Institutional Investors Load Up on Nvidia Stock (NASDAQ:NVDA) in Q4
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Institutional Investors Load Up on Nvidia Stock (NASDAQ:NVDA) in Q4

Story Highlights

Institutional investors, including top hedge funds, bought NVDA stock in Q4. Nvidia stock continues to trend higher in 2024.

According to the latest 13F filings, several institutional investors bought shares of chip giant Nvidia (NASDAQ:NVDA) in Q4. Notably, the uptrend in NVDA stock has sustained in 2024, with its stock rising over 49% year-to-date. Further, Nvidia’s market capitalization has exceeded that of Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL). 

Among the leading hedge fund managers, Bridgewater Associates bought 220.4K NVDA shares in the fourth quarter. At the same time, Rokos Capital Management, which sold 34 of its holdings in Q4, bought 254.5K NVDA shares worth $126 million in the fourth quarter. Meanwhile, Arrowstreet Capital, which trimmed its holdings in tech titans such as Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), and Meta Platforms (NASDAQ:META), bought about 3.97 million NVDA shares in Q4.  

Further, Cardano Asset Management bought approximately 537.7K shares in Q4, and APG Asset Management acquired 365.7K NVDA shares. 

Is Nvidia Stock Expected to Rise?

Based on analysts’ average price target, the upside in Nvidia stock remains capped due to the significant appreciation in its stock price over the past year. Analysts’ average NVDA price target of $703.30 implies a downside potential of 4.83% from current levels. 

Nonetheless, analysts are upbeat about Nvidia’s prospects and expect the company to deliver strong Q4 earnings. Nvidia will announce its fourth-quarter Fiscal 2024 financial results on February 21. 

Among 38 analysts covering NVDA stock, 34 recommend Buy, and four have Hold recommendations. The stock sports a Strong Buy consensus rating. 



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