In this article, we will look at the 10 most buzzing stocks to buy now. If you want to explore similar stocks that have been ‘buzzing’ lately, you can also take a look at 5 Most Buzzing Stocks to Buy Now.
Wall Street Giants Slash S&P 500 Forecasts
On September 6, Morgan Stanley revealed its base case and bear case for the S&P 500. Morgan Stanley strategist Michael Wilson slashed his EPS forecast and said that he expects earnings to decline by 3% in 2023, without assuming a recession. Morgan Stanley’s base case is the S&P 500 falling to 3,400 points by the end of 2022, while the bank’s bear case is the S&P 500 diving to 3,000 points by year-end, in the event of a recession, roughly 18% from its current levels.
As the Fed issued its latest rate hike and signaled to further rate hikes in 2022, on September 22, Evercore ISI trimmed its S&P 500 year-end target and said that it expects the benchmark index to fall to 3,975 points by the end of 2022. The bank’s prior 2022 year-end target for the S&P 500 was 4,200 points. Evercore ISI’s new target for 2022 implies a 16% year-to-date decline.
Following the Fed’s latest rate hike, on September 23, Goldman Sachs slashed its year-end target for the S&P 500 and said that it now expects the benchmark index to fall to 3,600 points by the end of 2022. This is a 16.3% cut from the bank’s prior 2022 year-end target of 4,300 points for the S&P 500.
Bond yields are rising, equities are tanking, and investors are caught up in the mix as they look for places to park their cash. In these turbulent and volatile times, trading volumes can be a useful indicator to determine what’s on equity investors’ radars right now. In this article, we will look at stocks that have been experiencing high levels of trading volumes. Stocks that have been creating the most buzz in recent days include Apple Inc. (NASDAQ:AAPL), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Ford Motor Company (NYSE:F).
Our Methodology
To determine the best buzzing stocks to buy now, we looked at Yahoo Finance’s stocks screener and picked the top 10 stocks that had the highest intraday trading volumes on September 28. Along with each stock, we have mentioned the hedge fund sentiment, analyst ratings, intraday trading volume, and 3-month average volume. We have ranked these stocks according to their intraday trading volumes.
10 Most Buzzing Stocks to Buy Now
10. Ambev SA (NYSE:ABEV)
Volume as of September 28: 38.9 Million
Average Volume (3-Month): 30.2 Million
Number of Hedge Fund Holders: 18
Ambev SA (NYSE:ABEV) is a brewing company based in Brazil. The company produces, distributes, and sells beer, draft beer, carbonated soft drinks, non-alcoholic beverages, malt, and food products. The stock has surged 5% year to date, as of September 28, and is among the best buzzing stocks on Wall Street having a volume of 38.9 million on September 28 and an average 3-month volume of 30.2 million.
This July, JPMorgan analyst Lucas Ferreira upgraded Ambev SA (NYSE:ABEV) to buy-side Overweight from Neutral and raised his price target to R$17 from R$15. Over the past 3 months, 2 Wall Street analysts have given Buy ratings on Ambev SA (NYSE:ABEV). The stock’s average price target of $5 represents a 75% upside from current levels.
As of September 28, Ambev SA (NYSE:ABEV) is trading at a PE multiple of 17x and is offering a forward dividend yield of 3.85%, which the company backs with free cash flows of $13.5 billion.
At the close of Q2 2022, 18 hedge funds held stakes in Ambev SA (NYSE:ABEV). The total value of these stakes amounted to $185.73 million. As of June 30, First Eagle Investment Management owns more than 279 million shares of Ambev SA (NYSE:ABEV) and is the largest shareholder in the company. The investment covers 1.97% of the fund’s 13F portfolio.
Here is what First Eagle Investments had to say about Ambev SA (NYSE:ABEV) in its second-quarter 2022 investor letter:
“Brazilian brewer Ambev, a subsidiary of Anheuser-Busch InBev, posted better-than-expected earnings for its most recent reporting period driven by improvements in both pricing and volumes. Its stock declined during the quarter, however, weighed down by such Brazil-centric issues as a new wave of Omicron variant infections, high domestic inflation, and a weakened real and national elections in October. We were encouraged that Ambev continued to gain market share despite disruptions associated with Covid and the cancellation of Brazil’s Carnival festivities in April.”
9. Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)
Volume as of September 28: 43.3 Million
Average Volume (3-Month): 25 Million
Number of Hedge Fund Holders: 29
Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) is an American biotechnology company that makes use of genetic engineering to produce bacteria for industrial applications. The company serves a variety of end markets including specialty chemicals, agriculture, food, and pharmaceuticals. On August 15, Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) announced earnings for the fiscal second quarter of 2022. The company generated a revenue of $144.62 million and beat estimates by $67 million.
