5 Best Cryptocurrency Stocks To Buy According To Hedge Funds

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 86

NVIDIA Corporation (NASDAQ:NVDA) reported solid earnings in Q2, with a record gaming revenue of $3.06 billion, up 85% from the prior-year quarter. The company posted an EPS of $1.04, beating the estimates by $0.02. NVIDIA Corporation (NASDAQ:NVDA) stands fourth on our list of the best cryptocurrency stocks to buy according to hedge funds.

Mainly a technology company, NVIDIA Corporation (NASDAQ:NVDA) develops processors that are used to mine cryptocurrencies. As of Q2, Aubrey Capital Management is the company’s largest shareholder, owning shares worth $11.2 billion. In addition to this, 86 hedge funds tracked by Insider Monkey were bullish on NVIDIA Corporation (NASDAQ:NVDA), valued at over $9 billion. In the previous quarter, 80 hedge funds had stakes in the company, highlighting a positive hedge fund sentiment.

Recently, KeyBanc lifted its price target on NVIDIA Corporation (NASDAQ:NVDA) to $260, with an Outperform rating on the shares. The stock is up 69.4% in 2021.

Harding Loevner mentioned NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2021 investor letter. Here is what the firm has to say:

“Within IT, shares of US-based computer chip developer NVIDIA continued their climb as rising demand across segments-from work-from-home laptops to data centers to cryptocurrency mining rigs-led to shortages that translated into surging prices for its chips. Such was the windfall that NVIDIA even made technical changes to some of its products to make them towards waht it believes are more sustainable uses. Less attractive to cryptocurrency miners, to steer scarce supply viewed by geography, the lion’s share of excess returns came from good stock performance in the US. In addition to the contributions from NVIDIA and our health care holdings, a pair of IT software and service providers also aided relative returns.”