5 Best Affordable Stocks Under $30

2. Macy’s, Inc. (NYSE:M)

Price as of December 01: $23.62

Forward P/E ratio as of December 01: 5.59

Number of Hedge Fund Holders: 31

Macy’s, Inc. (NYSE:M) is an omnichannel retailer with stores, websites, and mobile applications. The company provides a wide range of merchandise, including clothing, accessories, cosmetics, home furnishings, and other consumer goods.

On November 18, 2022, Paul Lejuez, an analyst at Citi, increased his price target on Macy’s, Inc. (NYSE:M) to $25. The analyst believes that the company’s Q3 results were better than expected, and Macy’s, Inc. (NYSE:M) offers a balanced risk/reward ratio at current price levels.

According to Insider Monkey’s database, 31 hedge funds held shares of the company at the end of the third quarter of 2022. Arrowstreet Capital was the most bullish fund on the company’s stock at the end of Q3 2022.