Forget AMC and Gamestop: 5 New Stocks Reddit’s WallStreetBets Is Buying

4. Tesla, Inc. (NASDAQ: TSLA)

Number of Hedge Fund Holders: 62  

Tesla, Inc. (NASDAQ: TSLA) is an electric vehicle maker. It also has interests in the clean energy business and cryptocurrencies. The stock is one of the most popular ones on the WallStreetBets forum on Reddit and this is perhaps one reason why the share price of the firm has not crashed more than other crypto-related growth stocks in recent weeks. The firm is ranked fourth on our list of 10 new stocks Reddit’s WallStreetBets is buying. The stock has returned more than 252% to investors in the past twelve months.

On June 24, Tesla, Inc. (NASDAQ: TSLA) owner Elon Musk said on social media that Starlink, the satellite internet project of the company, would not be going public anytime soon but that he would aim to give Tesla shareholders access to the IPO when it did take place. 

At the end of the first quarter of 2021, 62 hedge funds in the database of Insider Monkey held stakes worth $10 billion in Tesla, Inc. (NASDAQ: TSLA), down from 68 in the preceding quarter worth $12 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.”