5 Growth Stocks Reddit’s WallStreetBets Is Buying

1. Advanced Micro Devices, Inc. (NASDAQ: AMD)

Number of Hedge Fund Holders: 62

Advanced Micro Devices, Inc. (NASDAQ: AMD) is ranked first on our list of growth stocks Reddit’s WallStreetBets is buying. The company’s shares have offered investors returns exceeding 51% over the course of the past twelve months. The firm operates as a semiconductor manufacturing company. On June 17, the share price of the firm jumped close to 4% after internet search engine Google announced that it would be using AMD chips to power Tau Virtual Machines used by the Google Cloud. 

On July 15, investment advisory Citi upgraded Advanced Micro Devices, Inc. (NASDAQ: AMD) stock to Neutral from Sell and raised the price target to $95 from $17, highlighting that the firm was making strides in the server market. 

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Advanced Micro Devices, Inc. (NASDAQ: AMD) with 25 million shares worth more than $1.9 billion.

In its Q4 2020 investor letter, Artisan Partners Limited Partnership, an asset management firm, highlighted a few stocks and Advanced Micro Devices, Inc. (NASDAQ: AMD) was one of them. Here is what the fund said:

“We also exited our positions in Advanced Micro Devices. Our investment campaign in Advanced Micro Devices (AMD) began in the second half of 2018, and we have seen a new management team reinvigorate the company’s product portfolio of microprocessors for PCs and servers, graphics processors, and video game consoles. These new, higher-margin products have helped the company partially close its margin gap with peers and capture share from market leader Intel. While we believe there is meaningful runway for further share gains and margin expansion, AMD has appreciated far beyond our mid-cap market cap mandate, and we exited our position.”

You can also take a peek at 10 Reddit’s WallStreetBets Meme Stocks Hedge Funds are Piling Into and 10 Biggest Hedge Fund Casualties of Reddit WallStreetBets’ Short Squeezes.

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