5 Best Blue Chip Stocks Under $100

2. Alibaba Group Holding Limited (NASDAQ:BABA)

Number of Hedge Fund Holders: 112

Despite the headwinds and economic uncertainty in China, Alibaba Group Holding Limited (NASDAQ:BABA) remains one of the top retailers in the world. It is also a notable blue chip stock under $100 hedge funds like.

Insider Monkey’s database of 910 hedge funds shows that 112 hedge funds reported owning stakes in Alibaba Group Holding Limited (NASDAQ:BABA) as of the end of the second quarter of 2023. The biggest hedge fund stakeholder of Alibaba Group Holding Limited (NASDAQ:BABA) was David Tepper’s Appaloosa Management LP which owns a $373 million stake in the company.

L1 Long Short Fund made the following comment about Alibaba Group Holding Limited (NYSE:BABA) in its second quarter 2023 investor letter:

“Alibaba Group Holding Limited (NYSE:BABA) (Long -18%) shares weakened in recent months as Chinese reopening strength faded and macro-economic datapoints began sequentially declining. Nevertheless, we believe the Chinese government will use consumption as a key lever to reinvigorate the economy post-COVID lockdowns. Alibaba remains a high-quality business with leading positions in both eCommerce and Public Cloud, and management is taking proactive steps to unlock shareholder value. It has announced plans to split into six major business groups – Cloud Intelligence, Taobao Tmall, Local Services, Global Digital, Cainiao Smart Logistics and Digital Media, and Entertainment Group. Each group will be managed independently, with a separate CEO and board, have the flexibility to raise external capital and potentially pursue separate IPOs. We believe this restructure will be a strong positive catalyst to unlock the sum-of-the-parts valuation upside in the company.”