5 Technology Stocks to Sell Now According to Cathie Wood

2. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 91   

Percentage Decrease in Stake in Q4: 52%    

Tesla, Inc. (NASDAQ:TSLA) markets electric vehicles and clean energy equipment. It is one of the top holdings of ARK. The fund first purchased a stake in the company during the fourth quarter of 2016. It presently owns close to 2 million shares of Tesla, Inc. (NASDAQ:TSLA) worth more than $2 billion, representing 6.15% of the portfolio. 

Hedge funds have been loading up on Tesla, Inc. (NASDAQ:TSLA) in recent months. At the end of the fourth quarter of 2021, 91 hedge funds in the database of Insider Monkey held stakes worth $12.9 billion in Tesla, Inc. (NASDAQ:TSLA), up from 60 in the previous quarter worth $10.6 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.”