5 Best EV Stocks To Buy Now

3. Baidu, Inc. (NASDAQ: BIDU)

Number of Hedge Fund Holders: 51

Chinese internet giant ranks 3rd on the list of 10 best EV stocks to buy now. The company earlier this year said it will launch its first self-driving full electric vehicle with Geely in the next three years.

As of the end of the fourth quarter, 51 hedge funds in Insider Monkey’s database of 887 funds held stakes in Baidu, compared to 43 funds in the third quarter. Jim Simons’ Renaissance Technologies is the biggest stakeholder in the company, with 8.6 million shares, worth $1.9 million.

Saturna Capital Corporation, in their Q4 2020 investor letter, mentioned Baidu, Inc. (NASDAQ: BIDU) and emphasized their views on the company. Here is what Saturna Capital Corporation has to say about Baidu, Inc. in their Q4 2020 investor letter:

“In the fourth quarter, Baidu produced the strongest returns. Baidu’s strong quarterly performance is a testament to the premium (some might call it a bubble) markets are placing on electric vehicle and renewable energy companies. Until mid-December, Baidu’s stock remained range-bound and only changed when it was reported the company had plans to enter the electric vehicle market. While we see a bright future for electric vehicles and renewable energy, we remain committed to our investment process that focuses on business fundamentals over market frenzy.”