In this article, we discuss the 5 trending technology stocks on Reddit. If you want to read our detailed analysis of these stocks, go directly to the 10 Trending Technology Stocks on Reddit.
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5. Fastly, Inc. (NYSE: FSLY)
Number of Hedge Fund Holders: 24
Fastly, Inc. (NYSE: FSLY) is ranked fifth on our list of 10 trending technology stocks on Reddit. The firm is in the internet service and infrastructure business and is headquartered in California.
On August 9, investment advisory Raymond James reinstated coverage of Fastly, Inc. (NYSE: FSLY) stock with a Market Perform rating. Frank Louthan, an analyst at the advisory, issued the ratings update.
At the end of the second quarter of 2021, 24 hedge funds in the database of Insider Monkey held stakes worth $1.1 billion in Fastly, Inc. (NYSE: FSLY), down from 26 in the preceding quarter worth $1.3 billion.
4. Palantir Technologies Inc. (NYSE: PLTR)
Number of Hedge Fund Holders: 26
Palantir Technologies Inc. (NYSE: PLTR) is a Colorado-based digital analytics company that works closely with the intelligence communities. It is placed fourth on our list of 10 trending technology stocks on Reddit.
On August 13, investment advisory Wolfe Research maintained a Peer Perform rating on Palantir Technologies Inc. (NYSE: PLTR) stock and raised the price target to $25 from $20, appreciating the earnings beat of the firm in the second quarter.
At the end of the second quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in Palantir Technologies Inc. (NYSE: PLTR), down from 32 in the preceding quarter worth $1.1 billion.
In its Q4 2020 investor letter, Guardian Fund, an asset management firm, highlighted a few stocks andPalantir Technologies Inc. (NYSE: PLTR) was one of them. Here is what the fund said:
“In October, we bought a stake in Palantir. Earlier, in June, our concentrated Tech Fund, which has a mandate to also buy shares in the secondary market, bought shares of Palantir from insiders, before the direct listing. At the price we bought, the equity had much more upside than downside. Palantir is operating a software platform that functions as the digital infrastructure for data-driven operations and decision making. The software helps to structure and capture context in data of large corporations. Governments are increasingly realizing that they have to deal with serious data challenges and cyber risk. As most governments cannot attract the most talented software engineers, they need private enterprises such as Palantir to help them build solid infrastructure. Foundry, Palantir’s software for enterprises, is used by companiesto make safer cars and airplanes or to accelerate cancer research. The speed to bring new clients on board is improving and revenues will grow faster than expenses. Palantir has a long runway of growth ahead.”
3. Advanced Micro Devices, Inc. (NASDAQ: AMD)
Number of Hedge Fund Holders: 63
Advanced Micro Devices, Inc. (NASDAQ: AMD) is a California-based semiconductor manufacturer. It is ranked third on our list of 10 trending technology stocks on Reddit.
On July 29, investment advisory Argus maintained a Buy rating on Advanced Micro Devices, Inc. (NASDAQ: AMD) stock and raised the price target to $120 from $106, underlining that the stock price did not fully discount margin and revenue growth of the firm.
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 28 million shares worth more than $2.6 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.”
2. NVIDIA Corporation (NASDAQ: NVDA)
Number of Hedge Fund Holders: 86
NVIDIA Corporation (NASDAQ: NVDA) is placed second on our list of 10 trending technology stocks on Reddit. The firm operates as a visual computing company and is headquartered in California.
On August 20, investment advisory Benchmark assumed coverage of NVIDIA Corporation (NASDAQ: NVDA) stock with a Buy rating and a price target of $230, appreciating the “solid” quarterly earnings of the firm posted earlier.
At the end of the second quarter of 2021, 86 hedge funds in the database of Insider Monkey held stakes worth $9 billion in NVIDIA Corporation (NASDAQ: NVDA), up from 80 the preceding quarter worth $6 billion.
In its Q1 2021 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ: NVDA) was one of them. Here is what the fund said:
“NVIDIA Corp. is the dominant supplier of Graphics Processing Units (GPUs) worldwide. NVIDIA’s GPUs are at the intersection of a number of important computing trends including the movement to the Cloud, artificial intelligence, autonomous vehicles, edge computing, gaming, and more. We previously owned NVIDIA and sold it in the third quarter of 2020 as the price to value gap closed and our margin of safety was reduced. As with all our MVP companies, we continued to follow NVIDIA closely. Since that time, NVIDIA reported excellent results and its value has compounded rapidly. The technology selloff at the beginning of the year negatively affected the stock price while our estimate of NVIDIA’s value per share increased. This happy combination of events created a margin of safety and an opportunity to once again add NVIDIA to the portfolio.”
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.”
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