10 Best Auto Stocks To Buy Now

Published on December 6, 2020 at 4:55 pm by Alexandr Oleinic in Hedge Funds, Lists

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8. Li Auto Inc. (NASDAQ:LI)

As mentioned above, Li Auto Inc. (NASDAQ:LI) is another new joiner, as the company went public at the end of July pricing its stock at $11.50 Since then, the stock surged by more than 260%. Unlike Xpeng, Li Auto focuses on plug-in hybrid vehicles (PHEV), which the company believes is better for the Chinese market which doesn’t have a well-developed EV-charging infrastructure. Li Auto Inc. (NASDAQ:LI)’s current model is Li Xiang One, a luxury mid-size crossover SUV that was presented last year and first deliveries took place in early 2020. So far this year, Li delivered 26,498 units of Li One.

Among the 26 hedge funds tracked by Insider Monkey that held shares of Li Auto are Jericho Capital Asset Management, Glen Kacher’s Light Street Capital, and Andreas Halvorsen’s Viking Global.

7. Ferrari NV (NYSE:RACE)

In Ferrari NV (NYSE:RACE), the number of funds with long positions surged by six to 31 during the third quarter. These funds include Nicolai Tangen’s Ako Capital, Anand Desai‘s Darsana Capital Partners, and Dan Loeb’s Third Point.

Expectedly, the pandemic also affected the luxury sports car manufacturer. If in the first quarter, the company’s shipments were up by 4.9% on the year to 2,738 units, in the second quarter deliveries slumped by an annual 48% to 1,389 units. In the third quarter, Ferrari said it shipped 2,313 units, down by just 161 units compared to the same period of the last year. Ferrari also said it recorded revenue of 888 million euro ($1.08 billion), down by 3% on the year. For the full year, Ferrari NV (NYSE:RACE) expects revenue up to 3.4 billion euros and adjusted diluted EPS of around 2.8 euro.

6. PACCAR Inc (NASDAQ:PCAR)

Truck maker PACCAR Inc (NASDAQ:PCAR) ranks sixth in our list of 10 best auto stocks to buy now, as 34 hedge funds tracked by us disclosed owning shares of the company in their latest 13F filings, four more than a quarter earlier. Moreover, the aggregate value of these funds’ holdings surged to $442.10 million from $244.39 million as most investors upped their positions. For example, the two largest shareholders of PACCAR Inc (NASDAQ:PCAR) among the investors tracked by us, Brandon Haley’s Holocene Advisors and Jim Simons‘ Renaissance Technologies increased their positions by 691% and 86%, respectively, to 1.02 million shares and 825,778 shares.

For the third quarter, PACCAR Inc (NASDAQ:PCAR) posted revenue of $4.54 billion, down by 24.3% on the year, but still $100 million better than expected. In addition, EPS of $1.11 topped the consensus estimate of $0.98. In terms of deliveries, Paccar seems also to be on recovery path as third-quarter deliveries doubled compared to the second quarter as the company delivered 36,000 units.

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