5 Reddit Stocks to Buy in November

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1. Peloton Interactive, Inc. (NASDAQ:PTON)

Number of Hedge Fund Holders: 67  

Peloton Interactive, Inc. (NASDAQ:PTON) makes and sells interactive fitness products. The company has become popular on Reddit forums as the short interest on the stock climbed above 9% after reports that the firm could miss market estimates on earnings for the fourth quarter due to higher input prices and increased freight costs. There is also concern about the reopening of gyms and the impact it would have on the stock. 

However, RBC Capital analyst Daniel Perlin is bullish on Peloton Interactive, Inc. (NASDAQ:PTON). He recently gave the stock an Outperform rating with a price target of $175, highlighting the partnerships of the firm with retail giant Amazon in an investor note. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Tiger Global Management LLC is a leading shareholder in Peloton Interactive, Inc. (NASDAQ:PTON) with 8.8 million shares worth more than $1 billion. 

In its Q2 2021 investor letter, Carillon Tower Advisers, an asset management firm, highlighted a few stocks and Peloton Interactive, Inc. (NASDAQ:PTON) was one of them. Here is what the fund said:

“Peloton Interactive operates a connected fitness platform offering live and on-demand classes allowing users to exercise at home. The firm’s shares were pressured in the quarter after Peloton announced a voluntary recall for both its legacy treadmill (Peloton Tread+) and its newly-launched base model treadmill (Peloton Tread). The issue surrounding the latter is somewhat troubling, as it appears it may be the result of an engineering flaw. This new treadmill offering was expected to be a key growth driver in the second half of 2021, and this development reduces our confidence in Peloton’s product pipeline. Therefore, we sold the stock.”

You can also take a peek at Forget Tesla (TSLA): 10 Cheap EV Stocks to Buy Now and 15 Best Consumer Discretionary Stocks to Buy Now.

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