In this article, we discuss the 5 best stocks to buy under $30 according to Bruce Kovner’s Caxton Associates. If you want to read our detailed analysis of Kovner’s history, investment philosophy, and hedge fund performance, go directly to 10 Best Stocks to Buy Under $30 According to Bruce Kovner’s Caxton Associates.
5. SunPower Corporation (NASDAQ:SPWR)
Caxton Associates’ Stake Value: $1,150,000
Stock Price as of October 4: $23.09
Number of Hedge Fund Holders: 25
SunPower Corporation (NASDAQ:SPWR) is the fifth stock on our list of the best stocks under $30 according to Bruce Kovner’s Caxton Associates. SunPower Corporation (NASDAQ:SPWR) is an American provider of solar power and energy generation. The stock is traded as a S&P 400 component.
Kovner’s Caxton Associates owns 39,355 shares in SunPower Corporation (NASDAQ:SPWR), worth $1.15 million.
Truist analyst Tristan Richardson kept a Hold rating on SunPower Corporation (NASDAQ:SPWR), and lowered the price target from $28 to $26.
Out of the hedge funds tracked by Insider Monkey, D E Shaw is the largest stakeholder in the company, with 3.19 million shares worth over $93.4 million.
4. VanEck Vectors Gold Miners ETF (NYSE:GDX)
Caxton Associates’ Stake Value: $1,359,000
Stock Price as of October 4: $29.67
Number of Hedge Fund Holders: 33
VanEck Vectors Gold Miners ETF (NYSE:GDX) is the fourth stock on our comprehensive list. VanEck Vectors Gold Miners ETF (NYSE:GDX) is an exchange traded fund that invests in equity stocks of global gold and silver producers that have a high market capitalization. The ETF has a market cap of $14.66 billion.
Caxton Associates owns 40,000 shares in VanEck Vectors Gold Miners ETF (NYSE:GDX), worth $1.35 million. At the end of the second quarter of 2021, 33 hedge funds in Insider Monkey’s database held stakes in the ETF amounting to $268.3 million, down from 34 in the previous quarter with stakes worth over $300.5 million.
3. NortonLifeLock Inc. (NASDAQ:NLOK)
Caxton Associates’ Stake Value: $1,428,000
Stock Price as of October 4: $25.04
Number of Hedge Fund Holders: 36
The third stock on our list of the best stocks to buy under $30 according to Bruce Kovner’s Caxton Associates is NortonLifeLock Inc. (NASDAQ:NLOK), which is an Arizona-based Fortune 500 software company providing cybersecurity software and services. NortonLifeLock Inc. (NASDAQ:NLOK) is also traded as a S&P 500 component.
Kovner’s Caxton Associates owns 52,457 shares in NortonLifeLock Inc. (NASDAQ:NLOK), amounting to $1.42 million. At the end of the second quarter of 2021, 36 hedge funds tracked by Insider Monkey held stakes worth $1.34 billion, up from 32 in the previous quarter with stakes amounting to $1.02 billion.
Out of the hedge funds tracked by Insider Monkey, Starboard Value LP is the largest stakeholder in NortonLifeLock Inc. (NASDAQ:NLOK), with 16.7 million shares amounting to $454.6 million.
2. Equity Commonwealth (NYSE:EQC)
Caxton Associates’ Stake Value: $2,833,000
Stock Price as of October 4: $26
Number of Hedge Fund Holders: 23
Kovner’s Caxton Associates owns 108,135 shares in Equity Commonwealth (NYSE:EQC), worth $2.83 million. As of the end of the second quarter of 2021, 23 hedge funds in Insider Monkey’s database held stakes amounting to $159 million, down from 21 in the previous quarter with stakes worth over $183.1 million.
On October 4, BofA analyst James Feldman downgraded Equity Commonwealth (NYSE:EQC) from Neutral to Underperform because the stock is a “mismatch” when we compare it to the current “yield and growth” oriented market dynamic. The price target remained unchanged at $28.
Nomadic Value Partners discussed the plausibility of Equity Commonwealth (NYSE:EQC)’s potential merger with Monmouth Real Estate Investment Corporation (NYSE:MNR) in their Q2 2021 investor letter. Here is what they said:
“In early May, Equity Commonwealth (EQC) announced a transaction to buy Monmouth REIT (MNR) in an all-stock transaction. We later sold our shares in late June. MNR is an industrial warehouse REIT focused on Grade A tenants, with 55% of their portfolio leased to FedEx. The strategy sold to the street is that EQC can leverage MNR’s portfolio to deploy their $3Bn of unencumbered cash into other industrial properties – building a unique, high-grade industrial REIT from scratch. I liked the idea originally, but after talking to folks in the industrial RE segment and modeling the likely financial outcomes, I could not see this opportunity achieving our return hurdle. Fortunately, we bought EQC at a price conservative to the core office assets they already hold and were able to sell the shares with a very small gain over a six-month hold.”
1. Equinor ASA (NYSE:EQNR)
Caxton Associates’ Stake Value: $3,074,000
Stock Price as of October 4: $26.5
Number of Hedge Fund Holders: 11
Ranking first on our list of the best stocks to buy under $30 according to Bruce Kovner’s Caxton Associates is Equinor ASA (NYSE:EQNR), which is a multinational Norwegian energy company, headquartered in Stavanger, Norway. It is a state-owned operation that primarily focuses on petroleum and renewable energy, and serves across 36 countries.
Caxton Associates owns 145,000 shares in Equinor ASA (NYSE:EQNR), amounting to $3.07 million. At the end of the second quarter of 2021, 11 hedge funds in Insider Monkey’s database held stakes worth $88.6 million in Equinor ASA (NYSE:EQNR), down from 8 in the previous quarter with stakes worth over $99.7 million.
Out of the hedge funds tracked by Insider Monkey, Point72 Asset Management is the largest stakeholder in Equinor ASA (NYSE:EQNR), with 1.66 million shares worth over $35.3 million.
Massif Capital discussed the potential profitability and future gains which could be realized from holding stakes in Equinor ASA (NYSE:EQNR) in their Q2 2021 investor letter. Here is what they said:
“We currently have two oil-related positions in our portfolio and believe the oil opportunity set is ripe. As one might expect, both positions, (including Equinor: EQNR) performed well during the second quarter, given the steady march higher that oil has made in recent months. We maintain a positive outlook for both companies, although, importantly, our posture is not predicated on an expectation for continued oil price appreciation. This is not because of our inability to imagine scenarios where that does occur, but more out of an abundance of caution for what is a highly volatile commodity that at current price levels should be more than sufficient to generate ample free cash flow for any investable oil firm.
In the future, we expect both firms in the portfolio to generate significant free cash flow and expect EQNR to reinvest that free cash flow into a combination of offshore oil and wind opportunities with high rates of return. The path forward for AOI is more complicated and does warrant a few comments.”
You can also take a look at 10 Top Tech Stocks to Buy Today According to Brad Gerstner’s Altimeter Capital Management and 10 E-commerce and Tech Stocks to Buy Now According to Christopher Lyle’s SCGE Management.
