5 Best WallStreetBets Stocks To Buy Now

In this article, we will take a look at the 5 best WallStreetBets stocks to buy now, according to hedge funds. If you want to explore similar stocks, you can go to 12 Best WallStreetBets Stocks To Buy Now.

5. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 113

On February 23, Alibaba Group Holding Limited (NYSE:BABA) released earnings for the fiscal third quarter of 2023. The company reported an EPS of $2.79 and beat EPS expectations by $0.39. Alibaba Group Holding Limited (NYSE:BABA) generated a revenue of $35.90 billion and beat estimates by $11.30 million.

Alibaba Group Holding Limited (NYSE:BABA) is trading on WallStreetBets and is one of the best WallStreetBets stocks to buy now according to hedge funds. As of March 31, the stock has gained 27.01% over the past 6 months.

This March, Loop Capital analyst Rob Sanderson reiterated his $135 price target on Alibaba Group Holding Limited (NYSE:BABA) and a Buy rating on the shares.

113 hedge funds held stakes in Alibaba Group Holding Limited (NYSE:BABA) at the close of Q4 2022. The total value of these stakes amounted to $5.65 billion. As of December 31, Coatue Management is the most prominent stockholder in the company and has a position worth $440.5 million.

4. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 135

On March 30, Needham analyst Laura Martin maintained a Buy rating and her $170 price target on Apple Inc. (NASDAQ:AAPL).

Apple Inc. (NASDAQ:AAPL) is trending on WallStreetBets. The stock is placed on our list of the best WallStreetBets stocks to buy now and has gained 31.85% year to date, as of March 31.

Apple Inc. (NASDAQ:AAPL) was spotted on 135 hedge funds’ portfolios at the end of Q4 2022 that disclosed stakes worth $136.3 billion in the company. As of December 31, Berkshire Hathaway is the top investor in the company and has a position worth $116.3 billion.

Here is what Distillate Capital had to say about Apple Inc. (NASDAQ:AAPL) in its third-quarter 2022 investor letter:

“The largest new purchase was Apple Inc. (NASDAQ:AAPL), which after underperforming saw its valuation improve significantly. Over the course of the last year, Apple’s consensus estimated forward free cash flows rose modestly, while its enterprise value fell by around 30%. Apple ranks below the 25th most attractive name in the portfolio and so its weight is capped at 4% vs. 6% for names in the top quartile.”

3. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 194

Shares of Meta Platforms, Inc. (NASDAQ:META) have surged 52.90% over the past 6 months, as of March 31. The stock is one of the most discussed stocks on WallStreetBets right now, and is ranked third among the best WallStreetBets stocks to buy now.

This March, Guggenheim analyst Michael Morris raised his price target on Meta Platforms, Inc. (NASDAQ:META) to $240 from $210 and reiterated a Buy rating on the shares.

At the close of the fourth quarter of 2022, 194 hedge funds were bullish on Meta Platforms, Inc. (NASDAQ:META) and held collective stakes worth $15.5 billion in the company. Of those, Eagle Capital Management was the largest stockholder in the company and held a position worth $1 billion.

Davis Advisers made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its 2022 annual investor letter:

“As both a “blue chip of tomorrow” and a company languishing under “headline risk,” our investment in Meta Platforms, Inc. (NASDAQ:META) reflects these two investment themes. With more than three billion daily users across its three platforms (Facebook, Instagram and WhatsApp), Meta has more users than almost any company in history. Despite this success, Meta currently languishes under a cloud of skepticism concerning two issues: competition from other services, such as TikTok, and significantly increased spending both on artificial intelligence (AI) and speculative new ventures including virtual reality and augmented reality (often referred to as the metaverse).

Starting with competition, despite the drumbeat of negative headlines, which leads most investors to assume that Facebook’s core businesses are shrinking, Figure 9 shows continued growth in the number of users on their core service, including Facebook (green bars), as well as the company’s entire family of applications.

The gold line in Figure 9 shows Meta’s ad revenue per user up more than 30% since 2019 but down from last year’s peak. While we find this decline concerning, it is hardly surprising given the slowing economy and time needed for Facebook to adjust to changes made by Apple—somewhat disingenuously in the name of privacy—that reduced the efficacy of some of Meta’s advertising while favoring Apple. We highlight this decline as a risk but believe it will prove temporary. We think that Meta’s growing user base as well as the continued growth in the amount of time users are spending on these platforms is a far more important indicator of Meta’s relevance and value…” (Click here to view the full text)

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

Number of Hedge Fund Holders: 240

Shares of Amazon.com, Inc. (NASDAQ:AMZN) have surged 20.36% year to date, as of March 31. The stock has been trending on WallStreetBets lately and is placed second on our list of the best WallStreetBets stocks.

On March 29, Citi analyst Ronald Josey maintained a Buy rating and his $145 price target on Amazon.com, Inc. (NASDAQ:AMZN).

Amazon.com, Inc. (NASDAQ:AMZN) was held by 240 hedge funds at the close of Q4 2022. These funds disclosed collective positions worth $27.5 billion in the company. As of December 31, Harris Associates is the top investor in the company and has a stake worth $1.62 billion.

Matrix Asset Advisors made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q4 2022 investor letter:

“In the 4th quarter, we started a new position in Amazon.com, Inc. (NASDAQ:AMZN) and trimmed the position in Schlumberger (SLB) on price strength.

Amazon is a leading mega-cap e-commerce and cloud computing company. Since starting in a small house in Seattle, WA, Amazon became one of the major tech disruptors of its generation with leading market shares in E-Commerce Retailing (40% market share) and Cloud Computing (33% market share). After hitting a record high of $188 in late 2021, Amazon’s shares have fallen by more than 50% to a recent price below $90 per share. While not a traditional Value stock based on its current P/E, the company is now trading near the bottom of its historical valuation range on several other valuation metrics. We believe the worries about a slowdown in its business from the past few years of supercharged Covid economy growth provide an opportunity to buy a great company at a very attractive price.”

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 259

Microsoft Corporation (NASDAQ:MSFT) is the best WallStreetBets stock to buy now according to hedge funds. 259 hedge funds were eager on Microsoft Corporation (NASDAQ:MSFT) at the end of Q4 2022. These funds held collective stakes of 58.6 billion in the company.

On March 29, JPMorgan reiterated an Overweight rating and its $305 price target on Microsoft Corporation (NASDAQ:MSFT). As of March 31, Microsoft Corporation (NASDAQ:MSFT) has returned 19.76% to investors over the past 6 months.

As of December 31, Bill & Melinda Gates Foundation Trust is the most prominent investor in Microsoft Corporation (NASDAQ:MSFT) and has a stake worth $9.4 billion.

Diamond Hill Capital made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its Q4 2022 investor letter:

“Other bottom contributors to return included railroad operator Union Pacific, software and IT services provider Microsoft Corporation (NASDAQ:MSFT), and banking and financial services company Truist Financial. Union Pacific and Microsoft, though among our bottom contributors, still contributed positively to performance in Q4 as their share prices rose 7% and 3%, respectively. Truist’s stock ended flat in Q4.”

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a look at 11 Best Dow Jones Dividend Stocks According to Hedge Funds and 15 Cheap Beginner Stocks to Buy.