In this article, we will take a look at the 5 stocks under $50 billionaires are loading up on. To read our analysis of the recent market activity, you can go to the 10 Stocks Under $50 Billionaires Are Loading Up On.
5. Match Group, Inc. (NASDAQ:MTCH)
Number of Billionaire Holders: 16
Dallas, Texas-based Match Group, Inc. (NASDAQ:MTCH) is an internet and technology company operating a portfolio of more than 40 leading dating services apps including Match, OkCupid, Tinder, and Hinge, among others.
On May 2, Match Group, Inc. (NASDAQ:MTCH) reported the financial results for Q1 2023. It generated total revenues of $787 million and a net income of $121 million. Following the earnings release, TD Cowen lowered the price target on Match Group, Inc. (NASDAQ:MTCH) shares to $66 from $70 but maintained an ‘Outperform’ rating for the shares.
On April 28, the board of directors of Match Group, Inc. (NASDAQ:MTCH) approved a new share repurchase program for repurchase of up to $1.0 billion in its common stock. Under the previous program, the company repurchased $113 million worth of its shares during the first quarter.
According to the Insider Monkey data on 943 leading hedge funds, 52 hedge funds were long Match Group, Inc. (NASDAQ:MTCH) shares as of Q1 2023, with the total shares held by hedge funds valued at $602 million.
4. JD.Com, Inc. (NASDAQ:JD)
Number of Billionaire Holders: 17
JD.Com, Inc. (NASDAQ:JD) is the largest online retailer in China as well as the biggest internet company in the country by revenue. Its online retail platform offers products ranging from fresh food and apparel to electronics and cosmetics.
On May 18, JD.Com, Inc. (NASDAQ:JD) released its financial and operational results for Q1 2023. It generated a revenue of $35.4 billion and a net income of $0.9 billion. It recorded a normalized EPS of $0.69 which exceeded consensus estimates by $0.18.
As of March 31, JD.Com, Inc. (NASDAQ:JD) shares were owned by 59 of the 943 hedge funds tracked by Insider Monkey, with a total value of the share owned by these hedge funds valued at $2.5 billion. Tiger Global Management LLC was the largest hedge fund shareholder with ownership of 24 million shares valued at $1.1 billion.
3. Pinterest, Inc. (NYSE:PINS)
Number of Billionaire Holders: 17
San Francisco, California-based Pinterest, Inc. (NYSE:PINS) is a leading social media platform which allows users, creators, publishers, and businesses to save and publish images and videos which allow other users to discover and visualize activities. The platform boasts more than 450 million monthly active users.
On April 27, Pinterest, Inc. (NYSE:PINS) announced a partnership with online retail giant, Amazon.com, Inc. (NASDAQ:AMZN) which would provide users access to on-Amazon buying experience. The partnership is part of the company’s efforts to make the content available on the platform shoppable.
Pinterest, Inc. (NYSE:PINS) ranks 3rd on our list of stocks under $50 billionaires are loading up on. The shares of the company were owned by 17 billionaires with a total value of $1.6 billion according to the Insider Monkey database.
2. Freeport-McMoRan Inc. (NYSE:FCX)
Number of Billionaire Holders: 18
Freeport-McMoRan Inc. (NYSE:FCX), is a leading international mining company based in Phoenix, Arizona. It operates mining operations focused on copper, gold, and molybdenum. Its portfolio of assets includes Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and mining operations in North America and South America including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.
Freeport-McMoRan Inc. (NYSE:FCX) sold 832 million pounds of copper, 270 thousand ounces of gold, and 19 million pounds of molybdenum during Q1 2023. The company expects a significant uptick in the sales in the upcoming quarter with copper guidance set at 1.1 billion pounds, gold at 500 thousand ounces, and molybdenum at 20 million pounds.
On April 23, Raymond James lowered the price target on Freeport-McMoRan Inc. (NYSE:FCX) shares to $47 and maintained an ‘Outperform’ rating on the shares.
The only mining company on our list of 10 stocks under $50 billionaires are loading up on, Freeport-McMoRan Inc. (NYSE:FCX) shares were held by 77 hedge funds as of Q1 2023. Ken Fisher’s Fisher Asset Management was the largest hedge fund shareholder with ownership of 54 million shares valued at $2.2 billion.
1. Uber Technologies, Inc. (NYSE:UBER)
Number of Billionaire Holders: 21
San Francisco, California-based, Uber Technologies, Inc. (NYSE:UBER) provides technology platforms matching consumers looking for rides and independent ride services providers. It also offers other forms of transportation including public transit, bikes, and scooters. Other offerings include food delivery on demand, freight services, business fleet services, and same day delivery options.
On June 12, Truist Securities analyst Youssef Squali raised the price target on Uber Technologies, Inc. (NYSE:UBER) shares to $63 from $60 and maintained a ‘Buy’ for the shares.
As of Q1 2023, Uber Technologies, Inc. (NYSE:UBER) was ranked highest on our list of stocks under $50 that billionaires are loading up on. The stock was held by 21 billionaires with the total amount of billionaire investment valued at $1.1 billion. The stock was also a favorite among hedge funds as 144 hedge funds held shares of the company valued at $5.7 billion.
RiverPark Advisors, an investment advisory firm, made the following comment about Uber Technologies, Inc. (NYSE:UBER) in its Q1 2023 investor letter:
“UBER remains the undisputed global leader in ride sharing, with a greater than 50% share in every major region in which it operates. The company is also a leader in food delivery, where it is number one or two in the more than 25 countries in which it operates. Moreover, after a history of losses, the company is now solidly profitable with the potential for substantial margin expansion and free cash flow generation to come.”
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