5 Best Robinhood Stocks To Buy Right Now

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 83   

NVIDIA Corporation (NASDAQ:NVDA) operates as a visual computing firm. On February 8, Citi analyst Atif Malik maintained a Buy rating on the stock with a price target of $350, highlighting that the firm planned to launch a new computer processing unit in 2023 that would allow it to pursue a growth strategy without the planned purchase of ARM Ltd. 

NVIDIA Corporation (NASDAQ:NVDA) is one of the most popular chip stocks among hedge funds. At the end of the third quarter of 2021, 83 hedge funds in the database of Insider Monkey held stakes worth $10 billion in NVIDIA Corporation (NASDAQ:NVDA), compared to 86 the preceding quarter worth $9 billion.

In its Q1 2021 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:

“NVIDIA Corp. is the dominant supplier of Graphics Processing Units (GPUs) worldwide. NVIDIA’s GPUs are at the intersection of a number of important computing trends including the movement to the Cloud, artificial intelligence, autonomous vehicles, edge computing, gaming, and more. We previously owned NVIDIA and sold it in the third quarter of 2020 as the price to value gap closed and our margin of safety was reduced. As with all our MVP companies, we continued to follow NVIDIA closely. Since that time, NVIDIA reported excellent results and its value has compounded rapidly. The technology selloff at the beginning of the year negatively affected the stock price while our estimate of NVIDIA’s value per share increased. This happy combination of events created a margin of safety and an opportunity to once again add NVIDIA to the portfolio.”