5 Trending Technology Stocks on Reddit

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1. Alibaba Group Holding Limited (NYSE: BABA)

Number of Hedge Fund Holders: 146  

Alibaba Group Holding Limited (NYSE: BABA) is ranked first on our list of 10 trending technology stocks on Reddit. The company operates as a diversified technology company with core interests in the ecommerce business. It is based in China. 

On August 4, investment advisory KeyBanc maintained an Overweight rating on Alibaba Group Holding Limited (NYSE: BABA) stock but lowered the price target to $250 from $270, noting that regulation and investment in new initiatives posed risk to the growth of the firm in the near term.

Out of the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Alibaba Group Holding Limited (NYSE: BABA) with 14 million shares worth more than $3.2 billion. 

In its Q1 2021 investor letter, Polen Capital Management, an asset management firm, highlighted a few stocks and Alibaba Group Holding Limited (NYSE: BABA) was one of them. Here is what the fund said:

“Alibaba also detracted from performance as the company continues to remain under regulatory scrutiny from both the Chinese State Administration for Market Regulation on antitrust concerns and the U.S. Securities and Exchange Commission on ADR listing requirements. Despite the regulatory overhang, we believe that Alibaba’s competitive positioning and growth outlook remains intact, even if the company must pay fines or modify some business practices. We viewed the current valuation at <20x next twelve month’s earnings as a compelling opportunity to add to our position. Alibaba is the second largest position in the Portfolio.”

You can also take a peek at 10 Financial Services Dividend Champions to Buy Now and 10 Best Nickel Stocks to Buy Now.

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