5 Most Popular EV Stocks Among Famous Hedge Funds

4. Magna International Inc. (NYSE:MGA)

Number of Hedge Fund Holders: 29

Magna International Inc. (NYSE:MGA) is a Canadian mobility technology company that offers automotive systems like electrified powertrain technologies, components, and assembly modules to clients including General Motors Company (NYSE:GM), Tesla, Inc. (NASDAQ:TSLA), Ford Motor Company (NYSE:F), Toyota Motor Corporation (NYSE:TM), Tata Motors Limited (NYSE:TTM), BMW, and Volkswagen, among others. This makes Magna International Inc. (NYSE:MGA) one of the most popular and significant EV stocks among famous hedge funds. 

Magna International Inc. (NYSE:MGA) announced Q3 results on November 5. EPS in the quarter totaled $0.56, missing estimates by -$0.16. The $7.92 billion revenue exceeded estimates by $66.37 million. 

On November 12, Credit Suisse analyst Dan Levy lowered the price target on Magna International Inc. (NYSE:MGA) to $105 from $110 and kept an Outperform rating on the shares. He observed that a shift to EVs is impending in the global auto industry, which very possibly may last into 2024, and Levy feels auto suppliers like Magna International Inc. (NYSE:MGA) have a significant opportunity ahead to capitalize on a favorable cyclical opportunity.

Arrowstreet Capital is the biggest Magna International Inc. (NYSE:MGA) stakeholder from Q3 2021, holding 1.7 million shares worth $128.58 million. Overall, 29 hedge funds reported owning stakes in Magna International Inc. (NYSE:MGA) in the third quarter, valued at $444.70 million.