George Soros is one of the most successful investors in the stock market’s history. He founded the Soros Fund Management, which currently manages over $6.6 billion in assets. His fund often makes contrarian moves that catch the attention of Wall Street and retail investors alike. Alex Soros, one of George Soros’ sons from his second marriage, was handed over the reins in 2023.
When investors like George Soros invest in companies, they usually have solid reasons to do so. This is why keeping an eye on their holdings is so important. We decided to take a look at George Soros’ Mid-Cap stock holdings to see what mid-cap stocks he is betting on.
To come up with our list of billionaire George Soros’ 10 Mid-Cap stocks with huge upside potential, we first looked at his top 50 stock holdings. We then filtered out the companies between $10 billion and $40 billion in market cap.
After arriving at his top mid-cap holdings list, we then looked at the median analyst price targets on those stocks and then ranked them by their upside potential. We have also mentioned the hedge fund sentiment as per Insider Monkey’s database of Q4 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
George Soros of Soros Fund Management
10. Okta, Inc. (NASDAQ:OKTA)
Soros Fund Management’s Stake Value: $76.3 Million
Number of Hedge Fund Holders: 72
Okta, Inc. is operating as an identity partner. It provides Access Gateway, Okta Device Access, Okta’s suite of products and services, Adaptive Multi-Factor Authentication, and API Access Management. According to the median analyst price target, the stock still has an upside of 29.79%.
Ahead of earnings season, OKTA was in the spotlight at the start of this week after J.P. Morgan reviewed it as its Overweight-rated cybersecurity stock. The analysts have a positive outlook on the company’s shift towards sales specialization in Customer Identity and Workforce.
Wall Street analyst D.A. Davidson also upgraded the company from Neutral to Buy in the last month after it reported its financial results and provided its outlook. Okta reported stabilizing growth and strong enterprise adoption in its fourth quarter fiscal 2025 results and outlook.
Analyst D.A. Davidson commented:
“With increasing new product mix, enterprise traction, channel momentum, and sales productivity, we now believe double-digit growth is sustainable.”
Similar sentiment was shown by some other analysts at that time. The firm earned an upgrade from Mizuho Securities from Neutral to Outperform with an increased price target of $127. This upgrade was based on the opportunities to accelerate growth in the upcoming years. Additionally, KeyBanc and Stifel maintained their positive rating on the stock.
9. Viking Holdings Ltd (NYSE:VIK)
Soros Fund Management’s Stake Value: $39.6 Million
Number of Hedge Fund Holders: 52
Viking Holdings is a Bermuda-based tourism company that engages is passenger transport activities globally. The firm was formed in 1997, and after nearly three decades of operations, it now boasts a fleet of 96 ships. According to the median analyst price target, the company’s stock still has an upside of 35.96%
Like many other industries, the travel industry is also likely to be severely impacted by tariffs. While increasing costs resulting from tariffs can deal a big blow, it is the resulting inflation and reduced purchasing power that is worrying long-term investors. As discretionary income reduces, companies will have to fight harder to gain customers. This could result in a price war or discounts on cruises, something that will benefit holiday goers and not the investors.
Last week, the company announced its newest ship, the Viking Amun, was already on water, awaiting the final build-out steps before it is ready for operation. It expects the ship to be in commercial operation by September 2025, so the company could end the year on a strong note.
8. Akamai Technologies, Inc. (NASDAQ:AKAM)
Soros Fund Management’s Stake Value: $182.8 Million
Number of Hedge Fund Holders: 37
Akamai Technologies, Inc. is a delivery, security, and cloud computing solutions provider. It provides Bot & Abuse portfolio, Akamai Account Protector, security solutions, Akamai Content Protector, API security, and microservice and application component protection. According to the median analyst price target, the stock still has an upside of 39.04%.
The company was recently downgraded by the Bank of America to Neutral, citing its lower-than-expected latest quarter earnings and guidance. BofA also lowered its price target from $125 to $100. However, Needham maintained its Hold rating on the stock and expressed concerns.
Analyst Madeline Brooks highlighted:
“We see limited near term catalysts as the company transitions from slower growth areas like web security and legacy compute to high growth areas like API security and Cloud Infrastructure Services.”
