2 Stocks Down 36% and 72% That Billionaire Hedge Fund Managers Can't Stop Buying
Several billionaire hedge fund managers were buying stocks as the market was plunging in the second quarter. For instance, Ray Dalio of Bridgewater Associates increased his stake in PayPal Holdings (NASDAQ: PYPL), while Ken Griffin of Citadel Advisors and Israel Englander of Millennium Management added to their stakes in Lululemon Athletica (NASDAQ: LULU).
Currently, PayPal and Lululemon stock trade about 72% and 36% off their highs, respectively. Is it time to buy these two beaten-down growth stocks?
PayPal operates a two-sided payments platform, providing financial services to both merchants and consumers. Operating on both sides distinguishes the company from the vast majority of payment processors and gives it an edge. With data on both sides of the transaction, PayPal can more effectively prevent fraud, and it can drive sales for merchants by surfacing shopping deals for consumers who use its digital wallets.
Source Fool.com
