5 Best Booming Stocks to Buy Now

2. General Electric Company (NYSE:GE)

Number of Hedge Fund Holders: 59 

Percentage Increase in Share Price Over Past Six Months: 56%  

General Electric Company (NYSE:GE) operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. The stock has gained in the past few months after the firm announced plans to spin off the energy and power divisions into standalone companies. This would allow the firm to develop itself as an aerospace powerhouse and deliver strong growth in this rapidly evolving space. 

On April 27, Citi analyst Andrew Kaplowitz maintained a Buy rating on General Electric Company (NYSE:GE) stock and raised the price target to $114 from $109, backing the firm for a relatively sustainable earnings growth runway.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Pzena Investment Group is a leading shareholder in General Electric Company (NYSE:GE) with 12 million shares worth more than $1.1 billion.  

In its Q1 2023 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and General Electric Company (NYSE:GE) was one of them. Here is what the fund said:

“General Electric Company (NYSE:GE) was a material contributor during the quarter. With the successful spin-off of GE HealthCare in early January, the company operates in two major markets: GE Aerospace and GE Vernova. GE Aerospace powers three out of every four commercial flights. GE Vernova helps generate 30% of the world’s electricity and has a meaningful role to play in the energy transition. The company’s service activities, which are higher margin and more resilient, represent approximately 60% of revenue and 85% of its backlog. The company reported strong fourth quarter 2022 results and management’s 2023 outlook is positive.”