7 Best Under-The-Radar AI Stocks Hedge Funds are Buying

4. Deere & Co (NYSE:DE)

Number of Hedge Fund Investors: 48

Agricultural machinery and equipment company Deere & Co (NYSE:DE) may be a surprising entry in the list of AI stocks to buy in 2024, but many analysts believe Deere & Co’s (NYSE:DE) investments in AI would bear fruit in the months and years to come. For example, Deere & Co (NYSE:DE) is using AI to develop autonomous tractors that can recognize weed from plants and differentiate between plants based on quality.

Deere & Co’s (NYSE:DE) See & Spray can scan 2,200 square feet per second using machine learning and vision analysis to optimize spray usage. Earlier this month Deere & Co (NYSE:DE) posted Q1 results. Adjusted EPS in the quarter came in at $8.53, beating estimates by $0.61. Revenue declined 12.4% year over year to $15.24 billion, beating estimates by $1.92 billion. Over the past one year the stock has gained about 7%, and its PE ratio is 11.29, which shows it’s an undervalued play in the agricultural industry.