11 Hot EV Stocks to Buy Now

6. REV Group, Inc. (NYSE:REVG)

Year-to-date Share Price Returns: 54.42%

Number of Hedge Fund Holders: 22

REV Group, Inc. (NYSE:REVG) is a Wisconsin-based company that manufactures a diverse range of vehicles, including ambulances, buses, firefighting equipment, recreational vehicles, and other specialty vehicles. The company also provides aftermarket services for specialty vehicles.

REV (NYSE:REVG) is revolutionizing the EV market for specialty vehicles. Some of its EV offerings include all-electric fire trucks, ambulances, and transit buses, along with hydrogen fuel cell buses and terminal trucks.

On September 4, REV (NYSE:REVG) reported its fiscal third-quarter results, showing net sales of $579.4 million, down from $680 million in the same quarter last year. Despite this decline, net income rose to $18 million compared to $14.9 million in the prior year.

The company also updated its fiscal 2024 outlook, according to which, it expects net sales between $2.35 billion and $2.45 billion, net income of $226 million to $240 million, and Adjusted EBITDA of $155 million to $165 million.

After the earnings, Baird commented that while the company performed better than expected in terms of operations and slightly raised its EBITDA guidance, it was not sufficient to meet the higher expectations set by investors.

However, the firm is optimistic about significant growth in profit margins, EPS, and free cash flow through the fiscal year 2026. Baird has an Outperform rating on the stock with a price target of $32.

According to our database, 22 hedge funds had stakes worth $238.333 million in REV (NYSE:REVG) in the second quarter. This brings the company to 6th position on our list of hot EV stocks to buy.