5 Good Stocks To Invest In Right Now

In this article, we will be taking a look at 5 good stocks to invest in right now. To read our detailed analysis of current stock market news, you can go directly to see the 14 Good Stocks to Invest in Right Now.

5. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)

Number of Hedge Fund Holders: 121

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is a semiconductor company that manufactures integrated circuits and other semiconductor devices. It is based in Taiwan.

Charles Shi at Needham maintained a Buy rating and $115 price target on Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) on July 21.

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was seen in the portfolios of 121 hedge funds during the second quarter, with a total stake value of $9.7 billion.

4. Uber Technologies, Inc. (NYSE:UBER)

Number of Hedge Fund Holders: 144

An Outperform rating and a $58 price target were reiterated on shares of Uber Technologies, Inc. (NYSE:UBER) on September 5 by Brad Erickson at RBC Capital.

Uber Technologies, Inc. (NYSE:UBER) is an industrial company based in San Francisco, California. It develops and operates proprietary tech applications for ride-sharing services.

We saw 144 hedge funds long Uber Technologies, Inc. (NYSE:UBER) in the second quarter, with a total stake value of $7.7 billion.

Here’s what RiverPark Advisors said about Uber Technologies, Inc. (NYSE:UBER) in its second-quarter 2023 investor letter:

“Uber Technologies, Inc. (NYSE:UBER): UBER was a top contributor for the quarter following better than expected 1Q23 earnings and 2Q23 guidance. Gross bookings of $31.4 billion were up 22% year over year. Mobility gross bookings of $15 billion grew 44% over the last year driven by a combination of product innovation and driver availability. Delivery gross bookings, also $15 billion, were up 12% from last year and accelerated through the quarter. 1Q Adjusted EBITDA of $761 million, up $593 million year over year, significantly beat management’s $660-$700 million guidance and the company generated $549 million of free cash flow versus a loss last year. Management guided to continuing growth in 2Q Gross Bookings (13%-17% growth) and Adjusted EBITDA (of $800- $850 million).

UBER remains the undisputed global leader in ride sharing, with a greater than 50% share in every major region in which it operates. The company is also a leader in food delivery, where it is number one or two in the more than 25 countries in which it operates. Moreover, after a history of losses, the company is now profitable, delivering expanding margins and substantial free cash flow. We view UBER as more than just ride sharing and food delivery, but also as a global mobility platform with the ability to sell to its 130 million users (by comparison, Amazon Prime has 200 million members) and penetrate new markets of on-demand services, such as package and grocery delivery, travel, truck brokerage (the company had $1.4 billion in Freight revenue for 1Q23), and worker staffing for shift work. Given its $4.2 billion of unrestricted cash and $5 billion of investments, the company today has an enterprise value of $84 billion, indicating that UBER trades at 20x next year’s estimated free cash flow.”

3. Visa Inc. (NYSE:V)

Number of Hedge Fund Holders: 171

At the end of the second quarter, 171 hedge funds were long Visa Inc. (NYSE:V). Their total stake value was $24.9 billion.

Visa Inc. (NYSE:V) is a transaction and payment processing services company. It operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions.

Moshe Katri at Wedbush reiterated an Outperform rating and a $270 price target on Visa Inc. (NYSE:V) shares on August 31.

Baron Funds said the following about Visa Inc. (NYSE:V) in its second-quarter 2023 investor letter:

“We modestly trimmed Visa Inc. (NYSE:V), Mastercard Incorporated, and Accenture plc to manage the position sizes and raise capital to fund purchases elsewhere. These stocks remain full-sized positions and high-conviction ideas in the Fund.

Another fintech industry trend we’re seeing is a pickup in M&A activity, most notably in the payments sector. The year started with Nuvei’s $1.3 billion acquisition of Paya announced in January. In April, Network International received an initial takeover offer from a group of private equity firms, which was then topped by Brookfield Asset Management whose $2.8 billion offer was accepted by the Board in June. Following reports earlier this year of a bidding war between Visa Inc. and Mastercard Incorporated to acquire cloud-based issuer processor and core banking software provider Pismo, Visa announced its intention to acquire the Brazilian company for $1 billion in late June.”

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 175

NVIDIA Corporation (NASDAQ:NVDA) is another semiconductor company on our list, most notably known for its production of artificial intelligence chips.

NVIDIA Corporation (NASDAQ:NVDA) had 175 hedge funds long its stock in the second quarter, with a total stake value of $25.9 billion.

A Buy rating and a $668 price target were maintained on NVIDIA Corporation (NASDAQ:NVDA) on August 24 by William Stein at Truist Securities.

This is what RiverPark Advisors said about NVIDIA Corporation (NASDAQ:NVDA) in its second-quarter 2023 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA): NVDA shares were our next top contributor in reaction to blowout 1Q results and 2Q guidance. The company reported revenue of $7.2 billion and EPS of $1.09, 10% and 18% ahead of expectations. Revenue guidance for 2Q of $11 billion was 53% above expectations. The artificial intelligence arms race kicked-off by generative AI applications ChatGPT and Alphabet’s Bard has generated tremendous demand for Nvidia’s next generation graphic processors.

NVDA is the leading designer of graphics processing units (GPU’s) required for powerful computer processing. Over the past 20 years, the company has evolved through innovation and adaptation from a predominantly gaming-focused chip vendor to one of the largest semiconductor/software vendors in the world. Over the past decade, the company has grown revenue at a compound annual rate of over 20% while expanding operating margins and, through its asset light business model, producing ever increasing amounts of free cash flow. Following 1Q’s strong results, Jensen Huang, founder and CEO of NVIDIA stated in the company’s press release, “[a] trillion dollars of installed global data center infrastructure will transition from general purpose to accelerated computing as companies race to apply generative AI into every product, service and business process.”

1. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 278

Tom Forte at DA Davidson maintains a Buy rating and a $150 price target on Amazon.com, Inc. (NASDAQ:AMZN) as of September 6.

Amazon.com, Inc. (NASDAQ:AMZN) is a big tech giant that operates an e-commerce platform and a cloud business for customers across the globe.

Our hedge fund data shows 278 funds long Amazon.com, Inc. (NASDAQ:AMZN) in the second quarter, with a total stake value of $34.9 billion.

RiverPark Advisors said the following about Amazon.com, Inc. (NASDAQ:AMZN) in its second-quarter 2023 investor letter:

“Amazon.com, Inc. (NASDAQ:AMZN): Amazon was a top contributor in the second quarter, in reaction to a solid 1Q23 earnings report. The company generated $127 billion of revenue (2% ahead of expectations) and nearly $5 billion of operating income (57% better than expectations) driven by rebounding online sales and strong incremental gross margins. During the company’s earnings conference call, Amazon management pointed to easing inflationary pressures, higher productivity gains, and lower expected capital spending for the remainder of the year. The only negative in the quarter was slowing AWS revenue growth, which we believe will rebound later in the year.

With its ability to continue its market share gains in three leading businesses (e-commerce, web services and online advertising), plus a multi-year operating margin expansion opportunity (from improved e-commerce margins and greater contribution from the faster growing, higher margin AWS and advertising segments), we believe Amazon remains one of the best-positioned global growth companies in the world. AMZN shares trade at a 10-year trough EPS multiple, despite what we believe to be currently depressed margins and earnings.”

See also Conservative Stock Portfolio: 10 Best Stocks To Buy and What Are The Best Stocks To Buy Right Now?