In this article, we discuss the 5 best prison and law enforcement stocks to buy now. If you want to read our detailed analysis of these stocks, go directly to 12 Best Prison And Law Enforcement Stocks To Buy Now.
5. Palantir Technologies Inc. (NYSE:PLTR)
Number of Hedge Fund Holders: 31
Palantir Technologies Inc. (NYSE:PLTR) builds and deploys software platforms for the intelligence community in the United States. On November 2, investment advisory Goldman Sachs maintained a Neutral rating on Palantir Technologies Inc. (NYSE:PLTR) stock and raised the price target to $12 from $11.
At the end of the third quarter of 2023, 31 hedge funds in the database of Insider Monkey held stakes worth $1 billion in Palantir Technologies Inc. (NYSE:PLTR), compared to 39 in the previous quarter worth $987 million.
4. Axon Enterprise, Inc. (NASDAQ:AXON)
Number of Hedge Fund Holders: 31
Axon Enterprise, Inc. (NASDAQ:AXON) manufactures, and sells conducted energy devices. On December 13, investment advisory Morgan Stanley maintained an Equal Weight rating on Axon Enterprise, Inc. (NASDAQ:AXON) stock and raised the price target to $250 from $230, noting the demand for the products of the firm would come back in 2024.
At the end of the third quarter of 2023, 31 hedge funds in the database of Insider Monkey held stakes worth $643 million in Axon Enterprise, Inc. (NASDAQ:AXON), compared to 36 in the previous quarter worth $576 million.
In its Q2 2023 investor letter, Conestoga Capital Advisors, an asset management firm, highlighted a few stocks and Axon Enterprise, Inc. (NASDAQ:AXON) was one of them. Here is what the fund said:
“Axon Enterprise, Inc. (NASDAQ:AXON)’s fundamentals remain robust but suffered from profit taking in the second quarter after strong performance from the stock over the last year. AXON is a public safety technology company and has been a portfolio leader in each of the three prior quarters. AXON’s fundamentals remain robust, with revenue growth of 34% in their most recently reported quarter. AXON is seeing robust growth internationally and in their Fleet product line, and the new Taser 10 is seeing the strongest initial demand in their history.”
3. Olin Corporation (NYSE:OLN)
Number of Hedge Fund Holders: 32
Olin Corporation (NYSE:OLN) manufactures and distributes chemical products. On December 13, investment advisory Citi maintained a Buy rating on Olin Corporation (NYSE:OLN) stock and raised the price target to $59 from $50.
At the end of the third quarter of 2023, 32 hedge funds in the database of Insider Monkey held stakes worth $562 million in Olin Corporation (NYSE:OLN), compared to 41 in the preceding quarter worth $676 million.
In its Q3 2023 investor letter, Madison Investments, an asset management firm, highlighted a few stocks and Olin Corporation (NYSE:OLN) was one of them. Here is what the fund said:
“We exited Chemours Co on the strength of its year-to-date performance and the growing export of chloride-based titanium dioxide from China. Weaker economic growth in China, combined with increased capacity, is a headwind for European and North American pricing. We used these funds to increase our position in Olin Corporation (NYSE:OLN), which pulled back on the retirement of the company’s CEO. We believe Olin’s strategy remains intact and the valuation of the company is attractive.”
2. CACI International Inc (NYSE:CACI)
Number of Hedge Fund Holders: 33
CACI International Inc (NYSE:CACI) provides expertise and technology to enterprise and mission customers in support of national security missions and government modernization. On December 12, CACI International Inc (NYSE:CACI) announced that it was awarded a five-year, single-award, task order valued at up to $420 million from the US Army.
At the end of the third quarter of 2023, 33 hedge funds in the database of Insider Monkey held stakes worth $412 million in CACI International Inc (NYSE:CACI), compared to 32 in the previous quarter worth $586 million.
In its Q3 2023 investor letter, Horizon Kinetics, an asset management firm, highlighted a few stocks and CACI International Inc (NYSE:CACI) was one of them. Here is what the fund said:
“Companies involved in packaging, managing, and transacting with digital assets (i.e., securities exchanges and asset managers) are a focus of the Fund, but those operations are not entirely necessary to qualify a company as being a blockchain beneficiary. CACI International (CACI), a defense electronics contractor, interestingly enough, is becoming involved in blockchain technology from an entirely different entry point: data analysis, and the kind that can come with barriers to entry (95% of its revenues come from the U.S. government).
There is a treasure trove of data available through public, distributed ledgers. And there is a lot of value in knowing who supplied the funds, where else have they been spent, and what fiat currency onramps or offramps are connected to the transaction. These are questions that can typically be answered with enough detective work. Even if specific parties cannot be identified, trends and narratives can be analyzed just by the flow of activity, since all the transaction data of every single token, from the time it was created, resides on the blockchain.”
1. Leidos Holdings, Inc. (NYSE:LDOS)
Number of Hedge Fund Holders: 37
Leidos Holdings, Inc. (NYSE:LDOS) provides services and solutions in the defense, intelligence, civil, and health markets. On November 17, investment advisory upgraded Leidos Holdings, Inc. (NYSE:LDOS) stock to Buy from Hold with a price target of $120, noting the firm was well positioned to take advantage of defense spending trends that focus on cybersecurity and data analytics.
Among the hedge funds being tracked by Insider Monkey, Omaha, New York-based investment firm Millennium Management is a leading shareholder in Leidos Holdings, Inc. (NYSE:LDOS) with 1.5 million shares worth more than $140 million.
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