In this article, we discuss the top 5 new stock picks of Chase Coleman’s Tiger Global Management LLC. If you want our detailed analysis of these stocks, go directly to Chase Coleman’s Tiger Global Management LLC Portfolio: 10 New Stock Picks.
5. Matterport, Inc. (NASDAQ:MTTR)
Tiger Global Management LLC’s Stake Value: $141,825,000
Percentage of Tiger Global Management LLC’s 13F Portfolio: 0.27%
Number of Hedge Fund Holders: 22
Matterport, Inc. (NASDAQ:MTTR) is a spatial data company that allows space images to be converted into 3D designs and builds, to understand and study the concept of space conveniently. Tiger Global Management owns 7.5 million Matterport, Inc. (NASDAQ:MTTR) shares, worth $141.8 million as of September this year, representing 0.27% of the firm’s total investment securities.
Matterport, Inc. (NASDAQ:MTTR), on November 3, reported its Q3 earnings. EPS in the period equaled -$0.06, beating estimates by $0.01. The $27.66 million revenue, however, failed to meet analysts’ expected revenue by -$1.49 million.
Credit Suisse analyst John Walsh raised the price target on Matterport, Inc. (NASDAQ:MTTR) to $34 from $25 on November 23, and kept an Outperform rating on the shares, stating that he expects 86% of revenue to be ARR in 2025.
As of the third quarter of 2021, 22 hedge funds monitored by Insider Monkey were bullish on Matterport, Inc. (NASDAQ:MTTR), with total stakes amounting to $371.5 million.
Here is what Miller Value Partners has to say about Matterport, Inc. (NASDAQ:MTTR) in its Q3 2021 investor letter:
“Matterport Inc. (MTTR) took off during the quarter climbing 78.90% following the company’s de-SPAC in July. The company announced they have expanded ‘Matterport Capture Services’, their on demand digitization service, to 22 new US cities and added four in the United Kingdom. This will allow customers to schedule a technician to digitize any commercial or residential property and is now available in 51 US cities in total. The company also announced a beta version of its Notes collaboration tool, a conversational, real-time team collaboration, communication and file sharing tool inside the Matterport digital twin.”
4. VTEX (NYSE:VTEX)
Tiger Global Management LLC’s Stake Value: $232,692,000
Percentage of Tiger Global Management LLC’s 13F Portfolio: 0.44%
Number of Hedge Fund Holders: 14
VTEX (NYSE:VTEX), an enterprise digital commerce platform, is one of Chase Coleman’s top new stock picks from Q3, with his investment firm holding 11.31 million VTEX (NYSE:VTEX) shares, valued at $232.6 million, representing 0.44% of the total portfolio.
VTEX (NYSE:VTEX), on November 17, announced a Q3 EPS of -$0.07, beating estimates by $0.03. The company reported a quarterly revenue of $31.86 million, topping estimates by $0.57 million.
As per Insider Monkey’s Q3 records, 14 hedge funds in its database were long VTEX (NYSE:VTEX), holding stakes valued at $468 million.
3. Blend Labs, Inc. (NYSE:BLND)
Tiger Global Management LLC’s Stake Value: $249,054,000
Percentage of Tiger Global Management LLC’s 13F Portfolio: 0.47%
Number of Hedge Fund Holders: 19
Blend Labs, Inc. (NYSE:BLND), a company offering a cloud-based platform enabling customer-centric banking, announced Q3 earnings on November 10. EPS in the quarter equaled -$0.13, missing analysts’ consensus estimates by -$0.02. The $89.57 million revenue for the quarter outperformed estimates by $3.35 million.
As of Q3 2021, Tiger Global Management holds 18.47 million shares in Blend Labs, Inc. (NYSE:BLND), worth almost $249 million, representing 0.47% of the firm’s total investments.
In anticipation of Q3 results and Blend Labs, Inc. (NYSE:BLND)’s ability to drive revenue, Piper Sandler analyst Arvind Ramnani kept an Overweight rating on the shares with a $24 price target on November 4.
Of the 867 hedge funds tracked by Insider Monkey, 19 funds were bullish on Blend Labs, Inc. (NYSE:BLND) as of the third quarter, holding stakes worth $487.74 million in the company.
2. Robinhood Markets, Inc. (NASDAQ:HOOD)
Tiger Global Management LLC’s Stake Value: $574,981,000
Percentage of Tiger Global Management LLC’s 13F Portfolio: 1.10%
Number of Hedge Fund Holders: 20
Robinhood Markets, Inc. (NASDAQ:HOOD), a financial services company offering commission-free trading of stocks, ETFs, and cryptocurrencies, is one of the top new stocks in Chase Coleman’s Q3 portfolio. Coleman, via Tiger Global Management, owns 13.66 million shares in Robinhood Markets, Inc. (NASDAQ:HOOD), worth almost $575 million, representing 1.10% of the firm’s Q3 portfolio.
Robinhood Markets, Inc. (NASDAQ:HOOD) posted Q3 results on October 26. EPS in the period came in at -$0.07, missing analysts’ consensus estimates by -$0.17. Revenue for the quarter totaled $364.92 million, missing estimated revenue by -$72.63 million.
Deutsche Bank analyst Brian Bedell reported that Robinhood Markets, Inc. (NASDAQ:HOOD) might face near-term pressure, making it an unattractive short-term investment avenue. He opened a “Sell Catalyst Call” on Robinhood Markets, Inc. (NASDAQ:HOOD), and kept a Hold rating on the stock, with a $32 price target.
At the end of September 2021, 20 hedge funds in the database of Insider Monkey were long Robinhood Markets, Inc. (NASDAQ:HOOD), with total stakes amounting to $4.68 billion. On November 24, Cathie Wood’s ARK Investment Management purchased 233,400 shares in Robinhood Markets, Inc. (NASDAQ:HOOD).
1. Warby Parker Inc. (NYSE:WRBY)
Tiger Global Management LLC’s Stake Value: $802,789,000
Percentage of Tiger Global Management LLC’s 13F Portfolio: 1.54%
Number of Hedge Fund Holders: 12
Coleman’s fund bought an $802 million stake in Warby Parker Inc. (NYSE:WRBY) in the third quarter. Warby Parker Inc. (NYSE:WRBY) is an American retailer selling prescription and fashion eyewear via its website. The company also has retail stores across the US and Canada.
On November 12, the Q3 EPS for Warby Parker Inc. (NYSE:WRBY) totaled $0.02, exceeding estimates by $0.24. Revenue for the quarter came in at $137.37 million, outperforming estimates by $4.28 million.
Loop Capital analyst Anthony Chukumba on November 15 raised the price target on Warby Parker Inc. (NYSE:WRBY) to $60 from $51 but kept a Hold rating on the shares. The analyst stated that the revenue and EBITDA results were better than expected, given that it was Warby Parker Inc. (NYSE:WRBY)’s first quarter as a publicly listed company.
A total of 12 hedge funds tracked by Insider Monkey reported owning stakes in Warby Parker Inc. (NYSE:WRBY) as of Q3 2021, with a total stake value of $1.41 billion.
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