11 Best Rebound Stocks to Buy According to Hedge Funds

7. Tesla, Inc. (NASDAQ:TSLA)

Year-To-Date Decline in Share Price: 16.47%

Number of Hedge Fund Holders: 104

With a year-to-date decline in share price, along with strong hedge fund interest, Tesla, Inc. (NASDAQ:TSLA) secures a place on our list of the 11 Best Rebound Stocks to Buy According to Hedge Funds.

Tesla, Inc. (NASDAQ:TSLA) is making progress on its autonomous ambitions as the Texas Department of Licensing and Regulation released a permit for its Tesla Robotaxi LLC, recognizing it as a transportation network company. With this permit, Tesla is set to expand beyond Austin, challenging Uber, Lyft, and Waymo. The permit is valid until August 6, 2026, providing Tesla with a year to scale.

However, following the approval, Wells Fargo reiterated a ‘Sell’ rating with a $120 target, citing valuation concerns. Meanwhile, on August 10, Morgan Stanley reiterated its ‘Buy’ rating on Tesla, Inc. (NASDAQ:TSLA) with a $410 target. The analyst’s bullish stance is attributed to the company’s long-term growth potential.

Tesla, Inc. (NASDAQ:TSLA) manufactures and sells electric vehicles, energy generation, and storage products globally. It is included in our list of the Best Rebound Stocks To Buy.