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

3. Magna International Inc. (NYSE:MGA)

Number of Hedge Fund Holders in Q2: 39  

Number of Hedge Fund Holders in Q1: 34 

Magna International Inc. (NYSE:MGA) is a Canada-based company that makes and sells subsystems and modules for original equipment manufacturers of vehicles. It is ranked third on our list of 10 EV stocks hedge funds are buying instead of Tesla.

On June 23, investment advisory Goldman Sachs upgraded Magna International Inc. (NYSE:MGA) stock to Buy from Neutral and raised the price target to $120 from $97, noting the bullish case was supported by the ability of the firm to support new market entrants. 

At the end of the second quarter of 2021, 39 hedge funds in the database of Insider Monkey held stakes worth $576 million in Magna International Inc. (NYSE:MGA), up from 34 in the previous quarter worth $671 million.