In this list, we will take a look at the five growth stocks for 2022. If you want more details about investing in general and more stocks, then head on over to 10 Growth Stocks For 2022.
5. Revolve Group, Inc. (NYSE:RVLV)
Number of Hedge Fund Holders: 25
Stock Price as of Feb. 16: $60.50
Revolve Group, Inc. (NYSE:RVLV) is an online fashion retailer that connects fashion influencers and customers, alongside other brands. It also provides women’s apparel and accessories.
Revolve Group, Inc. (NYSE:RVLV) posted $244 million in revenue and $0.22 in earnings per share in its third fiscal quarter, beating analyst estimates for both. Insider Monkey’s Q3 2021 survey of 867 hedge funds indicated that 25 had owned the company’s shares.
Jim Simons’ Renaissance Technologies owns a $53 million stake in Revolve Group, Inc. (NYSE:RVLV) through 870,300 shares, making it the company’s largest investor.
4. Genpact Limited (NYSE:G)
Number of Hedge Fund Holders: 24
Stock Price as of Feb. 16: $45.06
Genpact Limited (NYSE:G) is a processing outsourcing and information technology services provider that covers several markets all over the globe. These are the Americas, Asia, and Europe.
Genpact Limited (NYSE:G) raked in $1 billion in revenue and $0.66 in GAAP EPS during its fiscal Q3, beating analyst estimates for EPS only. Deutsche Bank raised the company’s price target to $55 from $48 in November 2021.
Insider Monkey’s survey of 867 hedge funds in Q3 2021 revealed that 24 had owned the company’s shares.
Genpact Limited (NYSE:G)’s largest investor, according to Insider Monkey’s research, is James Parsons’ Junto Capital Management who owns 1.6 million shares worth $79 million.
3. NortonLifeLock Inc. (NASDAQ:NLOK)
Number of Hedge Fund Holders: 34
Stock Price as of Feb. 16: $28.90
NortonLifeLock Inc. (NASDAQ:NLOK) is s cyber safety company that is perhaps best known for its antivirus product, the Norton antivirus. The company’s products protect its customers’ devices such as smartphones and personal computers from malicious code designed to harm.
34 of the 867 hedge funds part of Insider Monkey’s Q3 2021 survey also own the company’s shares.
Barclays raised the company’s price target to $32 from $31 in July 2021.
Jeffrey Smith’s Starboard Value LP is NortonLifeLock Inc. (NASDAQ:NLOK)’s largest investor. It owns a stake of $422 million through 16.7 million shares.
2. Tricida, Inc. (NASDAQ:TCDA)
Number of Hedge Fund Holders: 19
Stock Price as of Feb. 16: $9.79
Tricida, Inc. (NASDAQ:TCDA) is an American pharmaceutical company that develops drugs for kidney diseases.
19 of the 867 hedge funds part of Insider Monkey’s Q3 2021 survey also own the company’s shares.
JPMorgan set a $7 price target for the company in January 2022, citing optimism for a recent cash raise of $42 million.
Samuel Isaly’s OrbiMed Advisors is Tricida, Inc. (NASDAQ:TCDA)’s largest investor. It owns a stake of $44 million through 9.6 million shares.
1. Hut 8 Mining Corp. (NASDAQ:HUT)
Number of Hedge Fund Holders: 10
Stock Price as of Feb. 16: $7.18
Hut 8 Mining Corp. (NASDAQ:HUT) is a cryptocurrency miner based out of Toronto, Canada. It owns close to a hundred blockboxes in the North American country.
Canaccord raised the company’s price target to $20 from $12 in November 2021.
As 2021 came to an end, Hut 8 Mining Corp. (NASDAQ:HUT) had 5,518 mined bitcoins in its reserve, for roughly 500 new additions since the second week of November. 10 hedge funds out of Insider Monkey’s poll of 867 in the third quarter of 2021 had owned the company’s shares.
Steve Cohen’s Point72 Asset Management is Hut 8 Mining Corp. (NASDAQ:HUT)’s largest investor. It owns a stake of $16 million through 1.9 million shares.
Disclosure: None. You can also take a peek at the 10 Best Stocks To Buy and Hold For 5 Years and 10 Dividend Aristocrats to Buy for 2022.
