Jim Cramer Is Monitoring These 5 Stocks for Market Recovery

In this article, we discuss the 5 stocks that Jim Cramer is monitoring for market recovery. If you want to read about some more stocks in the Cramer portfolio, go directly to Jim Cramer Is Monitoring These 10 Stocks for Market Recovery.

5. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 128     

Apple Inc. (NASDAQ:AAPL) designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories. Cramer discussed the stock during an appearance on CNBC on September 14, placing the company among a basket of big tech stocks that he was bullish on despite the slowing macro environment at the stock market. 

On September 14, Bernstein analyst Toni Sacconaghi maintained a Market Perform rating on Apple Inc. (NASDAQ:AAPL) stock with a price target of $170, noting that iPhones remained a key driver of growth for the company. 

At the end of the second quarter of 2022, 128 hedge funds in the database of Insider Monkey held stakes worth $143 million in Apple Inc. (NASDAQ:AAPL), compared to 131 in the previous quarter worth $182 million.

In its Q2 2022 investor letter, Alger Capital, an asset management firm, highlighted a few stocks and Apple Inc. (NASDAQ:AAPL) was one of them. Here is what the fund said:

“Apple Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications. computing and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives extremely tight engagement with consumers and enterprises. The engagement is fostering the growing purchase of high-margin services like music, apps, and apple pay. Apple’s shares detracted from performance as management lowered its guidance for the second quarter due to headwinds from the war in Ukraine, adverse foreign currency shifts, and dampened consumer demand associated with the coronavirus in China. Additionally, many investors were concerned that lockdowns implemented to curtail the spread of COVID-19 would impact production of apple products, however the manufacturing facilities have resumed activity.”