Tesla, Inc. has been dealing with a slew of issues. A global chip shortage has impacted the company’s production and delivery numbers. There have been more rumblings regarding the company’s $744 billion valuation. Tesla, Inc. had 60 hedge funds with interests worth close to $9.3 billion, down from 62 in the previous quarter with stakes worth more than $10 billion. Michael Burry and Cathie Wood of ARK Investment Management, both industry veterans, are selling the shares. Tesla, Inc. is one of the market gurus who has a gloomy long-term prognosis on the electric vehicle manufacturer. Craig Irwin indicated in April that Tesla shares was only worth $150, a 78 percent discount from the stock’s current price.
Here is Insider Monkey’s list of the 10 EV stocks hedge funds are buying instead of Tesla. Romeo Power, Inc. is ranked tenth. The company is a technology company that manufactures and distributes lithium-ion batteries for electric automobiles. Arrival is rated ninth. The company creates, manufactures, and sells electric cars and buses. Arrival was begun with an Overweight rating and a $25 price target by Barclays. Velodyne Lidar, Inc. supplies autonomous systems around the world with real-time three-dimensional vision. The business was established in 1983 and now employs over 300 individuals. On the list of 10 EV stocks hedge funds are buying instead of Tesla, it ranks eighth. Li Auto Inc. is rated seventh. Li Auto Inc.’s stock has a Buy recommendation from Bank of America, with a $42 price target up from $39. Proterra Inc. is ranked sixth. The company is involved in the automobile and energy storage industries. Proterra was given a Buy rating by Bank of America, with a $15 price target. For more details, click 10 EV Stocks Hedge Funds Are Buying Instead Of Tesla.