In this article we take a look at some of the best fast growth stocks to buy. For more such stocks click 12 Best Fast Growth Stocks to Buy Now.
5. PDD Holdings (NASDAQ:PDD)
Number of Hedge Fund Investors: 57
PDD ranks 5th in our list of the fast growth stocks to buy now according to hedge funds. In March, the company posted its Q4 of 2022 results. Revenue in the period increased by 46% year over year to reach $5.77 billion. However, the figure missed estimates by $140 million.
Hedge fund sentiment remains strong for PDD. Out of the 943 hedge funds tracked by Insider Monkey, 57 hedge funds reported owning stakes in the Chinese online retailer, up from 54 funds in the previous quarter. The most significant shareholder of the company was D E Shaw which owns a $468 million stake in the company.
4. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)
Number of Hedge Fund Investors: 66
Cybersecurity company CrowdStrike ranks 4th in our list of the best fast growth stocks to buy. The company in March posted its Q4 results. Revenue in the quarter increased by about 48% year over year to reach $637.4 million, beating estimates by $10.56 million. Adjusted EPS in the quarter came in at $0.47, beating estimates by $0.04. Annual recurring revenue increased by 48% year over year.
A total of 66 hedge funds tracked by Insider Monkey have stakes in the company as of the end of the fourth quarter of 2022, a significant decline from 85 hedge funds recorded at the end of the previous quarter.
3. Booking Holdings (NASDAQ:BKNG)
Number of Hedge Fund Investors: 83
Online hotel booking platform Booking Holdings in February posted its fourth quarter results, which show that revenue in the quarter increased by about 35.9% year over year to reach $4.05 billion, beating estimates by $150 million. Adjusted EPS in the quarter came in at $24.74, beating estimates by $2.66.
83 hedge funds tracked by Insider Monkey had stakes in Booking Holdings as of the end of the last quarter of 2022. The most significant stakeholder of the company during this period was Harris Associates of Natixis Global Asset Management which had a $1 billion stake in the company.
2. Tesla (NASDAQ:TSLA)
Number of Hedge Fund Investors: 91
Despite several headwinds Tesla remains a decent high-growth stock to invest in according to hedge funds. During the first quarter of 2023 the company’s revenue jumped about 24.2% year over year to reach $23.3 billion. However, the figure missed estimates by $60 million. Tesla received downgrades from several analysts after the quarterly report, but Cathie Wood’s ARK, which is a significant shareholder in the company, issued a $2000 price target for the stock.
As of the end of the first quarter of 2023, ARK Investment Management has a $1.12 billion stake in the company. At the end of the fourth quarter of 2022, 91 hedge funds in Insider Monkey’s database had stakes in the company.
1. Uber Technologies, Inc. (NYSE:UBER)
Number of Hedge Fund Investors: 135
Despite being a mature company, Uber continues to grow. During the fourth quarter of 2022 Uber saw its revenue jump 48.8% year over year to reach $8.6 billion, beating analyst estimates by $90 million. GAAP EPS in the period came in at $0.29, beating estimates by $0.45.
Uber is one of the most popular fast growth stocks among the elite hedge funds tracked by Insider Monkey. 135 hedge funds reported owning stakes in the company as of the end of the fourth quarter of 2022. The biggest hedge fund stakeholder of the company was Panayotis Takis Sparaggis’s Alkeon Capital Management which owns a $317 million stake in the company.
