes is over $9.48 billion, showing considerable growth from stakes worth $3.66 billion owned by hedge funds in Q4 2021.