In this article, we discuss 5 EV stocks to buy according to Cathie Wood. If you want to read about some more EV stocks in the Wood portfolio, go directly to 10 EV Stocks to Buy According to Cathie Wood.
5. Altair Engineering Inc. (NASDAQ:ALTR)
Number of Hedge Fund Holders: 16
Altair Engineering Inc. (NASDAQ:ALTR) provides software and cloud solutions. The firm offers e-mobility design solutions as well as data analytics related to system modeling of EVs. Latest data shows that ARK owned 170,595 shares of Altair Engineering Inc. (NASDAQ:ALTR) at the end of March 2022 worth over $10.9 million, representing 0.04% of the portfolio. Wood had first bought a stake in the firm during the second quarter of 2019. The fund slashed its stake in the firm by 21% in early 2022 compared to fourth quarter data.
Altair Engineering Inc. (NASDAQ:ALTR) posted earnings for the first quarter of 2022 on May 5, reporting earnings per share of $0.38, beating estimates by $0.08. The revenue over the period was $159 million, beating expectations by $5.4 million.
Among the hedge funds being tracked by Insider Monkey, Waltham-based investment firm Matrix Capital Management is a leading shareholder in Altair Engineering Inc. (NASDAQ:ALTR), with 8.6 million shares worth more than $553 million.
In its Q4 2021 investor letter, Harding Loevner, an asset management firm, highlighted a few stocks and Altair Engineering Inc. (NASDAQ:ALTR) was one of them. Here is what the fund said:
“Michigan-based Altair Engineering Inc. (NASDAQ:ALTR) was founded in 1985 to provide structural simulation and modeling to the automotive industry, beginning with software that simulated the effects of a car crash. Now, Altair’s HyperWorks suite of software is used extensively by automakers throughout the design and engineering process, including for elimination of noise and vibration, understanding fluid dynamics, and thermal management. Carmakers use the software to design components that are lighter and more aerodynamic to respond to tightening regulatory standards for gas mileage and carbon emissions, and in electric vehicle (EV) design where lighter-weight parts are even more critical (for extending battery range) and noise reduction is even more of an issue (in the absence of engine noise to mask sounds). HyperWorks users can compare the performance level of different design features and identify the most optimal. It also offers a toolset for durability analysis including an embedded materials library to predict fatigue life under a range of conditions. Similar types of engineering challenges occur in other industries, and Altair Engineering Inc. (NASDAQ:ALTR) works with many of them, including aerospace, heavy equipment, industrial machinery, rail, and marine companies.” (Click here to see full text)
