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Tesla (TSLA) Fell on Weaker than Expected Q3 Results

Fred Alger Management, an investment management company, released its “Alger Spectra Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund outperformed the Russell 3000 Growth Index. The healthcare and communication services contributed to the fund’s relative performance in the quarter, while consumer staples and information technology detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Alger Spectra Fund featured stocks like 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 March 1, 2024, Tesla, Inc. (NASDAQ:TSLA) stock closed at $202.64 per share. One-month return of Tesla, Inc. (NASDAQ:TSLA) was 11.92%, and its shares gained 4.56% of their value over the last 52 weeks. Tesla, Inc. (NASDAQ:TSLA) has a market capitalization of $645.366 billion.

Alger Spectra Fund stated the following regarding Tesla, Inc. (NASDAQ:TSLA) in its fourth quarter 2023 investor letter:

"Tesla, Inc. (NASDAQ:TSLA) is an electric vehicle manufacturer with a significant technological lead in its large and rapidly growing addressable market. Tesla is a transportation company that is setting the pace for industry innovation, in our view. During the quarter, the company reported weaker-than-expected fiscal third quarter earnings, where gross margins were negatively impacted by factory downtime and ramping production volumes at new manufacturing plants. However, the company noted that they remain confident by the amount of data that Tesla's established and growing fleet of vehicles has gathered, which may bode well for the company's full self-driving capabilities."

Best EV Stocks Under $50
Best EV Stocks Under $50

Tesla, Inc. (NASDAQ:TSLA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Tesla, Inc. (NASDAQ:TSLA) was held by 82 hedge fund portfolios, up from 81 in the previous quarter, according to our database.

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We discussed Tesla, Inc. (NASDAQ:TSLA) in another article and shared the list of best EV stocks to buy 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.