5 Best Performing Stocks in November

1. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 89    

Gain in Share Price in November: 25% 

NVIDIA Corporation (NASDAQ:NVDA) provides graphics, computing and networking solutions. On December 8, Tigress Financial analyst Ivan Feinseth maintained a Buy rating on NVIDIA Corporation (NASDAQ:NVDA) stock and lowered the price target to $250 from $310, noting that Nvidia was in industry-leading positions in Artificial Intelligence and multiple new products and partnerships could enable it to overcome near-term headwinds and position it for a new business upcycle.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in NVIDIA Corporation (NASDAQ:NVDA) with 19.2 million shares worth more than $2.3 billion.  

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:

“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 was 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 consumer health, 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…(read more)

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