5 Best Reddit Stocks to Buy Now

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1. Amazon.com Inc (NASDAQ:AMZN)

Number of Hedge Fund Investors: 293

Amazon.com Inc (NASDAQ:AMZN) is easily one of the best stocks to buy in 2024 according to Reddit. Redditors believe Amazon.com Inc’s (NASDAQ:AMZN) Cloud business makes it an AI play. Some of the biggest catalysts for Amazon.com Inc (NASDAQ:AMZN) stock include Amazon.com Inc’s (NASDAQ:AMZN) growing ads business, logistics, Amazon Prime, in addition to ecommerce and Cloud. Many Redditors in investing-related subreddits said Amazon.com Inc’s (NASDAQ:AMZN) biggest moat is its Cloud business since it’s extremely difficult and costly for companies to shift from one Cloud platform to another.

Amazon.com Inc (NASDAQ:AMZN) is one of the most popular stocks among elite money managers as Insider Monkey’s database shows that 293 hedge funds had stakes in Amazon.com Inc (NASDAQ:AMZN).

Alger Spectra Fund stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its fourth quarter 2023 investor letter:

Amazon.com, Inc. (NASDAQ:AMZN) is a well-known online retailer and cloud computing leader. The company’s Amazon Web Services (AWS) business provides utility-scale cloud offerings that facilitate corporate America’s transition to digital systems. During the quarter, shares contributed to performance as Amazon reported strong fiscal third quarter results, where the company beat sales and earnings estimates. Moreover, AWS growth remained steady. contributing to Amazon’s better-than-expected operating income despite concerns around cloud cost optimizations, showing signs of increasing net new cloud workloads. While management noted that customers remain price-conscious and focused on deals, demand remains strong across all segments, leading the company to raise their fiscal fourth quarter revenue and operating income guidance.”

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