Billionaire Ray Dalio Is Selling These 5 Tech Stocks

4. JD.com, Inc. (NASDAQ:JD)

Number of Hedge Fund Holders: 62

JD.com, Inc. (NASDAQ:JD) owns and operates an ecommerce platform. On August 23, the firm posted earnings for the second fiscal quarter, reporting earnings per share of $0.61, beating market estimates by $0.20. The revenue over the period was $40 billion, up close to 5.4% compared to the revenue over the same period last year and beating estimates by $1.4 billion. The firm also revealed that annual active customer accounts increased by 9.2% to 580 million in the twelve months ended June 30, compared to 531 million in the previous year. 

On August 24, Benchmark analyst Fawne Jiang maintained a Buy rating on JD.com, Inc. (NASDAQ:JD) stock and raised the price target to $109 from $106, noting that the drivers for the margin improvement of the firm looked sustainable. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Tiger Global Management is a leading shareholder in JD.com, Inc. (NASDAQ:JD), with 30 million shares worth more than $1.9 billion. 

In its Q3 2021 investor letter, Argosy Investors, an asset management firm, highlighted a few stocks and JD.com, Inc. (NASDAQ:JD) was one of them. Here is what the fund said:

“We sold JD.com, Inc. (NASDAQ:JD) as a result of the furor over Chinese stocks during the quarter. We had been concerned about China’s lack of respect for investor rights for some time, and Beijing has become significantly more aggressive in asserting itself of late. In addition, the legal structure Chinese companies use to come public in the U.S., a Cayman Islands shell corporation leaves American investors with an unsure path to recovering value should these companies cease to trade on U.S. exchanges. Because of the uncertainty, we exited our position in JD completely. We still love JD’s long-term prospects, but we cannot estimate the legal/regulatory risk associated with these companies anymore. More broadly, we are freeing up cash for some other positions we already own which have declined in this market, and after additional review, remain attractive.”