5 Best Self Driving Car Stocks to Invest In

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1. Alphabet Inc. (NASDAQ: GOOG)

Number of Hedge Fund Holders: 159

Alphabet Inc. (NASDAQ: GOOG) is a tech company providing online advertising services in the US and internationally. The company owns Waymo, which focuses on autonomous driving and car technology. It ranks 1st on our list of the best self driving car stocks to invest in.

Back in 2014, Apple Inc. (NASDAQ: AAPL) began working on its Project Titan, bringing in over a thousand car experts and engineers with EV manufacturing expertise, and as of 2021, the company’s physical car project is still progressing, while Apple Inc. (NASDAQ: AAPL) is continuing to test its self-driving software and has also received an autonomous testing permit from the DMV.

Apple Inc. (NASDAQ: AAPL) has announced that it would be spending about $300 million on Google Cloud Storage this year, making the company the largest customer for the service. In the first quarter of 2021, Alphabet Inc. (NASDAQ: GOOG) had an EPS of $26.29, beating estimates by $10.63, while its revenue of $55.31 billion, up 34.39% year over year, beat estimates by $3.62 billion. The stock gained 44.15% in the past 6 months and 46.69% year to date. Alphabet Inc. (NASDAQ: GOOG) has a gross profit margin of 54.32%.

By the end of the first quarter of 2021, 159 hedge funds out of the 866 tracked by Insider Monkey held stakes in Alphabet Inc. (NASDAQ: GOOG) worth roughly $29.08 billion. This is compared to 157 hedge fund holders in the previous quarter, with a total stake value of about $20.57 billion.

Artisan Partners, a high value-added investment management firm, mentioned Alphabet Inc. (NASDAQ: GOOG) in their first-quarter 2021 investor letter. Here’s what they said:

“Large-cap tech companies have been resilient through the pandemic—Alphabet among them. A top contributor, Alphabet’s Play Store and Google Cloud are in demand as businesses accelerate online activity which, along with strong YouTube user growth, is helping stabilize temporarily weaker search ad revenue trends. Through the lens of our disciplined bottom-up research process, we view Alphabet as one of the best businesses in the world, capable of expanding revenues at a rapid rate for years to come, with a bullet proof balance sheet and an average asking price. It’s a name we’ve owned since 2012 and for which we continue to have high hopes regarding future prospects.”

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