Hedge Funds are Selling Tesla (TSLA) and Buying These 5 EV Stocks Instead

In this article, we discuss the 5 EV stocks hedge funds are buying instead of Tesla. If you want to read our detailed analysis of these stocks, go directly to Hedge Funds are Selling Tesla and Buying These 10 EV Stocks Instead.

5. Plug Power Inc. (NASDAQ:PLUG)

Number of Hedge Fund Holders in Q2: 34  

Number of Hedge Fund Holders in Q1: 25

Plug Power Inc. (NASDAQ:PLUG) is ranked fifth on our list of 10 EV stocks hedge funds are buying instead of Tesla. The company provides energy solutions to the electric mobility and stationary power markets. It is headquartered in New York. 

On September 23, investment advisory Piper Sandler upgraded Plug Power Inc. (NASDAQ:PLUG) stock to Overweight from Neutral with a price target of $33, noting the recent pullback in the share price of the firm was a buying opportunity for investors.

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm DE Shaw is a leading shareholder in Plug Power Inc. (NASDAQ:PLUG) with 14 million shares worth more than $507 million.

In its Q2 2020 investor letter, Massif Capital, an asset management firm, highlighted a few stocks and Plug Power Inc. (NASDAQ:PLUG) was one of them. Here is what the fund said:

“We also closed our short position in Plug Power this quarter as the market was subsumed with enthusiasm over their recent acquisitions, resulting in an almost 80% rally in the stock over ten trading days. Our decision to exit was painful at the time as we were forced to reconcile with a collective exuberance that was (and is, in our opinion) not grounded reality. In hindsight, it was the correct decision as we avoided most of its recent vertical trajectory.”