5 Best Digital Currency Stocks To Buy Now

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 84     

NVIDIA Corporation (NASDAQ:NVDA) provides graphics, computing, and networking solutions. It is one of the top digital money stocks to invest in. On September 21, Jensen Huang, the CEO of the firm, eased investor concerns around US export restrictions to China, saying that restrictions placed on Nvidia by the US government should likely not impact the company that much. The executive even added that the new regulations would allow the chipmaker to expand presence in the Chinese market, which had a large opportunity for semi firms. 

On August 8, Oppenheimer analyst Rick Schafer maintained an Outperform rating on NVIDIA Corporation (NASDAQ:NVDA) stock and lowered the price target to $250 from $300, noting that there was a weakness in PC and gaming unit sales for the firm. 

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in NVIDIA Corporation (NASDAQ:NVDA), with 17.7 million shares worth more than $2.7 billion.  

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:

“At the company-specific level, there was a broad correction across the entire portfolio. While four of our holdings contributed to performance, the contribution to absolute returns was less than 100bps combined, as unfortunately none of them were large enough to move the needle. We had 16 investments detracting over 100bps each with NVIDIA (NASDAQ:NVDA), our second largest detractor, costing the Fund 254bps.

NVIDIA’s stock was hit even harder, down 44.4%, impacted by concerns over the health of the consumer, dramatic declines in crypto, and COVID-related lockdowns in China. Despite the sell-off and the increased near-term volatility in its gaming business, NVIDIA’s revenues grew 46% year-over-year with 48% operating margins, driven by continued strength in its data center business as companies across industries adopt AI and ML…(read more)”