5 Best Electric Car Stocks to Buy Now

2. Tesla, Inc. (NASDAQ: TSLA)

Number of Hedge Fund Holders: 62

Tesla, Inc. (NASDAQ: TSLA) is an American electric vehicle company with the main focus on clean energy. The company is considered a pioneer in the manufacturing of electric vehicles. Along with this, Tesla, Inc. (NASDAQ: TSLA) also produces solar panels and solar roof tiles.

In Q2 2021, Tesla, Inc. (NASDAQ: TSLA) reported a net income of $1.6 billion, compared with $451 million, presenting 258% year-over-year growth. The EPS stood at $0.93, beating the consensus by $0.14. The revenue also showed a 98% year-over-year growth at $11.9 billion, massively driven by vehicle deliveries. In 2021, Tesla, Inc. (NASDAQ: TSLA) expects to achieve a 50% average annual growth in vehicle deliveries. In the second quarter, energy generation and storage accounted for $801 million of the gross revenue. Recently, Piper Sandler raised its price target on Tesla, Inc. (NASDAQ: TSLA) to $1,200, with an ‘Overweight’ rating on the shares.

As of Q1 2021, 62 hedge funds tracked by Insider Monkey have positions in Tesla, Inc. (NASDAQ: TSLA), worth over $10 billion. Fisher Asset Management is the leading shareholder of the company with shares worth $3.1 million.

Baron Funds, an asset management firm, published its first-quarter 2021 investor letter and mentioned Tesla, Inc. (NASDAQ: TSLA) and other stocks in it. Here is what the firm has to say about TSLA:

“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.”