In this article, we will be looking at the 5 best self-driving car stocks to invest in. To see our detailed analysis on the electric vehicle industry and its growth potential, you can go directly to the 10 Best Self Driving Car Stocks to Invest In.
5. NVIDIA Corporation (NASDAQ: NVDA)
Number of Hedge Fund Holders: 80
NVIDIA Corporation (NASDAQ: NVDA) is a visual computing company operating worldwide and manufacturing technology used in electric and autonomous vehicles. The company ranks 5th on our list of the best self driving car stocks to invest in.
On June 28th, NVIDIA Corporation (NASDAQ: NVDA) announced their partnership with Google Cloud for an AI-on-5G Innovation Lab, while Citigroup analysts also raised their probability estimates for the company’s $40 billion ARM deal to go through from 10% to 30%. Wells Fargo upped the price target for the stock to $875 this month as well, retaining their Overweight rating, in light of NVIDIA Corporation’s (NASDAQ: NVDA) AI expansion. In their fiscal first quarter of 2022 report, NVIDIA Corporation (NASDAQ: NVDA) had an EPS of $3.66, beating estimates by $0.38. The company’s revenue of $5.66 billion, up 83.8% year over year, beat estimates by $252.24 million. The stock has gained 54.4% in the past 6 months and 52.4% year to date, and the company’s gross profit margin is 63.26%.
By the end of the first quarter of 2021, 80 hedge funds out of the 866 tracked by Insider Monkey held stakes in NVIDIA Corporation (NASDAQ: NVDA) worth roughly $6.2 billion. This is compared to 88 hedge fund holders in the previous quarter, with a total stake value of about $8.69 billion.
SaltLight Capital Management, an investment management firm, mentioned NVIDIA Corporation (NASDAQ: NVDA) in their first-quarter 2021 investor letter. Here‘s what they said:
“In this letter, we highlight one ‘bet’: a follow-up on our December letter where we wrote extensively about our broad thesis about the Artificial Intelligence opportunity. We present a case study of NVIDIA who we believe is delightfully positioned to capture this opportunity.
Unfortunately, for some readers, again this letter tends to overflow in technical IT jargon. Part of our mission is to educate co-investors about our thinking over the long term. We attempt our best to moderate complexity, however, sometimes the technical analysis is the only way to reinforce the thesis.” (Click here to see the full text)