5 Best Self Driving Car Stocks to Invest In

3. Baidu, Inc. (NASDAQ: BIDU)

Number of Hedge Fund Holders: 89

Baidu, Inc. (NASDAQ: BIDU) is a company providing internet search services mainly in China.  The company owns Apollo, which is an autonomous vehicle company operating in China and operates an autonomous taxi service in the country. It ranks 3rd on our list of the best self driving car stocks to invest in.

On June 17th, Baidu, Inc. (NASDAQ: BIDU) announced its partnership with BAIC Group to release the Apollo Moon with the company. The Apollo Moon is a new robotaxi model due to be mass-produced. This May, York Capital initiated a position in Baidu, Inc. (NASDAQ: BIDU), alongside Soros Fund Management which took a stake in the company with 353,795 shares. In the first quarter of 2021, Baidu, Inc. (NASDAQ: BIDU) had an EPS of $1.93, beating estimates by $0.32. The company’s revenue came in at $4.38 billion, up 38.08% year over year and beating estimates by $148.39 million. It has a gross profit margin of 51.79%. Baidu, Inc. (NASDAQ: BIDU) has gained 5.18% in the past 6 months as well.

By the end of the first quarter of 2021, 89 hedge funds out of the 866 tracked by Insider Monkey held stakes in Baidu, Inc. (NASDAQ: BIDU) worth roughly $6.57 billion. This is compared to 51 hedge fund holders in the previous quarter, with a total stake value of about $4.63 billion.