5 Best Hot Stocks To Buy Now

2. Amazon.com Inc (NASDAQ:AMZN)

Number of Hedge Fund Investors: 286

Monness, Crespi, Hardt analyst Brian White recently said in a note that Amazon.com Inc (NASDAQ:AMZN) is expected to benefit from tailwinds stemming from the “efficiency initiatives” it took in 2023 and “new opportunities” across its portfolio. The analyst also said Amazon.com Inc (NASDAQ:AMZN) shares could “dance to the beat” of higher holiday spending seen in 2023.

“In the end, we believe Amazon is well positioned to benefit from digital transformation, capitalize on the cloud, innovate with AI, participate in new healthcare-related opportunities, and leverage a leaner cost structure,” White added.

As of the end of the third quarter of 2023, 286 hedge funds tracked by Insider Monkey reported owning stakes in Amazon.com Inc (NASDAQ:AMZN).

Here is what White Brook Capital has to say about Amazon.com, Inc. (NASDAQ:AMZN) in its Q3 2023 investor letter:

“The magnificent seven, that underpin the S&P 500 performance, which includes Amazon.com, Inc. (NASDAQ:AMZN), now comprise almost 30% of the market capitalization of the S&P500. At least three of the seven stocks have heightened downside risk and suffer from already high penetration, weakening end markets, competitive risk, and lofty valuation. They have been remarkably resilient to increased interest rates and the potential for slowing growth.”