5 Best Space Stocks to Buy According to Hedge Funds

1. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 252

Amazon.com, Inc. (NASDAQ:AMZN) is the world’s largest electronic commerce retailer, which has also spread its presence into a variety of other industries over the years. These include consumer electronics, cloud computing, and more important, satellite internet.

Amazon.com, Inc. (NASDAQ:AMZN) is designing the Kuiper satellite internet constellation, which like SpaceX’s Starlink, will also use low Earth orbit satellites to beam down the Internet all over the globe. The satellite constellation consists of more than three thousand satellites, and Amazon has secured 92 launches with three different providers to launch its constellation.

The first of Amazon.com, Inc. (NASDAQ:AMZN)’s Kuiper satellites are slated to be launched next year, and the company also builds the user terminals or dishes for its internet service to be used by the end consumer for internet connectivity. As part of their Q2 2022 holdings, 252 out of the 895 hedge funds polled by Insider Monkey had invested in the company.

Out of these, Ken Fisher’s Fisher Asset Management is Amazon.com, Inc. (NASDAQ:AMZN)’s largest investor. It owns 48 million shares that are worth $5.1 billion.

Lakehouse Capital mentioned the company in its Q2 2022 investor letter. Here is what the fund said:

“Amazon.com, Inc. (NASDAQ:AMZN) proved resilient in the face of ongoing macro pressures and delivered a strong quarterly result along with “better-than-feared” guidance for the third quarter. Net sales increased 7% year-on-year (10% constant currency) to $121.2 billion, while operating profit declined 57% to $3.3 billion. The drop in operating profit was attributable not only to external macro factors, such as elevated shipping and fuel costs, but also lower productivity and efficiency costs as a result of some overcapacity on the back of its recent investment cycle. It was pleasing to see that the company has begun to make progress on the more controllable costs, particularly productivity and staffing, with headcount, for example, down almost 100,000 over the quarter. We continue to believe Amazon is well positioned to manage these short-term issues and remains on track to deliver significant profit improvements over the next twelve months.

Disclosure: None. You can also take a look at 11 Best Cruise Stocks To Buy and 10 Best Stocks to Buy Now According to Billionaire Andreas Halvorsen.

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