1. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 81
Avg Volume: 121.67 million
Headquartered in Austin, Texas, Tesla, Inc. (NASDAQ:TSLA) is an American multinational company at the forefront of electric vehicles and sustainable energy solutions. Tesla is renowned for its groundbreaking designs and manufacturing of electric cars, along with providing stationary battery energy storage solutions suitable for both household and grid-scale applications. The company also offers solar panels, solar shingles, and related products and services.
In Q3 2023, Tesla, Inc. (NASDAQ:TSLA) achieved a production milestone of 430,488 vehicles, delivering over 435,000 units. Tesla’s global manufacturing footprint comprises six facilities, including its original plant in California and gigafactories located in Nevada, New York, Shanghai, Texas, and Berlin.
Insider Monkey’s third-quarter data indicates a positive sentiment from 81 hedge funds towards Tesla (NASDAQ:TSLA), reflecting an increase from the 79 funds in the preceding quarter. Notably, Catherine D. Wood’s ARK Investment Management emerged as a significant shareholder during the quarter, holding a stake valued at $1.02 billion.
Here’s what Baron Funds said about Tesla, Inc. (NASDAQ:TSLA) in its Q2 2023 investor letter:
Many factors contributed to the strong performance of our largest Disruptive Growth position, Tesla, Inc. (NASDAQ:TSLA), in the period. Investors’ concerns regarding Tesla in 2022 continue to dissipate, and the company’s business has continued to grow materially, although at below peak margins. Tesla’s deliveries in China are recovering. The company’s newest factory in Texas has ramped production and should contribute to improved domestic sales and margins. U.S. government policies have lowered the cost to own Tesla vehicles, while also reducing the company’s battery production expenses.
We continue to believe that Tesla is only scratching the surface of its potential. We regard announced partnerships between Tesla and its competitors in the quarter as important. In early June, Tesla agreed to provide Ford Motors access to Tesla’s electric vehicle (EV) charging technology and network. Other traditional and pure EV manufacturers, including General Motors, Rivian, and Volvo, quickly followed suit. We expect additional charging partnerships to ensue. In our view, these relationships validate Tesla’s charging technology and infrastructure as superior to other standards. Consolidation around a single technology should accelerate charging infrastructure deployment, diminish the risk of Tesla’s technology becoming obsolete, and lessen a key concern of hesitant EV purchasers. EV adoption is at a tipping point. And Tesla, with its approximately 60% domestic market share of EVs, should be the most important beneficiary of this shift…” (Click here to read the full text).
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