Cathie Wood is Buying These 5 Stocks in September

1. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 84

Cathie Wood has been bullish on NVIDIA Corporation (NASDAQ:NVDA), the American semiconductor giant, since the last quarter of 2016. ARK Investment Management has held on to its NVIDIA Corporation (NASDAQ:NVDA) stake over the years, strengthening its hold on the stock in Q2 2022 by a whopping 103405%. On September 1, Cathie Wood purchased another 226,717 shares of NVIDIA Corporation (NASDAQ:NVDA). 

On September 15, Mizuho analyst Vijay Rakesh maintained a Buy recommendation on NVIDIA Corporation (NASDAQ:NVDA) but lowered the price target on the shares to $205 from $225. The analyst believes some hyperscalers could begin to see a slowdown nearing the end of 2022 given the macro concerns. His checks indicate that hyperscale orders are receiving “pushbacks” but no cancellations, with Q3 trending flat quarter-over-quarter and Q4 “potentially soft”.

According to Insider Monkey’s second quarter database, NVIDIA Corporation (NASDAQ:NVDA) was part of 84 hedge fund portfolios, down from 102 funds in the last quarter. Ken Fisher’s Fisher Asset Management held a prominent position in the company, comprising 7.6 million shares worth $1.15 billion. 

Here is what Baron Fifth Avenue Growth Fund has to say about NVIDIA Corporation (NASDAQ:NVDA)  in its Q2 2022 investor letter:

“At the company-specific level, there was a broad correction across the entire portfolio. While four of our holdings contributed to performance, the contribution to absolute returns was less than 100bps combined, as unfortunately none of them were large enough to move the needle. We had 16 investments detracting over 100bps each with NVIDIA (NASDAQ:NVDA), our second largest detractor, costing the Fund 254bps.

NVIDIA’s stock was hit even harder, down 44.4%, impacted by concerns over the health of the consumer, dramatic declines in crypto, and COVID-related lockdowns in China. Despite the sell-off and the increased near-term volatility in its gaming business, NVIDIA’s revenues grew 46% year-over-year with 48% operating margins, driven by continued strength in its data center business as companies across industries adopt AI and ML…” (Click here to see the full text)

You can also take a look at 10 High Yield Dividend Stocks For Stable Income and 12 Best New Tech Stocks To Buy. 

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