5 Stocks Trending on Robinhood

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 110

NVIDIA Corporation (NASDAQ:NVDA) is one of the most talked about stocks on Robinhood. NVIDIA Corporation (NASDAQ:NVDA) provides graphics, computing, and networking solutions across the United States and international markets. 

NVIDIA Corporation (NASDAQ:NVDA) posted above consensus earnings and revenue for the fourth quarter of 2021 on February 16. The EPS came in at $1.32 and the revenue climbed almost 53% from the prior-year quarter to $7.64 billion. 

On March 29, Tigress Financial analyst Ivan Feinseth raised the price target on NVIDIA Corporation (NASDAQ:NVDA) to $410 from $400 and kept a Buy rating on the shares. The company recently highlighted new products and its ongoing advancement in artificial intelligence, autonomous technology, and the Omniverse, the analyst told investors. Feinseth noted that NVIDIA Corporation (NASDAQ:NVDA) is rapidly becoming “the world’s leading AI processing provider”, and it is “positioned to be the world’s most transformative technology”.

Elite hedge funds were largely bullish on NVIDIA Corporation (NASDAQ:NVDA). Among the hedge funds tracked by Insider Monkey, 110 funds placed long calls on NVIDIA Corporation (NASDAQ:NVDA) at the end of December 2021, up from 83 funds in the prior quarter. Billionaire Israel Englander’s Millennium Management held a prominent position in the company, with 3.8 million shares worth $1.14 billion.

Here is what Vulcan Value Partners Large Cap Fund has to say about NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2021 investor letter:

“NVIDIA Corp. was a material contributor during the quarter. We have discussed NVIDIA at length in previous quarters. Its products 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 now, the Metaverse. The company continues to outperform expectations, growing its revenue and free cash flow significantly throughout 2021, and in turn, its value is compounding quickly.”