5 Best Hot Stocks to Buy For March

In this piece, we will take a look at the five best hot stocks to buy for March. If you want a look at what’s hot and what might be hot on the stock market this year, then check out 12 Best Hot Stocks to Buy For March. 

5. General Electric Company (NYSE:GE)

Number of Q4 2023 Hedge Fund Shareholders: 92

One Month Share Price Appreciation: 18.05%

General Electric Company (NYSE:GE) is an American industrial and high tech engineering behemoth headquartered in Boston, Massachusetts. The firm has beaten analyst EPS estimates in all four of its latest quarters, the shares are rated Buy on average, and the average analyst share price target is $150 for a small downside.

During Q4 2023, 92 out of the 933 hedge funds tracked by Insider Monkey had held a stake in General Electric Company (NYSE:GE). Chris Hohn’s TCI Fund Management owned the biggest stake which was worth $5.3 billion.

4. Eli Lilly and Company (NYSE:LLY)

Number of Q4 2023 Hedge Fund Shareholders: 102

One Month Share Price Appreciation: 19.68%

Eli Lilly and Company (NYSE:LLY) is undoubtedly one of the best hot stocks that you’re likely to find due to its weight loss drug Mounjaro. The drug, and others, were also part of an Eli Lilly and Company (NYSE:LLY) centered analyst note from Morgan Stanley in February 2024 in which the bank wondered whether the healthcare company would become one of the few non tech $1 trillion dollar firms.

After sifting through 933 hedge fund portfolios for last year’s fourth quarter, Insider Monkey found that 102 were the firm’s shareholders. Out of these, the largest shareholder was Ken Fisher’s Fisher Asset Management through its $2.6 billion investment.

3. Uber Technologies, Inc. (NYSE:UBER)

Number of Q4 2023 Hedge Fund Shareholders: 129

One Month Share Price Appreciation: 16.99%

Uber Technologies, Inc. (NYSE:UBER) is a technology company known for its rides haring platform. The firm has been busy expanding its global footprint in 2024, with February seeing it announce a $100 million investment in a Nigerian vehicle financing company.

As of December 2023 end, 129 out of the 933 hedge funds polled by Insider Monkey had bought and owned Uber Technologies, Inc. (NYSE:UBER)’s shares. D. E. Shaw’s D E Shaw was the biggest investor as it held an $886 million stake.

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Q4 2023 Hedge Fund Shareholders: 173

One Month Share Price Appreciation: 26.62%

NVIDIA Corporation (NASDAQ:NVDA) is the darling of Wall Street as evidenced by its share price performance. However, a recent report from Goldman Sachs adds color to its stock, as the firm reports that while bullish NVIDIA call options are still popular, as a whole, hedge funds have started to sell technology stocks.

During 2023’s fourth quarter, 173 out of the 933 hedge funds covered by Insider Monkey’s research had piled into the firm. Rajiv Jain’s GQG Partners was the largest NVIDIA Corporation (NASDAQ:NVDA) shareholder since it owned 13.9 million shares that were worth $6.8 billion.

1. Meta Platforms, Inc. (NASDAQ:META)

Number of Q4 2023 Hedge Fund Shareholders: 242

One Month Share Price Appreciation: 20.13%

Meta Platforms, Inc. (NASDAQ:META) is the well known social media company headquartered in Menlo Park, California. It’s also the rare stock on our list that is rated Strong Buy on average. The average analyst share price target of $504 also prices in a small 5% upside.

242 out of the 933 hedge funds surveyed by Insider Monkey were Meta Platforms, Inc. (NASDAQ:META)’s shareholders as of Q4 2023 end. Rajiv Jain’s GQG Partners owned the biggest stake which was worth $3.9 billion.

Disclosure: None. You can also take a look at 25 Countries with Highest Tax to GDP Ratio in the World and 12 Best Medical Stocks to Buy Under $10.

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