To uplift investors’ sentiment, investment firm Piper Sandler said that the company is likely to continue to benefit from increasing usage of TikTok among teenagers. Another notable point is that the company is among the top 5 holdings of George Soros’s portfolio. He might have seen the true growth potential of the stock to assign 2.75% of its portfolio to it.
7. Insmed Incorporated (NASDAQ:INSM)
Soros Fund Management’s Stake Value: $31.4 Million
Number of Hedge Fund Holders: 72
Insmed Incorporated operates as a marketer and developer of therapies for patients with rare and serious diseases. The company’s stock has tripled in less than a year, thanks mainly to the success of its lung disease drug brensocatib. In fact, the stock doubled in a single day back in May last year when the company reported an early-stage success related to its development.
There is reason to believe that brensocatib will continue to drive future returns for the company. It received a Priority Review from the FDA back in February, with a target action date of 12th August 2025. This will significantly reduce the time it takes to bring the drug to the market.
Once the drug eventually becomes approved and available, it will be the only approved medication for bronchiectasis on the market! The condition affects nearly half a million people in the US, with a similar number of sufferers in Europe and Japan combined. Clearly, there’s a lot of potential here and George Soros sees that with his $31.4 million stake in the company. According to the median analyst price target, the stock still has an upside of 39.55%.
6. CyberArk Software Ltd. (NASDAQ:CYBR)
Soros Fund Management’s Stake Value: $46.7 Million
Number of Hedge Fund Holders: 57
CyberArk Software Ltd. operates as a marketer, developer, and seller of software-based identity security solutions and services. The company’s solutions consist of Remote Access, Secure Infrastructure Access, Privileged Access Manager and Privilege Cloud, Endpoint Privilege Manager, and Secure Desktop. According to the median analyst price target, the stock still has an upside of 42.22%.
Recently, CyberArk was in the spotlight after investment firm Jefferies maintained its Buy rating and price target of $351 on it. Analyst Joseph Gallo highlighted the company’s strong position and considered its Venafi platform a market leader in machine identity. Analysts believe Venafi has significant growth potential.
Analyst Joseph Gallo stated:
“We hosted a machine identity consultant to gauge CYBR’s Venafi opportunity, the expert views Venafi in a leadership position & has confidence in its growth [re-acceleration] potential (was only growing 10% [year-over-year] when acquired). While other identity vendors will certainly have a right to win some share in machine identity, we gained incremental confidence in Venafi’s tech moat & CYBR’s ability to turbocharge growth.”
Needham showed a similar sentiment on the stock by recommending it as its top pick last month. The firm maintained its Buy rating on the stock, citing the transformative impact of the Venafi acquisition and strong demand for Privileged Access Management (PAM). Needham also maintained its price target of $480 on the company’s shares.
5. Synchrony Financial (NYSE:SYF)
Soros Fund Management’s Stake Value: $45.9 Million
Number of Hedge Fund Holders: 64
Synchrony Financial is a consumer financial services company. The company offers credit products and consumer installment loans. It also provides private-label credit cards and deposit products. Synchrony serves auto, digital, health and wellness, and other industries. According to the median analyst price target, the stock still has an upside of 43.98%.
With more than 90 renewed or new partnerships in 2024, the company’s significant growth potential still exists. SYF’s recent acquisition of Ally Lending will enable it to expand its product offerings and reach. To maintain the diverse partner network and reduce risk, the firm expanded its contract with Sam’s Club and renewed JCPenney’s contract with a Pay Later option.
Import tariffs might cause the prices of everyday items to increase, which will reduce the purchasing power of consumers. This presents the company with both potential opportunities and risks. Higher prices may result in increased demand for credit financing, benefiting the firm’s payment solutions. However, there might be a risk of higher delinquencies and lower purchase volumes.
4. Cloudflare, Inc. (NYSE:NET)
Soros Fund Management’s Stake Value: $82.5 Million
Number of Hedge Fund Holders: 55
Cloudflare, Inc. is a cloud services provider that offers a variety of services to businesses. It offers an integrated cloud-based security solution and website and application security products. According to the median analyst price target, the stock still has an upside of 44.45%.
The firm received an upgrade last month from Bank of America Securities. Citing its improving fundamentals, BofA Securities upgraded the company from Underperform to Buy with an increased price target of $160 from $60. As a result, the share price rose about 6%.
