In this article, we will take a look at the 5 best new stocks to invest in according to hedge funds. To see more such companies, go directly to 13 Best New Stocks To Invest In According To Hedge Funds.
5. GitLab Inc. (NASDAQ:GTLB)
Number of Hedge Fund Holders: 37
DevOps platform company GitLab Inc. (NASDAQ:GTLB) is one of the best new stocks to invest in according to elite hedge funds. Insider Monkey’s database of 943 hedge funds shows that 37 funds had stakes in GitLab Inc. (NASDAQ:GTLB) as of the end of the fourth quarter of 2022. The biggest hedge fund stakeholder of GitLab Inc. (NASDAQ:GTLB) is Mick Hellman’s HMI Capital which owns a $90 million stake in the company.
In March, Mizuho started covering GitLab Inc. (NASDAQ:GTLB) with a Neutral rating and a $38 price target.
4. SentinelOne, Inc. (NYSE:S)
Number of Hedge Fund Holders: 38
Cybersecurity company SentinelOne, Inc. (NYSE:S) ranks 4th in our list of the best new stocks to invest in according to hedge funds. SentinelOne, Inc. (NYSE:S) jumped earlier this month after investment firm Stephens started covering the shares and called the company’s growth “best in class” and also praised the firm’s potential for free cash flow. Stephens analyst Brian Colley set a $22 price target on SentinelOne, Inc. (NYSE:S).
A total of 38 hedge funds tracked by Insider Monkey have stakes in SentinelOne, Inc. (NYSE:S). The biggest stakeholder of SentinelOne, Inc. (NYSE:S) is Dan Loeb’s Third Point which owns a $214 million stake in the company.
3. Hertz Global Holdings, Inc. (NASDAQ:HTZ)
Number of Hedge Fund Holders: 44
Hertz Global Holdings, Inc. (NASDAQ:HTZ) is in the limelight after a release from the White House said the company is committed to increase its EV rentals this year, estimating 2 million EV rentals in 2023, about five times the number of EV rentals in 2022.
A total of 44 hedge funds tracked by Insider Monkey had stakes in Hertz Global Holdings, Inc. (NASDAQ:HTZ) as of the end of the fourth quarter of 2022.
2. Toast, Inc. (NYSE:TOST)
Number of Hedge Fund Holders: 47
Toast, Inc. (NYSE:TOST) went public in September 2021. In less than two years Toast, Inc. (NYSE:TOST) has gained a strong footing among elite hedge funds and smart money managers. Insider Monkey’s database of 943 hedge funds shows that 47 funds had stakes in Toast, Inc. (NYSE:TOST) as of the end of the fourth quarter of 2022. The total worth of these hedge fund stakes was $1.5 billion. The biggest hedge fund stakeholder of Toast, Inc. (NYSE:TOST) was David Blood and Al Gore’s Generation Investment Management which owns a $373 million stake in the company.
Toast, Inc. (NYSE:TOST) makes software solutions for the restaurant industry. Earlier this year Toast, Inc. (NYSE:TOST) posted Q4 results. GAAP EPS in the quarter came in at -$0.19, missing estimates by $0.01. Revenue in the period jumped 50.2% year over year to total $769 million, beating estimates by $15.87 million.
1. Constellation Energy Corporation (NASDAQ:CEG)
Number of Hedge Fund Holders: 51
Constellation Energy Corporation (NASDAQ:CEG) started trading publicly after spinoff from Exelon Corporation. Insider Monkey’s database of 943 elite hedge funds shows that 51 hedge funds had stakes in Constellation Energy Corporation (NASDAQ:CEG) as of the end of the fourth quarter of 2022. The biggest stakeholder of Constellation Energy Corporation (NASDAQ:CEG) is $2.4 billion. The most notable hedge fund stakeholders of Constellation Energy Corporation (NASDAQ:CEG) include William B. Gray’s Orbis Investment Management, John Smith Clark’s Southpoint Capital Advisors and Robert Pitts’s Steadfast Capital Management.
Constellation Energy Corporation (NASDAQ:CEG) is a notable clean energy company, with nuclear, wind, solar and hydro energy units.
You can also take a peek at 10 Most Profitable Small Businesses in 2023 and 10 Best April Dividend Stocks To Buy.
