5 Trending Stocks on Reddit

3. Tesla, Inc. (NASDAQ: TSLA)

Number of Hedge Fund Holders: 60    

Tesla, Inc. (NASDAQ: TSLA) is a California-based electric vehicle and clean energy firm. It is ranked third on our list of 10 trending stocks on Reddit.

On August 20, investment advisory Wells Fargo reiterated an Equal Weight rating on Tesla, Inc. (NASDAQ: TSLA) stock with a price target of $660, highlighting that a 2022 Bot launch plan by the firm “seemed optimistic”.

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.”