5 Most Undervalued EV Stocks To Buy According To Hedge Funds

2. Intel Corporation (NASDAQ:INTC)

Number of Hedge Fund Holders: 62

Even though Intel Corporation (NASDAQ:INTC) is under pressure amid rising competition and challenging industry conditions in the semiconductor space, the company is set to see a huge demand of its products from the EV sector. Last year, Intel Corporation (NASDAQ:INTC) announced to form a new division to design and sell chips and processors for electric and autonomous cars.

At the time Intel Corporation (NASDAQ:INTC)’s CEO Pat Gelsinger said that the company was making a foray into the EV space because the demand for automotive silicon is expected to nearly double to $115 billion by 2030.

As of the end of the fourth quarter of 2022, Intel Corporation (NASDAQ:INTC) was one of the most popular semiconductor stocks among the 943 hedge funds tracked by Insider Monkey. 62 hedge funds had stakes in Intel Corporation (NASDAQ:INTC) at the end of the last quarter of 2022. The biggest stakeholder of Intel Corporation (NASDAQ:INTC) was D E Shaw which had a $354 million stake in the company.

ClearBridge Investments made the following comment about Intel Corporation (NASDAQ:INTC) in its Q3 2022 investor letter:

“Also on the detractor side, Intel Corporation (NASDAQ:INTC) delivered a disappointing revenue miss and lowered full-year revenue and earnings guidance as COVID-19-driven demand for PCs abated (where Intel enjoys half its sales) and a delay in its flagship Sapphire Rapids CPU hurt its data center business. Despite these issues, we still believe Intel is an economically sensitive turnaround story with substantial upside.”