5 Best Drone Stocks to Invest In

2. NVIDIA Corporation (NASDAQ: NVDA)

Number of Hedge Fund Holders: 80

NVIDIA Corporation (NASDAQ: NVDA) is a visual computing company that operates internationally. While the company itself may not be a drone manufacturer, the technology and chips it develops are used by some of the best drone manufacturing companies. As a result, the company ranks 2nd on our list of the best drone stocks to invest in.

On June 11th, NVIDIA Corporation (NASDAQ: NVDA) agreed to acquire DeepMap, a start-up building HD maps for autonomous vehicles. Just a few days later, on June 15th, it was also reported that the company is facing delays in filing the $40 billion deal to purchase ARM, a chipmaker unit owned by Softbank. The delays are due to the EU’s involvement in the deal.

Wells Fargo recently reiterated an Overweight rating on Nvidia (NASDAQ:NVDA) and upped its price target for the stock from $715 to $875. The firm cited the company’s expansion of its enterprise AI platform for the rating action.

As of the end of the first quarter this year, 80 hedge funds out of the 866 tracked by Insider Monkey held stakes in NVIDIA Corporation (NASDAQ: NVDA), worth roughly $6.2 billion. This is compared to 88 hedge fund holders in the previous quarter, with a stake value of roughly $8.69 billion.

SaltLight Capital Management, an investment management firm, mentioned NVIDIA Corporation (NASDAQ: NVDA) in their first-quarter 2021 investor letter. Here‘s what they said:

“In this letter, we highlight one ‘bet’: a follow-up on our December letter where we wrote extensively about our broad thesis about the Artificial Intelligence opportunity. We present a case study of NVIDIA who we believe is delightfully positioned to capture this opportunity.

Unfortunately, for some readers, again this letter tends to overflow in technical IT jargon. Part of our mission is to educate co-investors about our thinking over the long term. We attempt our best to moderate complexity, however, sometimes the technical analysis is the only way to reinforce the thesis.

Encouragingly, we continue to find global opportunities to deploy capital. We remain cautious on South Africa and believe that, overall, distribution of outcomes is skewed to the downside despite the recent mean reversion in share prices. We believe that we own the best of the South African opportunity set. Therefore, the majority of incremental capital in the fund is being deployed into global opportunities.” (click here to continue reading the full text)