1. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 132
1-Year Share Price Gain as of July 7: 180.51%
NVIDIA Corporation (NASDAQ:NVDA) tops our list of best multi-bagger stocks as the company reached its $1 trillion market capitalization mark on May 30. The company’s stock price and market cap have taken flight due to the latest generative AI trends in the market and it is one of the AI industry’s biggest winners. NVIDIA Corporation (NASDAQ:NVDA) stock has gained over 180% in the last twelve months and year-to-date, the company stock price has been up by almost 200%.
NVIDIA Corporation (NASDAQ:NVDA)’s hedge fund sentiment also took a huge leap in the first quarter of 2023. The company was held by 132 hedge funds in Q1 2023, compared to 106 in the previous quarter. GQG Partners initiated a position worth over $2.29 billion in NVIDIA Corporation (NASDAQ:NVDA) and became the largest hedge fund holder in Q1.
NVIDIA Corporation (NASDAQ:NVDA) has been covered by 33 analysts in the last three months and 30 of them maintain a Buy or Overweight rating on the company stock with an average price target of $480.61 and a high estimate of $600.
ClearBridge Investments made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its second quarter 2023 investor letter:
“The Strategy’s IT holdings also drove performance in the second quarter, led by the continued rerating of graphics chipmaker NVIDIA Corporation (NASDAQ:NVDA) as a key beneficiary of the generative AI boom. Nvidia is a good example of a select growth stock bought opportunistically where our long-term thesis has bloomed. We initiated the position in the fourth quarter of 2018 knowing that inference and training in the data center was an interesting although still early-stage growth driver. We knew that GPUs could be used to solve complex computing problems, but we didn’t know how quickly the training and learning efforts by Nvidia’s mega cap customers would hit an inflection point. Volatility in the gaming business created the entry point into the stock and we have built the position accordingly over time. Since the end of 2021, the stock’s portfolio weight grew from 4.5% to a high of 7.2% earlier in the second quarter before we trimmed it to manage our overall position sizing.
We will continue to monitor and adjust Nvidia’s position sizing to manage risk. Despite the sharp run up, we believe the company’s long-term runway remains compelling due to its advantaged positioning in a very large addressable market for GPUs. The current valuation looks expensive, yet Nvidia has real earnings and cash flow and the longer-term multiple looks more reasonable because of GPU pricing power.”
Follow Nvidia Corp (NASDAQ:NVDA)
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