5 Best Self Driving Car Stocks to Invest In

2. Apple Inc. (NASDAQ: AAPL)

Number of Hedge Fund Holders: 127

Apple Inc. (NASDAQ: AAPL) is a manufacturer of electronic devices such as smartphones, computers, tablets, and accessories. The company has time and again indicated its intention to enter the autonomous vehicle sector and the Apple Self-Driving car is expected to be launched in 2024. The company ranks 2nd on our list of the best self driving car stocks to invest in.

On June 23rd, Apple Inc.’s (NASDAQ: AAPL) senior vice president of Retail and People was reported to have said that the company’s stores had opened across the globe. Apple Inc. (NASDAQ: AAPL) has also announced that it may be spending about $300 million on Google Cloud Storage this year as it is increasing user data stored on the platform. This would signify a 50% increase in the amount the company spends on Google Cloud Services.

In their fiscal second-quarter 2021 report, Apple Inc. (NASDAQ: AAPL) had an EPS of $1.4, beating estimates by $0.41. Its revenue of $89.58 billion was up 53.63% year over year and beat estimates by $12.3 billion. The stock gained 0.10% in the past 6 months and 4.33% year to date, and Apple Inc. (NASDAQ: AAPL) has a gross profit margin of 39.88%.

By the end of the first quarter of 2021, 127 hedge funds out of the 866 tracked by Insider Monkey held stakes in Apple Inc. (NASDAQ: AAPL) worth roughly $130.9 billion. This is compared to 146 hedge fund holders in the previous quarter.

ClearBridge Investments, an investment management firm, mentioned Apple Inc. (NASDAQ: AAPL) in their first quarter 2021 investor letter. Here’s what they said:

“As we actively manage holdings and position sizes, we look to regularly recycle capital into more compelling opportunities. Maintaining our valuation discipline, we sharply reduced our position in Apple, whose shares more than doubled following our initial purchase in mid-2019 with an earnings multiple rising from the low-to-mid teens to nearly 30x.”