Billionaire Steve Cohen’s Top 15 Stock Picks

10. Coherent Corp. (NYSE:COHR)

Number of Hedge Fund Holders: 51 

Point72 Asset Management’s Stake: $208.7 million  

Coherent Corp. (NYSE:COHR) develops, manufactures, and markets engineered materials, optoelectronic components, and devices worldwide. The following factors make the company a prime candidate for investment. Firstly, better financial performance was witnessed in the report for the fourth quarter of 2024. For instance, revenue for the fourth quarter of fiscal 2024 was $1.31 billion, with a GAAP gross margin of 32.9% and a GAAP net loss of $0.52 per diluted share. On a non-GAAP basis, the gross margin was 37.2%, with net income per diluted share of $0.61. Secondly, the company has signed a non-binding preliminary memorandum of terms (PMT) with the US Department of Commerce under the CHIPS and Science Act for a proposed investment of up to $33 million to support the modernization and expansion of a state-of-the-art manufacturing cleanroom in Coherent’s existing 700,000 square-foot facility in Sherman, Texas. This project will expand the world’s first 150 mm indium phosphide (InP) manufacturing line by adding advanced wafer fabrication equipment to produce InP devices at scale.