5 EV Stocks Popular on Reddit

1. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 60    

Tesla, Inc. (NASDAQ:TSLA) is one of the most popular stocks on Reddit and this has certainly helped the company become not only the largest EV maker but also jump amongst the biggest companies in the world in terms of market capitalization. For the first time since 2016, founder Elon Musk is selling a portion of the stock he owns in the company. In the past few weeks, he has sold nearly 6.4 million shares worth almost $7 billion. This has hit the stock, which is down 15% from the peaks reached in October. 

Analysts are still bullish on Tesla, Inc. (NASDAQ:TSLA). Jefferies analyst Philippe Houchois recently raised the price target on the stock to $1,400 from $950 and kept a Buy rating on the shares.  

At the end of the second quarter of 2021, 60 hedge funds in the database of Insider Monkey held stakes worth $9 billion in Tesla, Inc. (NASDAQ:TSLA), down from 62 in the previous quarter worth $10 billion.

Here is what Baron Partners Fund has to say about Tesla, Inc. (NASDAQ:TSLA) in its Q1 2021 investor letter: 

“Tesla, Inc. designs, manufactures, and sells fully electric vehicles, solar products, energy storage solutions, and battery cells. The stock fell during the quarter as a result of general market dynamics and a potential production slowdown due to parts shortages. A refreshed S/X and China Model Y ramp could also have a negative impact on margins in early 2021. We anticipate strong growth and improved margins driven by new production capacity, manufacturing efficiencies, localization of its manufacturing and supply chain, and maturation of Tesla’s full self-driving technology.”  

You can also take a peek at 10 Best Healthcare Dividend Stocks to Buy Now and 10 Dividend Stocks with Over 20 Years of Dividend Increases.

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