5 Best Clean Energy Stocks To Buy Today

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1. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 91

Tesla, Inc. (NASDAQ:TSLA) is one of the world’s most popular electric vehicle manufacturers, making it one of the most-followed clean energy companies in the market. Beyond its S3XY EV lineup, Tesla, Inc. (NASDAQ:TSLA) also sells solar roofs, solar panels, and energy storage, which generated $688 million in revenue in the fourth quarter. In 2021, the company deployed 345 MW of solar energy, an increase of 68% year over year.

As the chip and supply chain bottleneck recovers, Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk expressed optimism about the increase of storage and solar production this year. Musk also reiterated Tesla, Inc.’s (NASDAQ:TSLA) plans to transition its stationary storage products to a lithium iron phosphate (LFP) pack, which would rely on iron or manganese rather than nickel.

On March 9, Piper Sandler analyst Alexander Potter kept his Overweight rating on Tesla, Inc. (NASDAQ:TSLA) with a price target of $1,350. During the fourth quarter, more hedge funds became bullish on the American EV manufacturer, and Tesla, Inc. (NASDAQ:TSLA) was held by 91 hedge funds tracked by Insider Monkey, up from 60 in the third quarter of 2021.

Alger Spectra Fund, in its Q4 2021 investor letter, mentioned Tesla, Inc. (NASDAQ:TSLA) and discussed its stance on the firm. Here’s what the fund said:

Tesla is an electric vehicle (EV) manufacturer with a significant technology lead in its large and rapidly growing addressable market. Tesla is a consequential transportation company because it is setting the pace for industry innovation over the foreseeable future. It has potential to maintain its lead as it ramps up auto production and battery capacity. We are optimistic about EV innovation, adoption and Tesla’s growth prospects. The shares contributed to portfolio performance as Tesla successfully increased production of new model S and X units driving a richer revenue mix as the prices of these vehicles are higher and the cost to produce lower than earlier versions. Earnings estimates climbed for Tesla as pricing for vehicles in backlog has increased. Further, as Tesla’s newer, more efficient factories increase production, unit costs may potentially decline relative.”

See also Why These 10 Stocks Are on the Move on Friday and 10 Dividend Stocks Warren Buffett is Backing in 2022.

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