5 Most Promising EV Stocks According To Hedge Funds

In this piece, we will take a look at the five most promising EV stocks according to hedge funds. For a deep dive into the electric vehicle industry and all the latest news, check out 5 Most Promising EV Stocks According To Hedge Funds.

5. Rivian Automotive, Inc. (NASDAQ:RIVN)

Number of Hedge Fund Investors In Q3 2023: 35

Rivian Automotive, Inc. (NASDAQ:RIVN) is an American electric vehicle company that is developing electric SUVs and pickup trucks that use a characteristic skateboard chassis. The firm scored a win in December 2023 when it inked a deal with AT&T to supply it with electric vehicles which the carrier hopes will enable it to reduce emissions.

35 out of the 910 hedge funds part of Insider Monkey’s Q3 2023 database were Rivian Automotive, Inc. (NASDAQ:RIVN)’s shareholders. Daniel Sundheim’s D1 Capital Partners was the largest shareholder courtesy of its $327 million investment.

4. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Investors In Q3 2023: 37

Albemarle Corporation (NYSE:ALB) is one of the most important firms in the EV supply chain since it provides lithium that is used to make batteries. The firm has beaten analyst EPS estimates in three out of its four latest quarters and the shares are rated Buy on average.

For their September quarter of 2023 shareholdings, 37 out of the 910 hedge funds surveyed by Insider Monkey were the firm’s shareholders. Albemarle Corporation (NYSE:ALB) ‘s largest hedge fund shareholder is Philippe Laffont’s Coatue Management through its $100 million stake.

3. Aptiv PLC (NYSE:APTV)

Number of Hedge Fund Investors In Q3 2023: 38

Aptiv PLC (NYSE:APTV) is an Ireland based car parts supplier that is headquartered in Dublin, Ireland. The firm’s third quarter financials saw it report an 11% annual revenue growth and 448% GAAP EPS growth.

Insider Monkey took a look at 910 hedge fund portfolios for their shareholdings for this year’s third quarter to find 38 Aptiv PLC (NYSE:APTV) shareholders. Ian Simm’s Impax Asset Management was the biggest investor as it owned $668 million worth of shares.

2. Ford Motor Company (NYSE:F)

Number of Hedge Fund Investors In Q3 2023: 43

Ford Motor Company (NYSE:F) is one of the biggest car manufacturers in the world. However, the downturn in the EV sector in 2023 hasn’t boded well for the firm, as it canceled its joint venture with Toyota to develop electric SUVs and trucks.

As of September 2023 end, 43 out of the 910 hedge funds surveyed by Insider Monkey were the firm’s investors. Ford Motor Company (NYSE:F)’s largest hedge fund shareholder is Ken Fisher’s Fisher Asset Management since it owns 55.6 million shares that are worth $690 million.

1. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Investors In Q3 2023: 81

Tesla, Inc. (NASDAQ:TSLA) is the world’s premier electric vehicle manufacturer. December has not been a kind month to the firm as it has been forced to recall the software of millions of its cars on the roads in America due to problems with its self driving software.

81 out of the 910 hedge funds part of Insider Monkey’s Q3 2023 database had held a stake in Tesla, Inc. (NASDAQ:TSLA). Catherine D. Wood’s ARK Investment Management was the biggest investor due to its $1 billion stake.

Disclosure: None. You can also take a look at 13 Most Profitable Real Estate Stocks Now and 13 Best Holding Company Stocks To Invest In.

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