This Billionaire Hedge Fund Manager Just Sold Off Shopify Inc (SHOP) and 4 Other Stocks

2. JD.com, Inc. (NYSE:JD)

Former Value of D1 Capital Partners‘ 13F Position: $889 million

Number of Hedge Fund Shareholders: 59

Hedge fund ownership of Chinese ecommerce giant JD.com, Inc. (NYSE:JD) hit a three-year low in Q1 after several funds sold off their stakes in the company. D1 Capital was one of the funds to unload its former position in the company, which was valued at nearly $900 million at the end of 2021. Hedge fund ownership of JD is down by 36% since peaking in the first quarter of 2020.

JD.com, Inc. (NYSE:JD) shares have rebounded by 50% since bottoming out on March 14 and have nearly clawed their way back to even for the year. JD.com has plans to enter the on-demand food delivery space, where it would face competition from Alibaba Group Holding Limited (NYSE:BABA) and Meituan. The company could leverage its existing logistics arm, which it also uses in relation to some of its other deliveries, to maximize the new endeavor’s productivity.

Benchmark analyst Fawne Jiang has a ‘Buy’ rating and $106 price target on JD.com, Inc. (NYSE:JD), which was recently lowered from $117. The analyst’s sum-of-the-parts valuation of the company values JD Retail at $79 per share, the company’s net cash at $16, and its Health and Logistics divisions and $7 and $4 respectively. Jiang noted that while Covid has caused some short-term setbacks that are impacting the company’s Q2 forecasts, its fundamentals remain intact.