5 High Growth IT Stocks to Buy

2. NVIDIA Corporation (NASDAQ:NVDA

P/E Ratio: 64.55

Number of Hedge Fund Holders: 180

Headquartered in Santa Clara, California, Nvidia Corporation (NASDAQ:NVDA) is a multinational technology company incorporated in Delaware that specializes in the design and sale of GPUs (Graphics Processing Units) catering to diverse applications. These applications include gaming, cryptocurrency mining, and professional uses. Additionally, the company provides chip systems utilized in various sectors, including vehicles, robotics, and other tools.

On November 21, NVIDIA Corporation (NASDAQ:NVDA) unveiled its financial results for the third quarter, ending on October 29, 2023. The company reported a revenue of $18.12 billion, marking a substantial 206% increase compared to the same period last year and a notable 34% rise from the previous quarter. The quarter recorded GAAP earnings per diluted share of $3.71, signifying a more than 12-fold increase from a year ago and a 50% uptick from the previous quarter. Non-GAAP earnings per diluted share were $4.02, reflecting an almost 6-fold rise from a year ago and a 49% increase from the previous quarter.

Insider Monkey’s analysis of hedge fund portfolios for NVIDIA Corporation (NASDAQ:NVDA) in Q3 2023 revealed that 180 hedge funds had a stake in the company. Citadel Investment Group emerged as the largest stakeholder, holding approximately 21.85 million shares valued at about $9.5 billion in NVIDIA Corporation (NASDAQ:NVDA).