5 Stocks that Doubled in 2021

1. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 86   

Year-To-Date Gain: 103%  

NVIDIA Corporation (NASDAQ:NVDA) has climbed this year as chip prices have skyrocketed amid high demand and supply chain issues. The rise of crypto mining, many of which require high-powered chips made by the firm, has also helped push the stock higher. Since analysts predict that chip prices will remain high well into 2022, and as crypto stocks rally again after a second quarter slowdown, the stock still has room to climb higher. 

Piper Sandler, KeyBanc, and Summit Insights are all constructive on NVIDIA Corporation (NASDAQ:NVDA) for the coming months. The company is also looking to expand by marketing special chips aimed at cloud companies and data centers. 

At the end of the second quarter of 2021, 86 hedge funds in the database of Insider Monkey held stakes worth $9 billion in NVIDIA Corporation (NASDAQ:NVDA), up from 80 the preceding quarter worth $6 billion.

In its Q1 2021 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:

“NVIDIA Corp. is the dominant supplier of Graphics Processing Units (GPUs) worldwide. NVIDIA’s GPUs are at the intersection of a number of important computing trends including the movement to the Cloud, artificial intelligence, autonomous vehicles, edge computing, gaming, and more. We previously owned NVIDIA and sold it in the third quarter of 2020 as the price to value gap closed and our margin of safety was reduced. As with all our MVP companies, we continued to follow NVIDIA closely. Since that time, NVIDIA reported excellent results and its value has compounded rapidly. The technology selloff at the beginning of the year negatively affected the stock price while our estimate of NVIDIA’s value per share increased. This happy combination of events created a margin of safety and an opportunity to once again add NVIDIA to the portfolio.”

You can also take a peek at 10 Companies that Benefit From Crypto Mining and 15 Best Strong Buy Stocks to Invest In.

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