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Stocks bought by Hedge Funds this week
10th June
Hello!
This is Seven Lakes Research, the #1 resource for Insider Stock Trading.
We provide updates when politicians, celebrities, top managers, hedge funds and stock gurus make trades
We screened the Hedge Funds market today, and found:
Point72 Asset Management (Steve Cohen) bought Cybin Inc. (CYBN)
Blackrock bought Uber Technologies (UBER)
State Street bought Broadcom (AVGO)
and much more
More information in the sections below. Thanks for reading!
Seven Lakes Research team
TOP 3 STOCKS BOUGHT BY HEDGE FUNDS THIS WEEK
Stock #1
Point72 Asset Management new position: Cybin Inc. (CYBN)
Cybin Inc. is a biotechnology company focused on developing psychedelic-based therapies for mental health disorders
Ticker: CYBN | Price: $0.46 | Market Cap: $161.5 million
Analysts recommendation: Buy
Sector: ⚕️Healthcare
What happened?
Point72 Asset Management, led by billionaire Steve Cohen, recently made a significant investment in Cybin Inc. by purchasing almost 19 million shares, representing an 8.1% stake in the company. This move caused Cybin's stock to skyrocket, indicating strong market confidence in the company’s prospects. Cybin is a biotechnology firm developing psychedelic-based therapies for major depressive disorder and anxiety, a field that is gaining increasing attention and validation within the medical community.
The substantial investment from Point72 is seen as a strategic move to capitalize on the growing acceptance and potential of psychedelic treatments in mainstream medicine. With mental health disorders becoming a critical global issue, innovative therapies like those Cybin is developing are attracting significant interest from investors. The hedge fund's involvement not only provides Cybin with substantial financial backing but also serves as an endorsement of its business model and future potential. This investment aligns with Point72's strategy of identifying and supporting high-growth sectors, particularly those at the intersection of healthcare and biotechnology. The purchase reflects confidence in Cybin's ability to advance its clinical trials and bring effective treatments to market, potentially leading to substantial returns as the company progresses.
How do you feel about this stock today? |
Stock #2
Blackrock new position: Uber Technologies ($UBER)
Uber Technologies, Inc. is a global technology company that offers ride-hailing services, food delivery, and freight transportation through its platforms.
Ticker: UBER | Price: $69.31 | Market Cap: $138.7 billion
Analysts recommendation: Outperform
Sector: 🚗 💻 Automotive / Tech
What happened?
BlackRock, along with State Street and Vanguard, made significant purchases of Uber Technologies stock, collectively investing $6.2 billion. This move comes despite a recent dip in Uber's stock price following an earnings report that fell short of market expectations. However, the ride-sharing giant's long-term growth potential remains strong, evidenced by a 37% increase in its stock price over the past six months.
Uber's strategic investments in autonomous vehicle technology are a key driver behind these hedge funds' interest. By eventually eliminating the need for human drivers, Uber aims to increase profitability significantly. Additionally, despite short-term setbacks, Uber's projected growth in gross bookings and its leading position in the ride-sharing market offer attractive future prospects. BlackRock's investment reflects confidence in Uber's ability to innovate and expand, making it a valuable addition to its portfolio focused on high-growth technology sectors.
How do you feel about this stock today? |
Stock #3
State Street new position: Broadcom ($AVGO)
Broadcom Inc. is a global technology leader in designing, developing, and supplying semiconductor and infrastructure software solutions
Ticker: $AVGO | Price: $891.25 | Market Cap: $370.4 billion
Analysts recommendation: Buy
Sector: 💻 Technology
What happened?
State Street, along with BlackRock and Vanguard, made significant investments in Broadcom (AVGO), contributing to a total of over $16 billion in purchases. This interest is driven by Broadcom's strategic pivot towards AI and data center infrastructure. Broadcom, known for its semiconductor solutions, has seen a remarkable 300% surge in AI-related revenue in the first quarter, reaching $2.3 billion. This growth is set to continue, with AI expected to account for 35% of Broadcom’s total revenue in 2024.
The increasing demand for custom accelerators and data center infrastructure solutions positions Broadcom as a critical player in the burgeoning AI market. State Street's investment reflects confidence in Broadcom’s ability to capitalize on these trends. Additionally, Broadcom’s solid performance, with a 16% stock price increase in 2024 and a 45% rise over the last six months, underscores its growth potential. These factors combined make Broadcom an attractive investment for State Street, aiming to benefit from the expanding technology sector.
How do you feel about this stock today? |
STOCK SURVEY
Which stock would you consider investing in? |
Last week’s results:
🟢🟢🟢⚪⚪ AT&T ($T) [66%]
🟡🟡⚪⚪⚪ Payfare ($PAY.TO) [24%]
🔴⚪⚪⚪⚪ Xpel Inc ($XPEL) [10%]
Comments:
"I liked AT&T because of its stable dividend and solid performance this week. It's a reliable choice for income investors."
"Payfare showed some potential with its growth in the gig economy space, but it hasn't delivered consistent returns yet."
"Xpel Inc was disappointing this week. The stock has potential in the automotive sector, but it's been too volatile for my liking."
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