5 Best Multibagger Stocks to Buy Now

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 173

1-Year Share Price Gain as of April 19: 181.14%

NVIDIA Corporation (NASDAQ:NVDA) is a provider of graphics, computing, and networking solutions. In the fourth quarter of 2023, 173 hedge funds had stakes in NVIDIA Corporation (NASDAQ:NVDA), with total positions worth $33.76 billion. GQG Partners is the most significant shareholder in the company with a stake worth $6.88 billion, as of December 31, 2023.

As of April 19, NVIDIA Corporation’s (NASDAQ:NVDA) gained 181.14% in the past twelve months. The stock has a consensus Buy rating among 39 analysts and its average price target of $1,004.92 implies an upside of 31.88% from the last price of $762.00.

Polen Capital commented on NVIDIA Corporation (NASDAQ:NVDA) in its first quarter 2024 investor letter:

“The 9% growth we estimate for the Index includes the hefty weightings in high-growth names like NVIDIA Corporation (NASDAQ:NVDA)and Tesla. With NVIDIA in particular, we believe it alone accounted for over four points of the Index’s 11.41% return in the first quarter of 2024.

Said another way, excluding NVIDIA, the Index would have underperformed our Portfolio by about 100 basis points based on Bloomberg attribution analysis. We have spoken at length about the cyclicality of NVIDIA’s business and the potential for significant changes in its revenue and earnings growth from year to year. Still, as long as growth rates remain high and generative AI remains in focus, market participants seem more than willing to continue to rush in to invest…” (Click here to read the full text)