O’keefe Stevens Advisory, an investment advisory firm, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In 2023, the fund’s largest position, Nvidia (NVDA), experienced a 200% increase as AI became more widely used. Despite cautious comments from analysts and management, the market, particularly in technology, had an exceptional year. The firm anticipated a lower-than-average return year after analyzing several conference calls with similar themes. Setting a low bar can lead to better-than-expected results. In addition, please check the fund’s top five holdings to know its best picks in 2023.
O’keefe Stevens Advisory featured stocks such as Tesla, Inc. (NASDAQ:TSLA) in its Q4 2023 investor letter. Headquartered in Austin, Texas, Tesla, Inc. (NASDAQ:TSLA) designs, develops, manufactures, and sells fully electric vehicles and energy generation and storage systems. On January 26, 2024, Tesla, Inc. (NASDAQ:TSLA) stock closed at $183.25 per share. One-month return of Tesla, Inc. (NASDAQ:TSLA) was -26.25%, and its shares gained 9.95% of their value over the last 52 weeks. Tesla, Inc. (NASDAQ:TSLA) has a market capitalization of $582.537 billion.
O’keefe Stevens Advisory stated the following regarding Tesla, Inc. (NASDAQ:TSLA) in its fourth quarter 2023 investor letter:
“In my Q4 2022, l made three predictions: 1. One of our top 25 holdings gets acquired 2. TSLA is a sub $200B market cap by the end of 2023 3. Crypto, the final blow.
Tesla, Inc. (NASDAQ:TSLA) is a sub $200B market cap by the end of 2023. Grade: D. TSLA performed contrary to expectations, appreciating approximately 100% in 2023 and ending the year with an $880 billion market cap. We were “just a bit outside,” but I’m not convinced our reasoning was flawed.
The typical strong correlation between earnings estimates and stock prices did not hold for TSLA during the year. Positive revisions suggest a company outperformed expectations, resulting in a higher price/valuation. Negative revisions suggested estimates were too high, and the stock should decline to meet a weaker outlook…” (Click here to read the full text)
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Tesla, Inc. (NASDAQ:TSLA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database,81 hedge fund portfolios held Tesla, Inc. (NASDAQ:TSLA) at the end of third quarter which was 79 in the previous quarter.
We discussed Tesla, Inc. (NASDAQ:TSLA) in another article and shared the list of stocks that will outperform the S&P 500 in 2024. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