Cathie Wood of ARK Investment Management has been building up a position in Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) since the company’s early days after it went public. On September 22, ARK Investment Management disclosed that it had purchased an additional 1.64 million shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA). On September 26, ARK Investment Management disclosed that it had raised its position in the company and bought an additional 1 million shares. Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) is attracting a lot of buzz on Wall Street and is among the best buzzing stocks to buy now.
On August 16, Raymond James analyst Rahul Sarugaser raised his price target on Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) to $14.50 from $11.50 and maintained a buy-side Outperform rating on the shares. This August, BTIG analyst Mark Massaro raised his price target on Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) to $6 from $5 and reiterated a Buy rating on the shares.
Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) has come to the attention of institutional investors. At the end of Q2 2022, 29 hedge funds were long Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) and held stakes worth $575.77 million in the company.
8. Amazon.com, Inc. (NASDAQ:AMZN)
Volume as of September 28: 54.2 Million
Average Volume (3-Month): 58.8 Million
Number of Hedge Fund Holders: 252
Amazon.com, Inc. (NASDAQ:AMZN) is one of the best buzzing stocks to buy now. Insider Monkey found 252 hedge funds that held stakes in Amazon.com, Inc. (NASDAQ:AMZN) at the end of the second quarter of 2022. The total value of these stakes amounted to $30 billion.
This September, Truist analyst Youssef Squali revised his price target on Amazon.com, Inc. (NASDAQ:AMZN) to $170 from $180 and reiterated a Buy rating on the shares. On September 28, Citi analyst Ronald Josey maintained a Buy rating and his $185 price target on Amazon.com, Inc. (NASDAQ:AMZN) also reiterating the stock as his “top pick”. Over the past 3 months, the stock has received 35 Buy ratings and 1 Hold rating from Wall Street analysts and has an average price target of $172, which implies a 50% upside from current levels.
As of June 30, Fisher Asset Management is the largest shareholder in the company and has stakes worth $5.16 billion. The investment covers 3.65% of Ken Fisher’s 13F portfolio.
Here is what Lakehouse Capital had to say about Amazon.com, Inc. (NASDAQ:AMZN) in its second-quarter investor letter:
“Amazon.com, Inc. (NASDAQ:AMZN) proved resilient in the face of ongoing macro pressures and delivered a strong quarterly result along with “better-than-feared” guidance for the third quarter. Net sales increased 7% year-on-year (10% constant currency) to $121.2 billion, while operating profit declined 57% to $3.3 billion. The drop in operating profit was attributable not only to external macro factors, such as elevated shipping and fuel costs, but also lower productivity and efficiency costs as a result of some overcapacity on the back of its recent investment cycle. It was pleasing to see that the company has begun to make progress on the more controllable costs, particularly productivity and staffing, with headcount, for example, down almost 100,000 over the quarter. We continue to believe Amazon is well positioned to manage these short-term issues and remains on track to deliver significant profit improvements over the next twelve months.
Management also confirmed that they have not seen any deterioration in Prime membership growth or retention following the 17% increase in Prime fees put through earlier in the year. This is not surprising to us, as in our view, the price increase was more than justified given the tremendous amount of customer value that has been added since the last price increase was implemented back in 2018, which includes the doubling of its fulfilment network and workforce, significant expansion of free same-day delivery and considerable investments in video and music content. Ultimately, we remain positive about Amazon’s future and believe that the company’s scale and market leadership will continue to drive growth for many years to come.”
In addition to Amazon.com, Inc. (NASDAQ:AMZN), some of the best buzzing stocks with 3-month average volumes of over 50 million include Apple Inc. (NASDAQ:AAPL), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Ford Motor Company (NYSE:F).
7. NVIDIA Corporation (NASDAQ:NVDA)
Volume as of September 28: 54 Million
Average Volume (3-Month): 56 Million
Number of Hedge Fund Holders: 84
On August 24, NVIDIA Corporation (NASDAQ:NVDA) announced earnings for the second quarter of fiscal 2023. The company reported earnings per share of $0.51 and generated a revenue of $6.7 billion, up 3% year over year and ahead of Wall Street consensus by $3.47 million. The stock is among the best buzzing stocks on Wall Street and, as of September 28, has an intraday volume of 54 million and a 3-month average volume of 56 million.
Wall Street is bullish on NVIDIA Corporation (NASDAQ:NVDA). This September, JPMorgan analyst Harlan Sur maintained a buy-side Overweight rating and his $220 price target on NVIDIA Corporation (NASDAQ:NVDA). On September 23, BMO Capital analyst Ambrish Srivastava revised her price target on NVIDIA Corporation (NASDAQ:NVDA) to $210 from $230 and maintained a buy-side Outperform rating on the shares.
