In this article, we discuss the 5 hot growth stocks to buy now. If you want to read about some more growth stocks that are active in the market, go directly to the 11 Hot Growth Stocks To Buy Right Now.
5. Advanced Micro Devices, Inc. (NASDAQ:AMD)
P/E Ratio: 344.91
Avg Volume: 77.82 million
Quarterly Revenue Growth: 10.16%
Number of Hedge Fund Holders: 120
Headquartered in Santa Clara, California, Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global semiconductor company specializing in the development of computer processors and associated technologies for both business and consumer markets.
On March 11, Cantor Fitzgerald analysts reiterated an Overweight rating and set a $190 price target for Advanced Micro Devices, Inc. (NASDAQ:AMD).
As of the end of the fourth quarter of 2023, out of the 933 hedge funds surveyed by Insider Monkey, 120 had invested in the company. Advanced Micro Devices, Inc. (NASDAQ:AMD)’s largest hedge fund shareholder is Ken Fisher’s Fisher Asset Management, which owns 28 million shares valued at $4.1 billion.
4. Uber Technologies, Inc. (NYSE:UBER)
P/E Ratio: 87.77
Avg Volume: 20.32 million
Quarterly Revenue Growth: 15.44%
Number of Hedge Fund Holders: 129
Headquartered in San Francisco, California, Uber Technologies, Inc. (NYSE:UBER) operates technology platforms that connect consumers with independent ride service providers, offering various transportation modes such as public transit, bikes, and scooters. Additionally, Uber provides on-demand food delivery, freight services, business fleet solutions, and same-day delivery options, serving over 142 million monthly active platform consumers across 70 countries.
In the fourth quarter of 2023, Uber Technologies, Inc. (NYSE:UBER) reported a significant 22% year-over-year increase in gross bookings, reaching $37.6 billion, with trips growing by 24% year-over-year to 2.6 billion, averaging approximately 28 million trips per day. On February 7, Uber Technologies, Inc. (NYSE:UBER) announced its fourth-quarter GAAP EPS of $0.66 and revenue of $9.9 billion, surpassing Wall Street estimates by $0.49 and $140 million, respectively.
Out of the 933 hedge funds in Insider Monkey’s Q4 2023 database, 129 had purchased and held shares of Uber Technologies, Inc. (NYSE:UBER). D. E. Shaw’s D E Shaw is the largest hedge fund shareholder, with an investment of $886 million.
3. Salesforce, Inc. (NYSE:CRM)
P/E Ratio: 71.62
Avg Volume: 5.70 million
Quarterly Revenue Growth: 10.77%
Number of Hedge Fund Holders: 131
Salesforce, Inc. (NYSE:CRM) is a prominent American cloud-based software company specializing in customer relationship management. Offering a suite of customized software and applications spanning sales, customer service, marketing automation, e-commerce, analytics, and application development, Salesforce caters to a diverse array of business requirements.
As of the end of the fourth quarter of 2023, 131 hedge funds tracked by Insider Monkey had stakes in Salesforce, Inc. (NYSE:CRM), marking an increase from 122 funds in the previous quarter. This surge in hedge fund sentiment suggests growing investor interest in Salesforce.
2. NVIDIA Corporation (NASDAQ:NVDA)
P/E Ratio: 75.70
Avg Volume: 53.44 million
Quarterly Revenue Growth: 265.28%
Number of Hedge Fund Holders: 173
NVIDIA Corporation (NASDAQ:NVDA), an American multinational technology company headquartered in Delaware, is highly regarded for its expertise in integrated circuit development. The company’s proficiency spans various devices, from electronic game consoles to personal computers (PCs). Notably, NVIDIA’s stock witnessed a notable surge of over 230% in 2023, attributed to its leading position in the market for advanced AI chips.
During Q4 2023, 173 out of the 933 hedge funds tracked by Insider Monkey held a stake in NVIDIA Corporation (NASDAQ:NVDA). Rajiv Jain’s GQG Partners emerged as the largest stakeholder, with investments totaling $6.8 billion in the company.
1. Amazon.com, Inc. (NASDAQ:AMZN)
P/E Ratio: 62.42
Avg Volume: 44.03 million
Quarterly Revenue Growth: 13.91%
Number of Hedge Fund Holders: 293
Amazon.com, Inc. (NASDAQ:AMZN), a prominent American multinational technology company, boasts a diverse portfolio of business interests, spanning e-commerce, cloud computing through Amazon Web Services (AWS), online advertising, digital streaming, and artificial intelligence.
As of January 9, BMO Capital analysts are maintaining an Outperform rating on Amazon.com, Inc. (NASDAQ:AMZN) along with a $200 price target.
During the December quarter of 2023, 293 out of the 933 hedge funds covered by Insider Monkey’s research held a stake in the firm. Amazon.com, Inc. (NASDAQ:AMZN)’s largest hedge fund investor is Ken Fisher’s Fisher Asset Management, with a $6.4 billion stake.
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