5 Best Momentum Stocks to Buy Today

In this piece, we will take a look at the five best momentum stocks to buy today. If you want to look at more stocks and see what’s driving the market these days, head on over to 12 Best Momentum Stocks to Buy Today.

5. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Funds Investors In Q1 2023: 91

Advanced Micro Devices, Inc. (NASDAQ:AMD) designs and sells semiconducting products such as central processing units (CPUs) and graphics processing units (GPUs). The firm is seeing quite a positive sentiment from analysts these days, with five reiterating Buy or Overweight ratings and upgrading the shares to Outperform in June 2023.

Insider Monkey dug through 943 hedge funds for their first quarter of 2023 investments to find out that 91 had held a stake in Advanced Micro Devices, Inc. (NASDAQ:AMD). Ken Fisher’s Fisher Asset Management is the biggest investor, owning a $2.5 billion stake.

4. Netflix, Inc. (NASDAQ:NFLX)

Number of Hedge Funds Investors In Q1 2023: 108

Netflix, Inc. (NASDAQ:NFLX) is one of the world’s biggest streaming services providers and one that also produces its own content. The firm saw some good news in July when Goldman Sachs upgraded its shares to Neutral from Sell. On average, the shares have a Buy rating.

108 of the 943 hedge funds polled by Insider Monkey for their Q1 2023 shareholdings had owned Netflix, Inc. (NASDAQ:NFLX)’s shares. Out of these, the biggest shareholder is Boykin Curry’s Eagle Capital Management with a $1.4 billion investment.

3. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Funds Investors In Q1 2023: 132

NVIDIA Corporation (NASDAQ:NVDA) is one of the biggest semiconductor designers in the world. While its products were initially used for gaming, they have now revolutionized the artificial intelligence industry. The firm’s shares are rated Strong Buy on average.

Insider Monkey dug through 943 hedge funds for their March quarter of 2023 shareholdings to find out that 132 had invested in the chip company. NVIDIA Corporation (NASDAQ:NVDA)’s largest hedge fund investor is Ken Fisher’s Fisher Asset Management with a $2.7 billion stake.

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

Number of Hedge Funds Investors In Q1 2023: 220

Meta Platforms, Inc. (NASDAQ:META) is one of the world’s largest social media companies. It also owns the messaging platform WhatsApp. These days, all the hype surrounding the company is around its latest product Threads which aims to become a competitor to Twitter.

By the end of this year’s first quarter, 220 of the 943 hedge funds part of Insider Monkey’s database had held a stake in Meta Platforms, Inc. (NASDAQ:META). Philippe Laffont’s Coatue Management is the largest shareholder, owning eight million shares that are worth $1.7 billion.

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Funds Investors In Q1 2023: 289

Topping our list of the best momentum stocks that hedge funds are buying is the mega cap technology giant Microsoft Corporation (NASDAQ:MSFT). The firm’s shares are rated a Strong Buy on average, and 27 out of 34 analysts have rated them Buy or better.

289 out of the 943 hedge funds polled by Insider Monkey had invested in the firm during Q1 2023. Microsoft Corporation (NASDAQ:MSFT)’s largest hedge fund investor is Michael Larson’s Bill & Melinda Gates Foundation Trust through holding a $11.3 billion stake.

Disclosure: None. You can also take a look at Top 15 Offshore Tax Havens in the World and 20 Largest Economies in the World by 2050.

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