5 Fastest Growing AI Stocks To Invest In Now

3. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 82

5-year Share Price Performance: 827.3%

Tesla, Inc. (NASDAQ:TSLA) is an electric vehicle manufacturer based in Austin, Texas. It provides AI-powered self-driving cars, trucks, and more.

Wedbush analysts maintain an Outperform rating and a $315 price target on Tesla, Inc. (NASDAQ:TSLA) as of March 13.

We saw 82 hedge funds long Tesla, Inc. (NASDAQ:TSLA) in the fourth quarter, with a total stake value of $6.3 billion.

Fred Alger Management said the following about Tesla, Inc. (NASDAQ:TSLA) in its fourth-quarter 2023 investor letter:

“Tesla, Inc. (NASDAQ:TSLA) is an electric vehicle manufacturer with a significant technological lead in its large and rapidly growing addressable market. Tesla is a transportation company that is setting the pace for industry innovation, in our view. During the quarter, the company reported weaker-than-expected fiscal third quarter earnings, where gross margins were negatively impacted by factory downtime and ramping production volumes at new manufacturing plants. However, the company noted that they remain confident by the amount of data that Tesla’s established and growing fleet of vehicles has gathered, which may bode well for the company’s full self-driving capabilities.”

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