5 Best Self-Driving Stocks To Invest In

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1. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 160

Alphabet Inc. (NASDAQ:GOOG) is among the most prominent technology companies in the world and it is best known for its search engine Google. The company has its toes in the self-driving industry through its subsidiary Waymo, and it started ferrying employees in its driverless Jaguar I Pace vehicles in March 2022.

Alphabet Inc. (NASDAQ:GOOG) has one of the strongest balance sheets in the technology industry – a fact that became clear as its second fiscal quarter of 2022 ended. By H1 2022 end, Alphabet Inc. (NASDAQ:GOOG) had a whopping $125 billion in cash and reserves and its net cash provided by operating activities stood at $95 billion. Combined with low debt, this leaves Alphabet Inc. (NASDAQ:GOOG) with a strong position that allows it to diversify operations in a heartbeat.

Tigress Financial raised Alphabet Inc. (NASDAQ:GOOG)’s share price target to $186 from $183 in August 2022 citing the strong earnings results. Insider Monkey scanned 912 hedge fund portfolios for this year’s first quarter to discover that 160 had bought the company’s shares.

Alphabet Inc. (NASDAQ:GOOG)’s largest investor is Chris Hohn’s TCI Fund Management which owns 2.3 million shares that are worth $6.6 billion.

Wedgewood Partners mentioned the company in its Q2 2022 investor letter. Here is what the fund said:

Alphabet grew its core search revenues +24% on a +30% year-ago comparison. Despite this stellar top-line performance, shares sold off as the market began to discount fears of a recession. However, the stock has outperformed relative to other holdings as core Google Search has been less affected by disruptions related to Apple’s privacy initiatives. Alphabet’s Cloud segment is generating revenue at a $24 billion run rate but is still running at a loss. We think this business can generate much better margins at some point. In the meantime, the Company has 4% to 5% of shares authorized for repurchase which is an attractive use of capital as the stock trades for about just 18X 2023 consensus estimates.”

Disclosure: None. You can also take a look at 15 Best Energy Stocks to Buy Now and 10 Stocks to Buy According to Francis Chou’s Chou Associates Management.

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