5 Best Tech Stocks to Buy According to Billionaire Ken Griffin

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

Citadel Investment Group’s Stake Value: $574.11 million

Percentage Of Citadel Investment Group’s 13F Portfolio: 0.11%

Number of Hedge Fund Holders: 271

With 271 long hedge fund bets, Amazon.com, Inc. (NASDAQ:AMZN) is the most popular stock to hold according to the Q1 database of Insider Monkey which tracks a total of 912 hedge funds. Ken Griffin’s stake in the company was worth $574 million in the first quarter of 2022, representing 0.11% of his overall portfolio.

On June 16, Amazon.com, Inc. (NASDAQ:AMZN) announced that its annual Prime Day would be held on July 12 and subsequently kicked off promotions for the day. Prime Day is one of the largest online sales in the US, and offers Amazon Prime members with access to exclusive mega sales and discounts. Jefferies analyst Brent Thill estimates that Prime Day will contribute a 6% and 4% boost to Q3 GMV (gross merchandise volume) and sales growth, respectively. He also sees the mega sale helping drive Amazon Prime adoption, especially in international markets. The analyst gave Amazon.com, Inc. (NASDAQ:AMZN) an unchanged ‘Buy’ rating on June 27, along with a $163 price target.

In Q1 2022, Amazon.com, Inc.’s (NASDAQ:AMZN) revenue stood at $116.44 billion, below market estimates by $622.9 million. EPS also came in below estimates by $0.80.

Investment firm Weitz Investment Management talked about several stocks in its Q1 2022 investor letter, and Amazon.com, Inc. (NASDAQ:AMZN) was one of them. The fund said:

Amazon.com’s (NASDAQ:AMZN) stock was down modestly in the quarter, but opportunistic purchases helped the position contribute positively to the Fund. Our index short positions against ETFs tracking market indexes provided helpful ballast during the first quarter drawdown but were otherwise detractors for the fiscal year. During the quarter, we covered roughly 20% of our S&P 500 short and 50% of our Nasdaq 100 short at progressively lower prices. Among our long equities, we added materially to high-conviction holdings Amazon.com.”