5 Best Stock to Buy in 2021 According to Billionaire D.E. Shaw

3. Tesla, Inc. (NASDAQ: TSLA) (BOND)

Tesla, Inc. (NASDAQ: TSLA) is a California-based automaker that primarily develops and sells electric vehicles around the world. The firm also has stakes in the clean energy business. It makes batteries, solar panels and other energy-related products as well. The EVs of the company are very popular and the Tesla Model 3 vehicle is the best-selling plug-in electric car around the world. Tesla also has a factory set up for manufacturing in China as demand for EVs rises in the Asian country as part of a climate drive by the government. 

The company has a market cap of over $649 billion and posted more than $31 billion in revenue in December 2020. Earlier this month, Vancouver-based investment firm Canaccord Genuity upgraded Tesla to a Buy rating and set the price target of shares at $1,071. The investment firm made the valuation based on the battery manufacturing, cell design, and auto structural breakthroughs in automaking that the company has recently achieved, pushing it ahead of competitors who are also in the EV automaking business. 

At the end of the fourth quarter of 2020, 68 hedge funds out of 887 in the Insider Monkey database held stakes in Tesla, up from 67 out of 817 in Q3 2020. The total value of the shares held by these hedge funds in Q4 2020 was over $123 billion, up from $87 billion in the preceding quarter. As of February 2021, DE Shaw Capital Holdings held 145,521, 000 shares of Tesla, with a total value of over $1.6 billion. The hedge fund holds more than 1% of the total shares in the California-based automaker.