Hedge Funds are Selling Tesla (TSLA) and Buying These 5 EV Stocks Instead

Page 5 of 5

1. Freeport-McMoRan Inc. (NYSE:FCX)

Number of Hedge Fund Holders in Q2: 76  

Number of Hedge Fund Holders in Q1: 68     

Freeport-McMoRan Inc. (NYSE:FCX) is ranked first on our list of 10 EV stocks hedge funds are buying instead of Tesla. The company operates as a mining firm with significant interests in the mining of materials critical to the EV industry. It is headquartered in Arizona.

In May, investment advisory Jefferies maintained a Buy rating on Freeport-McMoRan Inc. (NYSE:FCX) stock and raised the price target to $60 from $55, identifying higher copper price forecasts and earnings estimates as the reasons behind the target raise.

At the end of the second quarter of 2021, 76 hedge funds in the database of Insider Monkey held stakes worth $3.8 billion in Freeport-McMoRan Inc. (NYSE:FCX), up from 68 in the preceding quarter worth $3.2 billion. 

You can also take a peek at 10 Best Micro-Cap Stocks to Invest In and 10 Best Nickel Stocks to Buy Now.

Page 5 of 5