5 Best Gaming Stocks To Buy Now

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 84

NVIDIA Corporation (NASDAQ:NVDA) is an American provider of graphics, computing, and networking solutions in the United States, Taiwan, China, and internationally. The company’s Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service, and related infrastructure and solutions for gaming platforms. NVIDIA Corporation (NASDAQ:NVDA) is one of the premier gaming stocks to consider. 

On October 11, Citi analyst Atif Malik maintained a Buy recommendation on NVIDIA Corporation (NASDAQ:NVDA) but lowered the price target on the shares to $210 from $248. The analyst trimmed estimates for cloud data-centric semis.

According to Insider Monkey’s second quarter database, 84 hedge funds held stakes worth $3.3 billion in NVIDIA Corporation (NASDAQ:NVDA), compared to 102 funds in the earlier quarter worth $6.3 billion. Ken Fisher’s Fisher Asset Management features as a prominent stakeholder of the company, with 7.6 million shares valued at $1.15 billion. 

Here is what Baron Fifth Avenue Growth Fund has to say about NVIDIA Corporation (NASDAQ:NVDA)  in its Q2 2022 investor letter:

“At the company-specific level, there was a broad correction across the entire portfolio. While four of our holdings contributed to performance, the contribution to absolute returns was less than 100bps combined, as unfortunately none of them were large enough to move the needle. We had 16 investments detracting over 100bps each with NVIDIA (NASDAQ:NVDA), our second largest detractor, costing the Fund 254bps.

NVIDIA’s stock was hit even harder, down 44.4%, impacted by concerns over the health of the consumer, dramatic declines in crypto, and COVID-related lockdowns in China. Despite the sell-off and the increased near-term volatility in its gaming business, NVIDIA’s revenues grew 46% year-over-year with 48% operating margins, driven by continued strength in its data center business as companies across industries adopt AI and ML…” (Click here to see the full text)