5 Best 52-Week Low Stocks To Buy Now

2. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Shareholders: 252

1-Year Share Price Decline: 43.2%

Amazon.com, Inc. (NASDAQ:AMZN) shares hit their 52-week low on November 9 before jumping by 17% over the following two trading sessions, thanks in part to the release of consumer price index data that showed inflation is cooling more than expected, falling to 7.7% in October. That has investors more excited about growth stocks like Amazon, which has been pressured in the current inflationary environment. Amazon had a solid Q3, growing sales by 15%, but AWS growth continued to slow and costs have been ballooning in recent quarters.

Amazon.com, Inc. (NASDAQ:AMZN) was the second-most popular stock among hedge funds at the end of June 2022, being owned by 28.2% of the hedge funds that are tracked by Insider Monkey’s proprietary database. Hedge funds ownership of AMZN jumped by 48% between Q3 2019 and Q1 2020, and remained relatively stable since. Ken Fisher’s Fisher Asset Management owned 48.6 million Amazon shares on June 30, valued at $5.17 billion.

Polen Capital revealed some of the reasons why Amazon.com, Inc. (NASDAQ:AMZN) ended up being a top Q3 contributor for the fund in its Q3 2022 investor letter:

At an individual company level, the top three absolute contributors were Amazon.com, Inc. (NASDAQ:AMZN), ADP, and Autodesk. Amazon reported better-than-expected earnings during the quarter driven by robust earnings and margins in AWS, its cloud division. The company also posted positive numbers for advertising in the face of a tough environment for the sector.”