5 Best Technology Stocks to Buy According to Giant Quant Hedge Fund

In this piece, we will take a look at 5 best technology stocks to buy according to giant quant hedge fund. For more stocks, head on over to 10 Best Technology Stocks to Buy According to Giant Quant Hedge Fund.

5. Airbnb, Inc. (NASDAQ:ABNB)

Number of Hedge Fund Holders: 47
Renaissance Technologies Equity Stake: $678.55 Million

With its subsidiaries, Airbnb, Inc. (NASDAQ:ABNB) operates a platform that enables hosts to offer stays and experiences to guests worldwide. The company connects hosts and guests online to book a homey place to stay with a kitchen to save on dining out at a much lower price than hotels.

Airbnb, Inc. (NASDAQ:ABNB) is experiencing booming business post-pandemic amid increase in international and domestic travel. It has emerged as one of the best technology stocks to buy according to the giant quant hedge fund, going by the 41% rally year to date. Renaissance Technologies held stakes worth $678.55 million in Airbnb, Inc. (NASDAQ:ABNB) as of Q2, 2023. 

At the end of the second quarter of 2023, 47 hedge funds in the database of Insider Monkey held stakes in Airbnb, Inc. (NASDAQ:ABNB), compared to 63 in the previous quarter. Among the hedge funds being tracked by Insider Monkey, Zevenbergen Capital Investments was a significant shareholder in Airbnb, Inc. (NASDAQ:ABNB) with 624,117 shares worth more than $85.64 million. 

Here is what Artisan Partners, an asset management firm, said about Airbnb, Inc. (NASDAQ:ABNB) in its Q3 2023 investor letter, 

“Top contributors to performance for the quarter included global online travel marketplace Airbnb, Inc. (NASDAQ:ABNB). Airbnb again defied fears about weaker travel demand as it experienced continued recovery in cross-border and urban nights and resilient pricing trends, though travel volumes remain mixed.”

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