3 Cheap Solid State Battery Stocks to Buy

In this article, we will look at 3 cheap solid-state battery stocks to buy. If you want to go through our detailed analysis of the solid-state battery market and explore similar stocks, you can also take a look at 6 Cheap Solid State Battery Stocks to Buy.

3. Ford Motor Company (NYSE:F)

P/E ratio as of July 25: 18.82

Number of Hedge Fund Investors: 38

Headquartered in Dearborn, Michigan, United States, Ford Motor Company (NYSE:F) stands as an American multinational automobile manufacturer. Under the Ford brand, the company specializes in selling automobiles and commercial vehicles, while its luxury cars fall under the distinguished Lincoln brand.

Back in 2019, Ford Motor Company (NYSE:F) announced that it was partnering up with Solid Power, Inc. (NASDAQ:SLDP) to develop all-solid-state batteries (ASSB) for the next generation electric vehicles. In May of 2021, the company announced additional equity investment in Solid Power for further development of solid-state vehicle battery technology. Furthermore, Ford Motor Company (NYSE:F) was scheduled to receive its first solid-state battery cells by the end of 2022.

At the end of Q1 2023, 38 hedge funds tracked by Insider Monkey owned stakes in Ford Motor Company (NYSE:F), compared with 40 in the previous quarter. These stakes are collectively valued at over $951.4 million. Of these, John Overdeck and David Siegel’s Two Sigma Advisors was the largest shareholder, with stakes worth approximately $341.8 million.

2. Albemarle Corporation (NYSE:ALB)

P/E ratio as of July 25: 6.82

Number of Hedge Fund Investors: 41

Albemarle Corporation (NYSE:ALB) is an American specialty chemicals manufacturing company based in Charlotte, North Carolina. It operates 3 divisions: lithium, bromine specialties and catalysts. A notable company involved in the solid-state battery market, the company specializes in the development, manufacturing, and marketing of sophisticated, high-value products. These include catalysts, bromine and its derivatives, as well as lithium compounds.

As of May 18, UBS analyst John Roberts upgraded Albemarle Corporation (NYSE:ALB)’s rating from Neutral to Buy and raised the price target to $255, previously $196. The decision was influenced by the changing landscape of lithium pricing in China and the expected adjustments in 2023 earnings. The analyst’s positive outlook stems from a sense of optimism surrounding the company.

According to Insider Monkey’s first quarter database, 41 hedge funds were bullish on Albemarle Corporation (NYSE:ALB), compared to 46 funds in the last quarter. Of these, Paul Marshall And Ian Wace’s Marshall Wace LLP was a notable shareholder, with total stakes amounting to approximately $49.1 million.

Carillon Tower Advisors made the following comment about Albemarle Corporation (NYSE:ALB) in its Q4 2022 investor letter:

“Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The stock gave back some of its recent gains amid investor concerns about how the future price of lithium could be affected by a potential decelerating rate of growth in overall electric vehicle (EV) production and demand, primarily in China. Despite these potential near-term headwinds, longer-term the global lithium market remains tight, and Albemarle plays a critical role in the battery value chain and remains well-positioned for the overall continued global adoption of EVs.”

1. General Motors Company (NYSE:GM)

P/E ratio as of July 25: 5.85

Number of Hedge Fund Investors: 73

General Motors, formally the General Motors Company (NYSE:GM), is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, United States. Earlier this February, the company’s Shanghai-based science lab stated that it has developed a “game-changing” high-power bipolar solid-state battery. According to the China unit, the battery can be used in 12-volt start/stop, 48-volt mild hybrid and battery-assisted systems to store energy, thus “creating greater commercial synergy with Li-ion batteries for pure electric vehicles”.

On May 1, Morgan Stanley analyst Adam Jonas upgraded General Motors Company (NYSE:GM) from an Equal Weight rating to an Overweight rating. He also raised the stock’s price target from $35 to $38. Acknowledging General Motors Company (NYSE: GM) as one of the frontrunners in the auto sector, Jonas included it in his list of the “top 5” automotive companies.

According to Insider Monkey’s Q1 2023 database, 73 hedge funds disclosed long positions in General Motors Company (NYSE:GM), worth roughly $4 billion. Of these, investment firm Harris Associates holds a significant position as a shareholder.

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