5 Best Stocks To Invest In 2024 For Beginners

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

Number of Hedge Fund Holders: 286

Quarterly Revenue Growth: 13.90%

Amazon.com, Inc. (NASDAQ:AMZN) is one of the best cheap beginner stocks for 2024. On February 2, banks like Stifel and RBC maintained high ratings for the stock following a 13% increase in North American revenue to $105.5 billion, surpassing the consensus of $102.9 billion. Additionally, international sales amounted to $40.2 billion, exceeding the consensus of $39 billion. Amazon.com, Inc. (NASDAQ:AMZN) has witnessed rising profits in each of the last four quarters, attributed to improved efficiencies and the return to growth for Amazon Web Services.

According to Insider Monkey’s third quarter database, 286 hedge funds were bullish on Amazon.com, Inc. (NASDAQ:AMZN), compared to 278 funds in the prior quarter. Boykin Curry’s Eagle Capital Management is a significant position holder in the company, with 14 million shares worth $1.80 billion. 

Polen Focus Growth Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its fourth quarter 2023 investor letter:

“For the full year, the top relative and absolute contributors were Amazon.com, Inc. (NASDAQ:AMZN), Salesforce, and ServiceNow. Amazon shares appreciated 88% in 2023, driven primarily by rapidly expanding operating profit margins and free cash flow growth. After the pandemic, Amazon experienced a period of inefficiency and overinvestment in its distribution and logistics infrastructure. Amazon is now leveraging these investments as growth returned to its e-commerce business in 2023 after a highly unusual 2022. At the same time, Amazon’s rapidly growing and high-margin advertising business is contributing strongly to the entire company’s operating profit growth. The AWS (Amazon Web Services) cloud infrastructure and services business continued to slow in 2023 as customers anticipating a more difficult economic environment looked to save money on their cloud spend, but these cloud spending optimizations began to stabilize in the second half of 2023. We now expect customer interest in generative AI will begin to contribute to growth.”

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