5 New Stocks Reddit’s WallStreetBets is Buying

3. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 60    

Tesla, Inc. (NASDAQ:TSLA) makes and sells electric vehicles and clean energy equipment. Tesla has been a Reddit favorite for months and the company still features prominently on the WallStreetBets forum. 

Tesla, Inc. (NASDAQ:TSLA) was granted a new patent by US authorities recently. The patent covers the QOS manager, a system used for chip communications. Investment advisory UBS has touted the “software” potential of the firm in a recent investor note as well. 

At the end of the third quarter of 2021, 60 hedge funds in the database of Insider Monkey held stakes worth $10 billion in Tesla, Inc. (NASDAQ:TSLA), the same as in the previous quarter worth $9 billion.

Here is what Baron Partners Fund has to say about Tesla, Inc. (NASDAQ:TSLA) in its Q1 2021 investor letter:

“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.”