Analysts led by Madeline Brooks highlighted two growth catalysts for Cloudflare:
“The company offers a differentiated approach to AI, and we place a high probability on Cloudflare becoming the leader in AI-as-a-Service (AIaaS), which we expect will be the AI consumption method of choice for Enterprises.”
A similar sentiment was shown by Mizuho a few days ago. Mizuho upgraded the stock from Neutral to Outperform due to growing AI momentum and potential for acceleration. Despite analysts’ optimism about NET’s AI opportunities and innovation, the firm slightly lowered its price target from $140 to $135. Regardless of macroeconomic uncertainty, analysts think that the risk/reward is attractive with the recent share price decline.
3. Flutter Entertainment plc (NYSE:FLUT)
Soros Fund Management’s Stake Value: $38.9 Million
Number of Hedge Fund Holders: 98
Flutter Entertainment plc is a gaming and sports betting company. The company offers iGaming products, sports betting products, and sportsbooks. It also provides sports betting and gaming services through tvg.com, paddypower.com, fanduel.com, paddypower.ie, betfair.com, and other websites. According to the median analyst price target, the stock still has an upside of 45.53%.
The firm reported strong Q4 results with revenue totalling $3.79 billion, indicating revenue growth of 14.5% year-over-year. Despite this increase, revenue came in less than the consensus expectation.
Free cash flows jumped to $941 million, registering an impressive 181% YoY increase. The company’s innovative products improved customer engagement, resulting in a 15% year-over-year increase in average monthly players. FanDuel’s success in the U.S. was driven by its strong leadership and innovative products.
Based on the provided outlook, expected revenue growth for 2025 is 13% YoY. For 2025, projected adjusted EBITDA growth is 34% YoY. Regardless of challenges like a softer racing market in Australia and lower new customer activations, Flutter is well-positioned to grow. The management highlighted its focus towards customer engagement, market expansion, and product innovation, positioning it well for growth in the coming years.
2. Liberty Broadband Corporation (NASDAQ:LBRDA)
Soros Fund Management’s Stake Value: $83.7 Million
Number of Hedge Fund Holders: 22
Liberty Broadband Corporation is involved in multiple communications businesses. It operates in the Charter and GCI Holdings segments. The company offers a variety of wireless, voice, data, video, and managed services as well as subscription-based internet, mobile, and voice, video services, and various other services. According to the median analyst price target, the stock still has an upside of 45.88%.
At the end of the last month, the firm was in the spotlight after earning an upgrade by investment firm Benchmark. Analyst Matthew Harrigan maintained its Buy rating on the stock and labeled it an attractive investment opportunity. However, he lowered the price target from $130 to $115 due to current market conditions.
CFO Brian Wendling highlighted the company’s strong earnings by stating:
“In 2024, GCI achieved record revenue that crossed the $1 billion mark for the first time.”
The separation of GCI from the company will potentially make it more attractive to investors. This spin-off is anticipated to create additional value for Liberty Broadband’s shareholders. Management confirmed the expected completion of this separation by late Q2 or early Q3 2025. The firm also plans to invest in rural connectivity infrastructure in Alaska.
1. First Solar, Inc. (NASDAQ:FSLR)
Soros Fund Management’s Stake Value: $38.1 Million
Number of Hedge Fund Holders: 65
First Solar, Inc. operates as a solar technology company and offers photovoltaic (PV) solar energy solutions. The company also manufactures, designs, and supplies cadmium telluride solar modules for the conversion of sunlight into electricity. According to the median analyst price target, the stock still has an upside of 93.55%.
First Solar and Shoals Technologies announced the expansion of their partnership last month. As per the announcement, the companies will continue to invest in domestic manufacturing in Alabama. This collaboration supports the ongoing reshoring of U.S. solar supply chains. It will also enable Shoals Technologies to keep investing in American jobs at its Alabama facility.
The tech firm has shown impressive growth in 2024, growing its revenue by 26.7% YoY. The company guided for another promising year as it expects 2025 revenue growth to clock in at 26% to 38%. Going by this guidance, the management has guided for higher revenue growth than Wall Street estimates. It demonstrates the management’s confidence in the company’s growth potential. However, Wall Street estimates indicate a higher EPS growth of 51% than the company’s projected EPS growth of 41%.
While we acknowledge the potential of FSLR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than FSLR but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
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