In this article, we will be looking at the top 5 stocks Steve Zheng’s Deepcurrents Investment Group is currently buying. If you want to see our comprehensive analysis of Zheng’s history and hedge fund performance, go directly to Top 10 Stock Picks of Steve Zheng’s Deepcurrents Investment Group.
5. JetBlue Airways Corporation (NASDAQ:JBLU)
Deepcurrents Investment Group’s Stake Value: $8.93 million
Percentage of Deepcurrents Investment Group’s 13F portfolio: 0.26%
Total Number of Hedge Fund Holders: 30
Next up on Steve Zheng’s list of top stocks is Jetblue Airways Corporation (NASDAQ: JBLU), an airline company that carries more than 30 million passengers annually to destinations in the US, Latin America, and the Caribbean.
Steve Zheng’s Deepcurrents Investment Group holds 584,160 shares in Jetblue Airways Corporation (NASDAQ: JBLU) worth $8.93 million, representing 0.26% of the fund’s total portfolio.
On October 6, research firm Goldman Sachs downgraded its rating from ‘Buy’ to ‘Neutral’, changing the price target from $20 to $17. The firm’s analyst Catherine O’Brien noted expectations of positive growth on the path towards profitability recovery over the medium-term.
In Q3 2021, Jetblue Airways Corporation (NASDAQ: JBLU) posted an EPS of -$0.12, beating estimates by $0.06. Quarterly revenue stood at $1.97 billion, beating analysts’ forecast by $46.63 million.
In Q2 2021, 30 hedge funds tracked by Insider Monkey reported owning positions worth $401.72 million in Jetblue Airways Corporation (NASDAQ: JBLU). This is a slight change from last quarter where 29 hedge funds held positions worth $425.68 million in the company.
4. Jazz Pharmaceuticals plc (NASDAQ:JAZZ)
Deepcurrents Investment Group’s Stake Value: $12.85 million
Percentage of Deepcurrents Investment Group’s 13F portfolio: 0.38%
Total Number of Hedge Fund Holders: 34
Jazz Pharmaceuticals plc (NASDAQ: JAZZ) is a biopharmaceutical company that deals in the development and commercialization of pharmaceutical products in the fields of narcolepsy, oncology, pain, and psychiatry.
On November 19, Goldman Sachs reinstated its coverage of Jazz Pharmaceuticals plc (NASDAQ: JAZZ) with a ‘Buy’ rating, setting a $198 price target.
In Q3 2021, the firm posted an EPS of $4.20, beating estimates by $0.89. Jazz Pharmaceuticals plc (NASDAQ: JAZZ) raked in $838.12 million in revenue for the quarter, exceeding analysts’ expectations by $6.06 million.
As of the second quarter of 2021, 34 out of 873 hedge funds tracked by Insider Monkey reported holding positions worth $1.49 billion in Jazz Pharmaceuticals plc (NASDAQ: JAZZ), up from the previous quarter where 37 hedge funds held $1.26 billion worth of stocks in the company.
3. ON Semiconductor Corporation (NASDAQ:ON)
Deepcurrents Investment Group’s Stake Value: $14.39 million
Percentage of Deepcurrents Investment Group’s 13F portfolio: 0.42%
Total Number of Hedge Fund Holders: 44
Then there’s On Semiconductor Corporation (NASDAQ: ON), which deals in the provision of semiconductor components for a range of technological devices. The company is headquartered in Phoenix, Arizona, and operates through its segments: Power Solutions Group, Advanced Solutions Group, and Intelligent Sensing Group.
In Q3 2021, On Semiconductor Corporation (NASDAQ: ON) posted an EPS of $0.87, beating estimates by $0.13.
On November 2, research firm BMO Capital kept its ‘Market Perform’ rating on the company stock, raising the price target to $50 from $45.
As of Q2 2021, 44 hedge funds held positions worth $1.02 billion in On Semiconductor Corporation (NASDAQ: ON), as compared to the previous quarter where 41 hedge funds held $1.27 billion worth of positions in the company. This data was derived from Insider Monkey’s database of 873 hedge funds.
2. CONMED Corporation (NYSE:CNMD)
Deepcurrents Investment Group’s Stake Value: $19.90 million
Percentage of Deepcurrents Investment Group’s 13F portfolio: 0.59%
Total Number of Hedge Fund Holders: 21
CONMED Corporation (NYSE: CNMD) ranks 2nd on Steve Zheng’s list of top stocks to invest in. The company specializes in medical technology, providing surgical equipment and related devices worldwide. Steve Zheng’s Deepcurrents Investment holds 152,109 shares in the company valued at $19.90 million.
As of Q2 2021, 21 hedge funds out of 873 tracked by Insider Monkey held positions worth $174 million in CONMED Corporation (NYSE: CNMD), as compared to the previous quarter where 23 hedge funds owned $236 million worth of stocks.
In Q3 2021, CONMED Corporation (NYSE: CNMD) posted an EPS of $0.80, beating estimates by $0.05.
On October 6, research firm Needham analyst Mike Matson upgraded his rating on CONMED Corporation (NYSE: CNMD) from ‘Hold’ to ‘Buy’, setting a price target of $150. The analyst noted that the company’s Airseal and Buffalo Filter products are primarily responsible for driving growth and increasing margins, with the company expected to see revenue growth in the double digits on the back of its sales force expansion.
1. SPDR S&P 500 ETF Trust (NYSE:SPY)
Deepcurrents Investment Group’s Stake Value: $20.34 million
Percentage of Deepcurrents Investment Group’s 13F portfolio: 0.6%
Deepcurrents upped its hold in SPY by 130%, indicating its overall bullish outlook on the market.
You can also take a peek at the 15 Best Undervalued Stocks to Buy Now and Billionaire Louis Bacon’s Top 10 Stock Picks.
