Beyond GameStop: Reddit’s WallStreetBets is Now Targeting These 5 Stocks

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1. Alibaba Group Holding Limited (NYSE: BABA)

Number of Hedge Fund Holders: 135   

Alibaba Group Holding Limited (NYSE: BABA) is ranked first on our list of 10 stocks Reddit’s WallStreetBets is now targeting. The company’s shares have offered investors returns exceeding 3% over the course of the past week. The company operates one of the largest ecommerce businesses in the world. The stock has climbed in recent days after news reports that the company is considering opening up the platform to Chinese technology giant Tencent, the firm that owns the popular WeChat platform. 

On July 13, investment advisory Deutsche Bank maintained a Buy rating on Alibaba Group Holding Limited (NYSE: BABA) stock with a price target of $281, noting the revenue growth of the firm and possible investment spending ahead. 

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 13.9 million shares worth more than $3.1 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 Stocks Reddit’s WallStreetBets is Buying in July 2021 and Forget AMC and Gamestop: 10 New Stocks Reddit’s WallStreetBets Is Buying.

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