This article discusses the five stocks that billionaire Rob Citrone is buying. If you want to know about the fund’s journey, Mr. Rob Citrone’s career, and more about Rob Citrone’s 13F portfolio, please go directly to Billionaire Rob Citrone is Buying These 10 Stocks.
05. SolarEdge Technologies, Inc. (NASDAQ:SEDG)
Discovery Capital Management’s Stake Value: $7.471 million
Percentage of Discovery Capital Management’s 13F Portfolio: 0.96%
Number of Hedge Fund Holders: 40
Founded in 2006, SolarEdge Technologies, Inc. (NASDAQ:SEDG) has its corporate headquarters in Herzliya, Israel. Direct current (DC) optimized inverter systems are designed, developed, and sold by SolarEdge Technologies, Inc. (NASDAQ:SEDG) and its subsidiaries for solar photovoltaic (PV) installations all over the world.
On August 18, analyst Stephen Byrd from Morgan Stanley increased his price target for SolarEdge Technologies, Inc. (NASDAQ:SEDG) from $316 to $352 and has an Equal Weight rating on the shares.
04. Arista Networks, Inc. (NYSE:ANET)
Discovery Capital Management’s Stake Value: $8.346 million
Percentage of Discovery Capital Management’s 13F Portfolio: 1.07%
Number of Hedge Fund Holders: 48
Arista Networks, Inc. is a Santa Clara, California-based computer networking company with a $35.21 billion market capitalization. At the end of Q2 2022, 48 of the hedge funds that Insider Monkey follows were bullish on Arista Networks, Inc. (NYSE:ANET).
Artisan Mid Cap Fund, in its Q4 2021 investor letter, mentioned Arista Networks, Inc. (NYSE: ANET) and discussed its stance on the firm. Here is what the fund said:
“Arista Networks is the market leader for cloud networking equipment used in data centers for public, private and hybrid cloud deployments. The company’s top line growth has recently been bolstered by 400G deployments—the next generation of tech powering data centers—and further enterprise network penetration as customers migrate away from Cisco (~80% market share vs. ~5% for Arista). While the profit cycle is nicely in motion, we pared our exposure as shares began to approach our PMV estimate.”
03. KE Holdings Inc. (NYSE:BEKE)
Discovery Capital Management’s Stake Value: $9.190 million
Percentage of Discovery Capital Management’s 13F Portfolio: 1.18%
Number of Hedge Fund Holders: 37
KE Holdings Inc. (NYSE:BEKE) is a China-based holding company with a $22.19 billion market capitalization as of September 19. In August 2020, KE Holdings Inc. (NYSE:BEKE) raised $2.12 billion through an initial public offering. Of the 895 hedge funds tracked by Insider Monkey, KE Holdings Inc. (NYSE:BEKE) was held by 37 funds during Q2 2022.
On August 25, Jiong Shao, an analyst at Barclays, increased his price target for KE Holdings Inc. (NYSE:BEKE) from $24 to $26 while maintaining an Overweight rating on the shares.
KE Holdings Inc. (NYSE:BEKE) was discussed in the Q3 2021 investor letter of Tao Value. Here’s what the fund said:
“As witnessed in the past quarter, the government intervention in Chinese private sector is elevated to an unprecedented level. Given this background, I thoroughly reviewed all our Chinese holdings and made a few changes. We exited KE holdings (ticker: BEKE), for high potential regulatory risk and the passing of the visionary founder & CEO Zuo Hui (who was a core tenet of our original thesis).”
02. Hess Corporation (NYSE:HES)
Discovery Capital Management’s Stake Value: $17.544 million
Percentage of Discovery Capital Management’s 13F Portfolio: 2.26%
Number of Hedge Fund Holders: 35
Exploration and production firm Hess Corporation (NYSE:HES) purchases, transports, produces, and sells crude oil, natural gas, and natural gas liquids (NGLs).
On August 31, Hess Corporation (NYSE:HES) price target was cut from $149 to $146 by Barclays analyst Jeanine Wai, who maintains an Overweight rating on the stock.
01. Spirit Airlines Incorporated (NASDAQ:SAVE)
Discovery Capital Management’s Stake Value: $36.616 million
Percentage of Discovery Capital Management’s 13F Portfolio: 4.71%
Number of Hedge Fund Holders: 25
As of Q2, a total of 25 hedge funds are holding a stake in Spirit Airlines Incorporated (NASDAQ:SAVE) worth roughly $333 million.
Billionaire Rob Citrone’s hedge fund initiated a new stake in the company in the second quarter. The total worth of this stake was over $36 million.
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