5 Best Autonomous Vehicle ETFs and Stocks to Invest In

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1. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 153

Alphabet Inc. (NASDAQ:GOOG) was among the first companies to buy into the AV sector. The company’s subsidiary Waymo works with EVs.

On August 3, Ivan Feinseth at Tigress Financial reiterated a Strong Buy rating on Alphabet Inc. (NASDAQ:GOOG) shares. The analyst also raised the price target on the stock from $183 to $186.

This July, Alphabet Inc. (NASDAQ:GOOG) shares jumped in light of the company’s second-quarter results with analysts such as Mark Mahaney at Evercore ISI commenting that the company’s fundamentals held up better than expected. Mahaney also noted that Alphabet Inc.’s (NASDAQ:GOOG) ad revenue grew by 5%.

A total of 153 hedge funds were long Alphabet Inc. (NASDAQ:GOOG) in the second quarter, with a total stake value of $22.3 billion.

Investment management company Arch Capital mentioned Alphabet Inc. (NASDAQ:GOOG) in its second quarter 2022 investor letter. Here’s what it said:

“In May we decided to buy Alphabet Inc. (NASDAQ:GOOG) (parent company of Google, YouTube, and Android). Our thesis was simple. Alphabet has billions of locked-in users around the globe with businesses like Search, Maps, and YouTube that should grow in-line or faster than worldwide GDP. With all the cash these businesses generate, management is able to reinvest in Google Cloud, Other Bets projects like Waymo, and return cash to shareholders via share repurchases. At an enterprise value-to-free cash flow (EV/FCF) of around 20 at the time of our purchase, we believe this sets up shareholders for low risk 15%+ returns over the next five years.”

See also 15 Most Powerful Weapons In The World and 10 Best Finance Stocks To Buy Now.

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