5 Most Buzzing Stocks To Buy Now

Page 5 of 5

1. Amazon.com Inc (NASDAQ:AMZN)

Number of Hedge Fund Investors: 286

Amazon.com Inc (NASDAQ:AMZN) is one of the top buzzing stocks right now. BofA strategist Michael Hartnett recently said it’s still a “buy-the-dip” market and investors will revert to growth stocks and the Magnificent Seven group of stocks, which includes Amazon, will rebound again in 2024.

Polen Focus Growth Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its fourth quarter 2023 investor letter:

“For the full year, the top relative and absolute contributors were Amazon.com, Inc. (NASDAQ:AMZN), Salesforce, and ServiceNow. Amazon shares appreciated 88% in 2023, driven primarily by rapidly expanding operating profit margins and free cash flow growth. After the pandemic, Amazon experienced a period of inefficiency and overinvestment in its distribution and logistics infrastructure. Amazon is now leveraging these investments as growth returned to its e-commerce business in 2023 after a highly unusual 2022. At the same time, Amazon’s rapidly growing and high-margin advertising business is contributing strongly to the entire company’s operating profit growth. The AWS (Amazon Web Services) cloud infrastructure and services business continued to slow in 2023 as customers anticipating a more difficult economic environment looked to save money on their cloud spend, but these cloud spending optimizations began to stabilize in the second half of 2023. We now expect customer interest in generative AI will begin to contribute to growth.”

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also look at the Analysts on Wall Street Lower Ratings for These 10 Stocks and the 17 High Growth Non-Tech Stocks That Are Profitable.

Page 5 of 5