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Stocks bought by Hedge Funds this week
June 2024
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:
ARK Investment Management bought Archer Aviation Inc (ACHR)
Soros Fund Management bought Opera Limited (OPRA)
Renaissance Technologies bought Forestar Group (FOR)
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
ARK Investment Management new position: Archer Aviation Inc ($ACHR)
Archer Aviation Inc is a trailblazer in the aviation industry, focused on developing electric aircraft to revolutionize air travel.
Ticker: ACHR | Price: $6.50 | Market Cap: $1.4 Billion
Analysts recommendation: Buy
Sector: ✈️ Technology/Transportation
What happened?
AKR Investment Management invested in Archer Aviation Inc (ACHR) due to its promising advancements in the electric aircraft industry. Archer's focus on revolutionizing air travel with electric aircraft aligns with AKR's investment strategy in innovative technologies. Archer's stock price is $6.50, with a market cap of $1.4 billion. The company reported approximately $460 million in cash and cash equivalents, significantly higher than its $175 million total liabilities. Archer's efficient cost management is evident from its reduced cash burn rate, down to $51 million in the third quarter from over $100 million in previous quarters. This strong liquidity position allows Archer to concentrate on R&D. Analysts recommend buying the stock, reflecting confidence in its future growth. AKR's investment underscores the potential for substantial returns given Archer's strategic partnerships and financial health. This move highlights AKR's commitment to investing in groundbreaking technologies with strong growth prospects.
How do you feel about this stock today? |
Stock #2
Soros Fund Managemet new position: Opera Limited ($OPRA)
Opera Limited is known for its innovative internet browser and related technology services. The company boasts a low Price-to-Earnings (P/E) ratio of 15x and has consistently posted positive net income for five consecutive quarters. Opera’s debt to equity ratio is less than 0.1x, showcasing financial stability.
Ticker: OPRA | Price: $13.50 | Market Cap: $2 billion
Analysts recommendation: Buy
Sector: 💻 Tech
What happened?
Soros Fund Management invested in Opera Limited (OPRA) due to its strong financial health and impressive growth metrics. Opera’s stock price is $13.50, with a market cap of $2 billion. The company maintains a low Price-to-Earnings (P/E) ratio of 15x and has posted positive net income for five consecutive quarters. Opera’s revenue growth exceeds 60% CAGR, and it has a low debt to equity ratio of less than 0.1x, indicating minimal financial risk. This conservative leverage approach allows Opera greater flexibility and stability. Additionally, Opera’s consistent financial performance and undervalued stock, despite its volatility, attracted Soros Fund Management. The investment underscores confidence in Opera's growth potential and strategic financial management. This move signifies a belief in Opera’s ability to continue its trajectory of innovation and profitability, leveraging its robust balance sheet and low debt load to navigate market fluctuations and invest in future growth initiatives
How do you feel about this stock today? |
Stock #3
Renaissance Technology new position: Forestar Group ($FOR)
Forestar Group is a significant player in the real estate and land development sector. Despite flat revenue growth, the company has consistently improved its profitability, with a net income increase for the fifth consecutive year.
Ticker: FOR | Price: $34 | Market Cap: $1.7 billion
Analysts recommendation: Buy
Sector: 🏠 Real Estate
What happened?
Renaissance Technology invested in Forestar Group (FOR) due to its robust financial performance and attractive valuation. Forestar's stock price is $34, with a market cap of $1.7 billion. Despite flat revenue growth, Forestar has improved profitability, with net income rising for the fifth consecutive year. The company has an undervalued stock, with a Price-to-Earnings (P/E) ratio of 10x and a price to free cash flow ratio of 4.6x. Additionally, Forestar boasts an 8% return on capital. Renaissance Technology's investment reflects confidence in Forestar's ability to generate substantial returns in the real estate market, supported by its strategic financial management and resilience.
How do you feel about this stock today? |
STOCK SURVEY
Which stock did you like the most ? |
Last week’s results:
🟢🟢🟢⚪⚪ AT&T ($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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LATEST INSIDER TRADING NEWS
Citadel Advisors bought DraftKings Inc (DKNG) due to its leading position in the rapidly growing online sports betting and gaming market, with strong revenue growth and expanding market share.
Vanguard Group bought Shopify Inc (SHOP) because of its robust e-commerce platform, significant market expansion, and strong financial performance with consistent revenue growth.
BlackRock bought Zoom Video Communications Inc (ZM) driven by its dominant position in the video conferencing space, continuous innovation, and strong user base growth post-pandemic.
T. Rowe Price bought Twilio Inc (TWLO) due to its strong presence in the cloud communications platform sector, impressive revenue growth, and strategic acquisitions enhancing its service offerings.
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