In this article, we discuss the 5 best new tech stocks to buy now. If you want to read about some more new tech stocks, go directly to 13 Best New Tech Stocks to Buy Now.
5. Consensus Cloud Solutions, Inc. (NASDAQ:CCSI)
Number of Hedge Fund Holders: 16
Consensus Cloud Solutions, Inc. (NASDAQ:CCSI) provides information delivery services with a software-as-a-service platform worldwide. On November 13, Consensus Cloud Solutions Inc. unveiled the availability of Consensus Conductor, a provider of seamless integration technology which supports the latest standards for connectivity while addressing a wide range of interoperability challenges from the simple to the extremely complex.
On November 21, JPMorgan analyst Anne Samuel initiated coverage of Consensus Cloud Solutions, Inc. (NASDAQ:CCSI) stock with a Neutral rating and $54 price target, noting that the company faces challenges due to the macro environment in the near future.
Among the hedge funds being tracked by Insider Monkey, New York-based firm Gates Capital Management is a leading shareholder in Consensus Cloud Solutions, Inc. (NASDAQ:CCSI) with 1.1 million shares worth more than $53.5 million.
4. Global Business Travel Group, Inc. (NYSE:GBTG)
Number of Hedge Fund Holders: 23
Global Business Travel Group, Inc. (NYSE:GBTG) provides a business-to-business (B2B) travel platform. On November 10, Global Business Travel posted earnings for the third quarter of 2022, reporting losses per share of $0.43. The revenue over the period was $488 million, up 147.7% compared to the revenue over the same period last year.
On December 7, Citi analyst Peter Christiansen initiated coverage of Global Business Travel Group, Inc. (NYSE:GBTG) stock with a Neutral rating and $6.50 price target, noting that the company’s recovery momentum picked up after a slight slowdown in the third quarter.
Among the hedge funds being tracked by Insider Monkey, London-based investment firm Marshall Wace LLP is a leading shareholder in Global Business Travel Group, Inc. (NYSE:GBTG) with 314,388 shares worth more than $1.8 million.
3. ESAB Corporation (NYSE:ESAB)
Number of Hedge Fund Holders: 24
ESAB Corporation (NYSE:ESAB) engages in the formulation, development, manufacture, and supply of consumable products and equipment for use in cutting, joining, and automated welding, as well as gas control equipment. On October 17, ESAB Corp announced that it has acquired Ohio Medical, a global leader in oxygen regulators and central gas systems, from a private investor group for a cash purchase price of $127 million. The company also expects an additional cash tax benefit with a net present value of $15 million.
On October 11, Stifel analyst Nathan Jones maintained a Buy rating on ESAB Corporation (NYSE:ESAB) stock and lowered the price target to $42 from $48, highlighting that broad indicators and the company’s recent surveys suggest that short cycle industrial demand has weakened a bit.
At the end of the third quarter of 2022, 24 hedge funds in the database of Insider Monkey held stakes worth $138.4 million in ESAB Corporation (NYSE:ESAB), compared to 19 in the previous quarter worth $195.6 million.
In its Q3 2022 investor letter, Diamond Hill Capital, an asset management firm, highlighted a few stocks and ESAB Corporation (NYSE:ESAB) was one of them. Here is what the fund said:
“Fabrication technology company ESAB Corporation (NYSE:ESAB) posted fairly solid quarterly results, but shares were pressured on concerns of an economic slowdown, particularly in Europe where ESAB is the leading welding player. A recession could be challenging for the company in the near term, but we believe the long-term outlook remains promising. We believe ESAB’s strong position in emerging markets can translate to solid growth over time, while the company’s continuous improvement focused business system can aid in margin expansion, helping it to expand into adjacent areas such as gas control and welding automation.”
2. Bausch + Lomb Corporation (NYSE:BLCO)
Number of Hedge Fund Holders: 25
Bausch + Lomb Corporation (NYSE:BLCO) operates as an eye health company worldwide. On October 24, Bausch + Lomb Corp revealed that it will launch the Project Watson line of health care products for dogs that is focused on eye and ear health. The products include an eye wash, eye chewable supplement, and ear wash and wipes.
On November 3, H.C. Wainwright analyst Yi Chen maintained a Buy rating on Bausch + Lomb Corporation (NYSE:BLCO) stock and lowered the price target to $20 from $21, highlighting that the company missed the third quarter expectations.
At the end of the third quarter of 2022, 25 hedge funds in the database of Insider Monkey held stakes worth $402.7 million in Bausch + Lomb Corporation (NYSE:BLCO), compared to 19 in the previous quarter worth $304.8 million.
1. R1 RCM Inc. (NASDAQ:RCM)
Number of Hedge Fund Holders: 37
R1 RCM Inc. (NASDAQ:RCM) provides technology-driven solutions that transform the patient experience and financial performance of hospitals, health systems, and medical groups. On December 8, R1 RCM posted earnings for the third quarter of 2022, reporting losses per share of $0.07, missing market estimates by $0.19. The revenue over the period was $496 million, up 30.6% compared to the revenue over the same period last year and missing market estimates by $27.69 million.
On December 7, Guggenheim analyst Jack Wallace upgraded R1 RCM Inc. (NASDAQ:RCM) stock to Buy from Neutral with a $15 price target, noting that when the company provides its initial guidance in January, there is greater potential upside than negative for its FY23 expectations.
At the end of the third quarter of 2022, 37 hedge funds in the database of Insider Monkey held stakes worth $446.6 million in R1 RCM Inc. (NASDAQ:RCM), compared to 30 in the preceding quarter worth $262 million.
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