5 Tech Stocks to Buy Before Market Rally Begins

In this article, we discuss the 5 tech stocks to buy before the market rally begins. If you want to read about some more tech stocks to buy before the market rally begins, go directly to 10 Tech Stocks to Buy Before Market Rally Begins.

5. Airbnb, Inc. (NASDAQ:ABNB)

Number of Hedge Fund Holders: 66 

Airbnb, Inc. (NASDAQ:ABNB) operates an online travel platform. In early August, the firm posted earnings for the second quarter of 2022, reporting earnings per share of $0.56, beating analyst expectations by $0.13. The revenue over the period was $2.1 billion, up more than 56% compared to the revenue over the same period last year. The company revealed that the nights and experiences booked on the platform in the second quarter of 2022 were more than 103 million, up over 25% year-on-year. 

On August 3, Needham analyst Bernie McTernan maintained a Buy rating on Airbnb, Inc. (NASDAQ:ABNB) stock and lowered the price target to $150 from $220, noting that the profitability of the firm was beating expectations and allowing for continued investment. 

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Airbnb, Inc. (NASDAQ:ABNB), with 3.3 million shares worth more than $575 million.

In its Q3 2021 investor letter, Tollymore Investment Partners, an asset management firm, highlighted a few stocks and Airbnb, Inc. (NASDAQ:ABNB) was one of them. Here is what the fund said:

“Today disruptors are not typically seeking to replace incumbents entirely. Rather, they break the links in the customer journey, in doing so better aligning monetisation with value creation and minimising externalities. For example, Airbnb, Inc. (NASDAQ:ABNB) broke the link between staying in residential property and owning it. Airbnb, Inc. (NASDAQ:ABNB) is a specific example of a business model innovation which separated asset use from ownership. This is hardly a novel idea; it’s called renting. Rental models lend themselves to assets which are expensive and durable, and where usage is infrequent.”