4. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 85
Tesla, Inc. (NASDAQ:TSLA) is one of the biggest names in the electric vehicle and energy sectors. It is engaged in the design, development, manufacturing, leasing, and sales of electric vehicles and energy generation and storage systems across the globe.
In the Automotive segment, the company offers a range of electric vehicles alongside automotive regulatory credits. The Energy Generation and Storage segment is dedicated to solar energy systems and energy storage products. It includes the design, installation, leasing, and repair services related to these products.
Cramer called attention to the company and stated:
“… we have one of the most exciting meetings ever, and that’s going to be Elon Musk’s ‘We, Robot’ event. Okay. This is for the strategy for autonomous driving. I think this meeting will show off Tesla’s technological edge and will be incredibly well-received. And you won’t think of it as a car company after this meeting. You’ll think of it as a tech company. And that’s why I think you should buy the stock ahead. Okay, ahead of this meeting.”
As Tesla (NASDAQ:TSLA) prepares for its upcoming unveiling of the autonomous “robotaxi” on October 10, analysts are closely monitoring developments. Elon Musk has expressed confidence in the advancements in driverless technology, along with innovative AI products and robotics. He has mentioned that they could significantly increase Tesla’s market valuation.
On October 2, Baird analyst Ben Kallo made a note of the company’s reported deliveries in Q3 that slightly exceeded consensus expectations but fell short of Baird’s estimates. However, energy storage deployments reached 6.9 GWh, marking the second-highest quarterly total in the company’s history.
Analysts at Baird view the upcoming robotaxi announcement as a pivotal event and maintain an Outperform rating on the company stock, setting a price target of $280.
Baron Partners Fund stated the following regarding Tesla, Inc. (NASDAQ:TSLA) in its Q2 2024 investor letter:
“Tesla, Inc. (NASDAQ:TSLA) manufactures electric vehicles, related software and components, and solar and energy storage products. The stock contributed as Tesla continued to drive vehicle manufacturing costs lower, accelerate the launch of new models, and invest heavily in its lucrative AI initiatives. Shareholders reaffirmed the CEO’s compensation plan, alleviating personnel and legal uncertainties. Despite material operational complexities resulting in significant shutdowns of key manufacturing facilities and lower sales volume, Tesla presented better-than-expected margins in the quarter. It expects to launch a lower cost model as soon as late 2024, which should result in accelerated revenue growth, reduced manufacturing costs, and increased factory utilization. The company continued to advance its autonomous driving capabilities, expanding its already significant data centers and developing its humanoid robot Optimus. These investments increased confidence in the attractive growth opportunities that remain ahead.”
