1. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 60
Topping the list of 10 best solar energy stocks to buy today is electric vehicle manufacturer Tesla, Inc. (NASDAQ:TSLA). California-based Tesla, Inc. (NASDAQ:TSLA) is popularly known for being an electric vehicle moat. The company delivered 201,204 electric vehicles in the second quarter of 2021, up 121% year over year. Additionally, Tesla, Inc. (NASDAQ:TSLA) also offers solar panels and energy storage.
On October 4, Wedbush analyst Daniel Ives maintained an Outperform rating on Tesla, Inc. (NASDAQ:TSLA) with a price target of $1,000 per share. The analyst is still bullish on Tesla, Inc. (NASDAQ:TSLA), estimating that the EV behemoth delivered 150,000 Tesla vehicles in September alone.
In the second quarter of 2021, Tesla, Inc. (NASDAQ:TSLA) reported an EPS of $1.45, beating estimates by $0.47. The company’s revenue in the quarter came in at $11.96 billion, an increase of 98% year over year, and beat revenue estimates by $559.33 million.
Tesla, Inc. (NASDAQ:TSLA) posted $801 million in revenue from its energy and storage business, up 62% from Q1 2021 and increased more than 116% year over year. Tesla, Inc. (NASDAQ:TSLA) reported $801 million in sales from its energy and storage division in the second quarter of 2021, up 62% from the previous quarter and grew more than 116% year over year. In comparison to the previous year, the total deployment of energy storage and solar energy in Q2 2021 increased by 205% and 215%, respectively. The stock has gained 64.53% in the past twelve months.
At the end of the second quarter of 2021, 60 hedge funds in the database of Insider Monkey held stakes worth $9.29 billion in Tesla, Inc. (NASDAQ:TSLA), down from 62 hedge funds in the previous quarter worth $10 billion.
In the Q2 2021 investor letter of Worm Capital LLC, the fund mentioned Tesla, Inc. (NASDAQ:TSLA), and discussed its stance on the firm. Here is what the fund said:
“Tesla underperformed in the quarter, but we maintain our high conviction in the long-term thesis on each business model. Much like art or writing, investment research is a continuous process—it never really ends. Prices can move in either direction in any given quarter, but our advantage often comes from knowing the businesses so well that short-term fluctuations in pricing shouldn’t affect our decision-making. On high conviction positions, this patience is often rewarded, which is why research is so valuable to our process…
..Tesla is in a class of its own. What many in the market seem to (still) not understand is that Tesla is not a car company so much as a complex manufacturing firm—with significant recurring software potential—growing, in our view, at a targeted rate of 50-100% YoY over the next several years. Unlike any other automotive firm in existence today, Tesla alone is a vertically integrated hardware and software business developing state-of-the-art manufacturing techniques that will revolutionize the auto industry (i.e. its Giga Presses, 4680 cells, etc.). It is a generational company and we anticipate it will eventually be the largest company in the world. Many of the conventional narratives around competition displacing Tesla’s lead are fundamentally flawed, and the many headlines surrounding Tesla’s approach to autonomy are frustratingly superficial. (As an aside, we highly recommend watching Andrej Karpathy’s, Tesla’s head of AI, his recent presentation from June: “Tesla details its self-driving Supercomputer that will bring in the Dojo era”)”
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