5 Best Automation Stocks To Buy Now

1. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 89

NVIDIA Corporation (NASDAQ:NVDA) is a California-based company that specializes in autonomous driving development agreements and autonomous vehicle solutions, in addition to providing graphics and semiconductor solutions. It is one of the best automation stocks to monitor. 

On December 9, Tigress Financial analyst Ivan Feinseth reaffirmed a Buy recommendation on NVIDIA Corporation (NASDAQ:NVDA) but lowered the price target on the shares to $250 from $310, citing a re-rating of valuation. His updated target represents a potential return of more than 55% from present levels, noted the analyst, who sees NVIDIA Corporation (NASDAQ:NVDA)’s “industry-leading” position in Artificial Intelligence and multiple new products and partnerships, allowing it to overcome short-term headwinds and position it for a new business upcycle.

According to Insider Monkey’s third quarter database, 89 hedge funds were bullish on NVIDIA Corporation (NASDAQ:NVDA), compared to 84 funds in the earlier quarter. Philippe Laffont’s Coatue Management is a significant position holder in the company, with 3.3 million shares worth $410.8 million.  

Vulcan Value Partners made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2022 investor letter:

“We also sold NVIDIA Corporation (NASDAQ:NVDA) during the quarter to allocate capital to new purchases and to add to existing positions in the portfolio. NVIDIA is facing multiple headwinds. Data center revenue growth is slowing, gaming revenue growth is declining, and the United States has issued new export controls to China that impact NVDIA’s products. We believe NVDIA’s competitive advantages are intact, and it remains on our MVP list. In the right circumstances we would be delighted to own it in the future.”

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