Forget AMC and Gamestop: 5 New Stocks Reddit’s WallStreetBets Is Buying

2. Amazon.com Inc (NASDAQ:AMZN)

Number of Hedge Fund Investors: 286

Amazon.com Inc (NASDAQ:AMZN) ranks second in our list of the stocks Reddit’s WallStreetBets is buying. Amazon.com Inc (NASDAQ:AMZN) shares have gained about 71% year to date through December 9.

Recently, Oppenheimer called Amazon.com Inc (NASDAQ:AMZN) its top pick for 2024. The firm upped its price target on the shares to $200 from $170.

Here is what White Brook Capital has to say about Amazon.com, Inc. (NASDAQ:AMZN) in its Q3 2023 investor letter:

“The magnificent seven, that underpin the S&P 500 performance, which includes Amazon.com, Inc. (NASDAQ:AMZN), now comprise almost 30% of the market capitalization of the S&P500. At least three of the seven stocks have heightened downside risk and suffer from already high penetration, weakening end markets, competitive risk, and lofty valuation. They have been remarkably resilient to increased interest rates and the potential for slowing growth.”