5 Best Cryptocurrency Stocks To Buy According To Hedge Funds

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 106

NVIDIA Corporation (NASDAQ:NVDA) provides graphics, compute, and networking solutions in the United States, Taiwan, China, and internationally. It is also responsible for providing cryptocurrency mining processors, making it one of the top stocks in the crypto space. NVIDIA Corporation (NASDAQ:NVDA) is set to pay a $0.04 per share quarterly dividend on March 29, to shareholders of the company as of March 8.

On March 23, Needham raised its price target on NVIDIA Corporation (NASDAQ:NVDA)’s stock from $270 to $300 and maintained a Buy rating. The firm predicts that the stock’s valuation will increase in the near future due to several factors, including the strength of NVIDIA Corporation (NASDAQ:NVDA)’s data center business, reduced headwinds in the gaming sector, and increased traction in the inference and software markets. The firm also noted that Nvidia’s most significant growth engine, the end-market, is experiencing a recovery as hyperscaler sales have increased in recent quarters, providing greater visibility.

According to Insider Monkey’s Q4 data, 106 hedge funds were long NVIDIA Corporation (NASDAQ:NVDA), compared to 89 funds in the prior quarter. Matrix Capital Management is a prominent position holder in the company.

ClearBridge Large Cap Growth Strategy made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2022 investor letter:

“Promoting diversification and managing risk continue to guide our transaction activity, with a focus on the earnings trajectory of existing and potential holdings leading to our most recent moves. We are directing our research efforts to identifying names that are closer to the bottom than the top in terms of earnings and valuations, adding to our positions in ASML, the leading supplier of high-end production equipment to chip makers, and NVIDIA Corporation (NASDAQ:NVDA), whose valuation has washed out due to weakness in gaming and crypto mining as well as slowing enterprise spending.”