5 Best Electric Car Stocks To Buy Now

1. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 88

While many competitors have emerged in recent years, Tesla, Inc. (NASDAQ:TSLA) is among the most dominant electric car companies in the world. The company is a pioneer in the space and has a first-mover advantage. Moreover, Tesla, Inc. (NASDAQ:TSLA) has an impressive range of vehicles that appeal to a wide range of consumers and the company is rapidly expanding its presence in the market. Tesla, Inc. (NASDAQ:TSLA) has also established a strong presence in the self-driving car industry with its Autopilot technology. Tesla, Inc. (NASDAQ:TSLA) is a clear leader in the electric vehicle market and is placed on our list of the best electric car stocks to buy now.

On November 23, Citi analyst Itay Michaeli raised his price target on Tesla, Inc. (NASDAQ:TSLA) to Neutral from Sell and raised his price target to $176 from $141.33. This December, Piper Sandler analyst Alexander Potter reiterated an Overweight rating and his $340 price target on Tesla, Inc. (NASDAQ:TSLA).

At the end of Q3 2022, 88 hedge funds disclosed stakes in Tesla, Inc. (NASDAQ:TSLA). The total value of these stakes amounted to $7.39 billion, up from $7.17 billion in the previous quarter with 73 positions. The hedge fund sentiment for the stock is positive. As of September 30, ARK Investment Management is the most prominent investor in the company and has a position worth $1.08 billion.

Here is what Alger Capital had to say about Tesla, Inc. (NASDAQ:TSLA) in its third-quarter 2022 investor letter:

“Tesla, Inc. (NASDAQ:TSLA) is an electric vehicle manufacturer with a significant technological lead in its large and rapidly growing addressable market. Shares outperformed during the quarter despite covid 19 shutdowns at the company’s shanghai production plant early in the period. During this quarter, the company also ramped up production at its newer Germany and Texas plants. While investors were aware of these challenging variables, the company’s quarterly results exceeded expectations thanks to lower-than-expected operating expenses. Investors are aware that ramping up electric vehicle production is challenging and recognize it’s difficult to estimate production rates.”

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