Top 5 Stocks New Mets Owner Steve Cohen Was Buying in Q3

Topping the list of Steve Cohen’s big buys of Q3 is the class A shares of Alphabet Inc. (NASDAQ:GOOGL). Cohen added close to 160,000 GOOGL shares to Point72’s 13F portfolio during the September quarter, pushing the value of his ownership stake in the search giant to nearly $299 million.

GOOGL shares have climbed by 25% since July 1 and Ensemble Capital is predicting further gains. In its Q3 2020 investor letter, the fund said GOOGL shares are still undervalued even after their 20% gains in July and August and that the core value of Alphabet’s most important assets like Search and YouTube hasn’t been impacted by the pandemic despite the first ever revenue decline in the company’s history during Q2.

Alphabet delivered much stronger results in Q3, growing search ad revenue by 9% to $37.1 billion, $5 billion of which were sold on YouTube, a 15% year-over-year increase. Face mask-related videos were among the topics driving engagement on the video platform, generating over 1 billion views. Google Cloud revenue hit $3.44 billion during the quarter, a rise of just over $1 billion year-over-year.

For more timely stock picks from the world’s greatest money managers, check out the Top 10 Stocks Billionaire Daniel Loeb Just Bought.

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