5 Best Stocks To Buy on Robinhood for Beginners

4. Tesla, Inc. (NASDAQ:TSLA) 

Number of Hedge Fund Holders: 81    

Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company. On December 18, investment advisory RBC Capital maintained an Outperform rating on Tesla, Inc. (NASDAQ:TSLA) stock and lowered the price target to $300 from $301.

At the end of the third quarter of 2023, 81 hedge funds in the database of Insider Monkey held stakes worth $5.8 billion in Tesla, Inc. (NASDAQ:TSLA), compared to 79 in the previous quarter worth $6.5 billion.

Here is what Baron Fund has to say about Tesla, Inc. (NASDAQ:TSLA) in its Q2 2023 investor letter:

“Many factors contributed to the strong performance of our largest Disruptive Growth position, Tesla, Inc. (NASDAQ:TSLA), in the period. Investors’ concerns regarding Tesla in 2022 continue to dissipate, and the company’s business has continued to grow materially, although at below peak margins. Tesla’s deliveries in China are recovering. The company’s newest factory in Texas has ramped production and should contribute to improved domestic sales and margins. U.S. government policies have lowered the cost to own Tesla vehicles, while also reducing the company’s battery production expenses.

We continue to believe that Tesla is only scratching the surface of its potential. We regard announced partnerships between Tesla and its competitors in the quarter as important. In early June, Tesla agreed to provide Ford Motors access to Tesla’s electric vehicle (EV) charging technology and network. Other traditional and pure EV manufacturers, including General Motors, Rivian, and Volvo, quickly followed suit. We expect additional charging partnerships to ensue. In our view, these relationships validate Tesla’s charging technology and infrastructure as superior to other standards. Consolidation around a single technology should accelerate charging infrastructure deployment, diminish the risk of Tesla’s technology becoming obsolete, and lessen a key concern of hesitant EV purchasers. EV adoption is at a tipping point. And Tesla, with its approximately 60% domestic market share of EVs, should be the most important beneficiary of this shift…”  (Click here to read the full text)