5 Best Beaten Down Stocks To Buy Now

In this article, we will be taking a look at the 5 best beaten down stocks to buy now. To read our detailed analysis of the US stock market and recent developments within it, you can go directly to see the 13 Best Beaten Down Stocks To Buy Now.

5. Enphase Energy, Inc. (NASDAQ:ENPH)

Number of Hedge Fund Holders: 50

Enphase Energy, Inc. (NASDAQ:ENPH) is a semiconductor materials and equipment company based in Fremont, California. The company designs and develops home energy solutions for the solar photovoltaic industry.

Vikram Bagri at Citigroup maintained a Buy rating and a $170 price target on Enphase Energy, Inc. (NASDAQ:ENPH) on September 18.

We saw 50 hedge funds long Enphase Energy, Inc. (NASDAQ:ENPH) in the second quarter, with a total stake value of $772.7 million.

Here’s what Carillon Tower Advisers said about Enphase Energy, Inc. (NASDAQ:ENPH) in its second-quarter 2023 investor letter:

“Enphase Energy provides solar microinverters and energy storage solutions. The company’s shares lagged benchmark counterparts amid concerns surrounding a near-term moderation in the growth of residential solar installation in the United States. Despite this, the company possesses a market-leading position in its core microinverter product and remains wellpositioned over the long term to benefit from ongoing solar adoption trends. Additionally, Enphase is focused on growing its international presence while also unveiling new products that could provide the next tailwind to its growth story.”

4. Dollar General Corporation (NYSE:DG)

Number of Hedge Fund Holders: 57

A Buy rating and a $160 price target were maintained on Dollar General Corporation (NYSE:DG) by Kate McShane, an analyst at Goldman Sachs, on September 1.

Dollar General Corporation (NYSE:DG) is a consumer staples company. It provides various merchandise products through its discount retail stores.

There were 57 hedge funds long Dollar General Corporation (NYSE:DG) in the second quarter, with a total stake value of $1.6 billion.

Aristotle Atlantic Partners said the following about Dollar General Corporation (NYSE:DG) in its second-quarter 2023 investor letter:

“We sold our position in Dollar General, following a weaker-than-expected quarterly earnings report and a lowered earnings outlook. The company’s core consumer, while still employed, continues to be impacted by higher inflation. Additionally, we saw the negative impacts of lower-than-expected tax refunds and reductions in the Federal Supplemental Nutrition Assistance Program (SNAP). Dollar General remained committed to spending on customer experience and investing in price to help their customers through the tougher economic environment, as a result, reducing the earnings guidance by a greater amount than the sales reductions.”

3. JD.Com, Inc. (NASDAQ:JD)

Number of Hedge Fund Holders: 64

JD.Com, Inc. (NASDAQ:JD) had 64 hedge funds long its stock in the second quarter. Their total stake value was $2 billion.

Citigroup’s Alicia Yap maintains a Buy rating and a $64 price target on JD.Com, Inc. (NASDAQ:JD) as of August 17.

JD.Com, Inc. (NASDAQ:JD) is a broad-line retail company that offers supply chain-based tech and services. It is based in China.

This is what Baron Funds said about JD.Com, Inc. (NASDAQ:JD) in its first-quarter 2023 investor letter:

“JD.com, Inc. (NASDAQ:JD) is one of the three largest e-commerce platforms in China. Shares declined after the company reported a slowdown in fourth quarter sales and commented that deliberate culling of unprofitable SKUs would also be a drag on headline revenue growth in the first half of 2023. We believe the slowdown was driven by the peak in Chinese COVID lockdowns, which have since ended, and the elimination or reduction of unprofitable business is better for long-term margins and returns on capital. We remain investors.”

2. Bristol-Myers Squibb Company (NYSE:BMY)

Number of Hedge Fund Holders: 66

A Buy rating and an $84 price target were reiterated on Bristol-Myers Squibb Company (NYSE:BMY) shares on September 15 by Gregg Gilbert at Truist Securities.

A total of 66 hedge funds were long Bristol-Myers Squibb Company (NYSE:BMY) in the second quarter, with a total stake value of $1.7 billion.

Bristol-Myers Squibb Company (NYSE:BMY) is a pharmaceutical company based in New York. It offers products for hematology, oncology, cardiovascular, and immunology diseases, among more.

1. Pfizer Inc. (NYSE:PFE)

Number of Hedge Fund Holders: 73

Pfizer Inc. (NYSE:PFE) is another pharmaceutical company on our list. It is based in New York.

Pfizer Inc. (NYSE:PFE) was spotted in the portfolios of 73 hedge funds in the second quarter. Their total stake value was $1.5 billion.

Louise Chen at Cantor Fitzgerald reiterated an Overweight rating and a $75 price target on Pfizer Inc. (NYSE:PFE) shares on September 18.

Diamond Hill Capital said the following about Pfizer Inc. (NYSE:PFE) in its second-quarter 2023 investor letter:

“Our bottom contributors in Q2 included health insurance company Humana, biopharmaceutical company Pfizer Inc. (NYSE:PFE) and global entertainment company Disney. Pharmaceutical giant Pfizer has been dealing with a decline in sales due to lower COVID vaccination levels. Additionally, in 2023, management is increasing spend as the company invests in new product launches. That said, we remain positive about the long-term company fundamentals.”

See also 10 Beaten Down Stocks Billionaires Are Loading Up On and 12 Best Beaten Down Stocks To Buy.