NVIDIA Corporation (NASDAQ:NVDA) was a part of 84 hedge fund portfolios at the end of Q2 2022. The total stakes of these hedge funds amounted to $3.31 billion. As of June 30, Fisher Asset Management owns more than 7.5 million shares of NVIDIA Corporation (NASDAQ:NVDA) and is the most prominent investor in the company. The investment covers 0.81% of Ken Fisher’s 13F portfolio.
Here is what Baron Funds had to say about NVIDIA Corporation (NASDAQ:NVDA) in its second-quarter 2022 investor letter:
“At the company-specific level, there was a broad correction across the entire portfolio. While four of our holdings contributed to performance, the contribution to absolute returns was less than 100bps combined, as unfortunately none of them were large enough to move the needle. We had 16 investments detracting over 100bps each with NVIDIA (NASDAQ:NVDA), our second largest detractor, costing the Fund 254bps.
NVIDIA’s stock was hit even harder, down 44.4%, impacted by concerns over the health of the consumer, dramatic declines in crypto, and COVID-related lockdowns in China. Despite the sell-off and the increased near-term volatility in its gaming business, NVIDIA’s revenues grew 46% year-over-year with 48% operating margins, driven by continued strength in its data center business as companies across industries adopt AI and ML…” (Click here to see the full text)
6. Tesla, Inc. (NASDAQ:TSLA)
Volume as of September 28: 54.6 Million
Average Volume (3-Month): 74.8 Million
Number of Hedge Fund Holders: 72
On September 20, Morgan Stanley analyst Adam Jonas maintained his $383 price target and a buy-side Overweight rating on Tesla, Inc. (NASDAQ:TSLA). On September 28, Piper Sandler analyst Alexander Potter revised his price target on Tesla, Inc. (NASDAQ:TSLA) to $340 from $360 and reiterated an Overweight rating on the shares.
Tesla, Inc. (NASDAQ:TSLA) is buzzing on Wall Street. As of September 28, the stock has a 3-month average volume of 74.8 million and an intraday volume of 54.6 million. Over the past 3 months, Tesla, Inc. (NASDAQ:TSLA) has received 18 Buy, 6 Hold, and 5 Sell ratings from Wall Street analysts. The stock’s median price target of $311 implies a 16% upside from current levels.
Insider Monkey found 72 hedge funds long Tesla, Inc. (NASDAQ:TSLA) at the end of Q2 2022. These funds held collective stakes of $7.16 billion in the company. As of June 30, ARK Investment Management is the top shareholder in Tesla, Inc. (NASDAQ:TSLA) with stakes worth $1.09 billion. The investment covers 6.47% of Cathie Wood’s 13F portfolio.
Here is what Baron Funds had to say about Tesla, Inc. (NASDAQ:TSLA) in its second-quarter 2022 investor letter:
“In 2014, before we began to invest in Tesla (NASDAQ:TSLA), I called Roger to ask whether he thought Elon Musk’s electric car business would succeed. I did not believe that Roger, an owner of dealerships that sell cars powered by internal combustion engines (ICE) would likely have a favorable opinion of Tesla’s prospects. That was principally for two reasons:
- First, automobile manufacturing and distribution is unusually complicated, capital intensive, and highly regulated, which makes profitability problematic;
- second, cars with ICE motors require extensive annual maintenance, and dealer services revenues, not profits from automobile sales, are the most important contributor to profits of perpetual licensed ICE car dealerships.
Penske Automotive Group is principally an ICE car dealer. Since electric cars are powered by batteries and need little service, franchised dealerships are incented to sell ICE not EV automobiles. Further, Roger had been a long-term director of General Motors. General Motors’ ICE automobile business would be disrupted if Tesla were successful.
Regardless, I was right to have spoken with Roger. That was since he outlined numerous issues we needed to consider, study, and question before we determined whether we believed Tesla could be a successful business…before we ultimately chose whether to invest in that company.
When we completed our initial due diligence on Tesla, which diligence has been ongoing since 2014, we decided to invest $360 million in Tesla over the next two years. I then called Roger and outlined why I thought we could earn 20 times our capital over the next 10 years. Roger was so certain I was wrong that he offered to bet me $1 million that Tesla would fail. “Roger, I can’t bet you a million dollars. First, if you are right, I couldn’t afford to pay you. Second, if I’m right, you’re my friend, and I couldn’t take your money.” We settled on a dinner bet…” (Click here to see the full text)
Stocks that are most active and among the best buzzing stocks on Wall Street today include Apple Inc. (NASDAQ:AAPL), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Ford Motor Company (NYSE:F).
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Disclosure. None. 10 Most Buzzing Stocks to Buy Now is originally published on Insider Monkey.
