Hedge Funds Dump Buzzing Reddit Stocks GM, PYPL, AVGO - What You Need to Know
Hedge Funds Dump Buzzing Red...
Subscribe to Newsletter

Hedge Funds Dump Buzzing Reddit Stocks GM, PYPL, AVGO - What You Need to Know

3 July 2023
3455
2 min.
13
Hedge Funds Dump Buzzing Reddit Stocks GM, PYPL, AVGO - What You Need to Know

WallStreetBets' Favorites

The world of stock discussions on Reddit has become a prominent platform for investors. Today, we delve into the attention three stocks have captured: General Motors (NYSE: GM), PayPal Holdings (NASDAQ: PYPL), and Broadcom (NASDAQ: AVGO).

General Motors Stock

While General Motors has piqued the interest of Reddit users, caution is warranted due to recent hedge fund trading activity. Last quarter, hedge funds sold a significant 10.4 million shares of GM. Even renowned managers like Cathie Wood of Ark Innovation ETF (ARKK), Ric Dillon of Diamond Hill Capital Management, and Boykin Curry of Eagle Capital Management have reduced their holdings in GM.

Wall Street analysts are cautiously optimistic about GM's future, citing its aggressive push into all-electric vehicles and partnership with Tesla's supercharging network as positive signs. The consensus rating for GM stock is a "Moderate Buy," with 6 Buy and 5 Hold recommendations. The average price target of $46.90 indicates a potential 21.63% upside.

PayPal Stock

PayPal, the leading payments network, has also attracted attention on Reddit. However, recent data shows that hedge funds have been selling PayPal stock in bulk, offloading 7.8 million shares. Notable fund managers like Louis Moore Bacon of Moore Capital Management and Andrew Law of Caxton Associates have reduced their exposure to PYPL.

While PayPal boasts a solid balance sheet, analysts temper their enthusiasm due to industry competition, pressure on transaction margins, and concerns surrounding account growth. The consensus rating for PayPal stock is a "Moderate Buy," with 21 Buy and 12 Hold recommendations. Moreover, analysts' average price target of $90.85 suggests a potential upside of 36.15% from current levels.

Broadcom Stock

Broadcom has experienced substantial growth this year, driven by strong financial performance and an expanding market share in the chip industry. Analysts have bestowed a "Strong Buy" consensus rating on AVGO stock, with 14 Buy and two Hold recommendations.

Hedge fund managers, Richard Atwood of First Pacific Advisors and Kunal Kapoor of Morningstar Investment Management, recently sold 436.3K AVGO shares. Despite the stock's price target aligning with the market price, positive sentiment surrounds Broadcom's solid financials and market position.

Persons3 and Companies10 in the news

Chairman of the Caxton Associates
1 place
Founder of Moore Capital Management
2 place
American businessman
3 place
Reddit
6 place
PayPal
7 place
Tesla
9 place
Broadcom
10 place
Section:
Source foto:
pixabay.com
Rating companies
Netflix
15 Mention
Instagram
14 Mention
Tesla
12 Mention
Amazon
10 Mention
Ford Motor Company
10 Mention
JP Morgan Chase
9 Mention
White House
7 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8139485443
Died this year
32643553
Born this year
80308918