5 Best Battery Stocks To Buy Before They Take Off

In this article, we will be taking a look at the 5 best battery stocks to buy before they take off. To read our detailed analysis of the electric vehicle and battery markets, you can go directly to see the 11 Best Battery Stocks To Buy Before They Take Off.

5. Sociedad Quimica y Minera S.A. (NYSE:SQM)

YTD Returns: -21.53%

Number of Hedge Fund Holders: 24

Sociedad Quimica y Minera S.A. (NYSE:SQM) is an electrical components and equipment company. It offers lithium derivatives and carbonates for use in batteries, among more.

PJ Juvekar at Citigroup initiated coverage on Sociedad Quimica y Minera S.A. (NYSE:SQM) shares with a Buy rating and an $85 price target on September 13.

A total of 24 hedge funds were long Sociedad Quimica y Minera S.A. (NYSE:SQM) in the second quarter, with a total stake value of $324.9 million.

4. Sensata Technologies Holding plc (NYSE:ST)

YTD Returns: -5.66%

Number of Hedge Fund Holders: 32

There were 32 hedge funds long Sensata Technologies Holding plc (NYSE:ST) in the second quarter, with a total stake value of $863 million.

Sensata Technologies Holding plc (NYSE:ST) is another electrical components and equipment company on our list. It offers battery management systems, solid-state relays, and more.

A Buy rating and a $52 price target were maintained on Sensata Technologies Holding plc (NYSE:ST) on July 26 by Mark Delaney at Goldman Sachs.

This is what Diamond Hill Capital said about Sensata Technologies Holding plc (NYSE:ST) in its second-quarter 2023 investor letter:

“Other bottom contributors included Ciena, Sensata Technologies Holding plc (NYSE:ST) and Post Holdings. Shares of automotive component manufacturer Sensata were pressured in Q2 as its progress toward pivoting its business toward higher-growth businesses like electric vehicles and electrification infrastructure slowed, weighing on revenue growth and margins.”

3. Albemarle Corporation (NYSE:ALB)

YTD Returns: -18.65%

Number of Hedge Fund Holders: 41

In total, 41 hedge funds were long Albemarle Corporation (NYSE:ALB) in the second quarter. Their total stake value was $436.5 million.

Albemarle Corporation (NYSE:ALB) is a materials company based in Charlotte, North Carolina. It offers lithium compounds which are used in lithium batteries for consumer electronics and electric vehicles, among more.

On September 8, Stephen Richardson at Evercore ISI maintained an Outperform rating and a $280 price target on Albemarle Corporation (NYSE:ALB).

Here’s what Aristotle Capital Boston, LLC said about Albemarle Corporation (NYSE:ALB) in its second-quarter 2023 investor letter:

“Albemarle Corporation (NYSE:ALB), the world’s largest lithium producer was sold from the portfolio amidst the announcement from Chile’s president that he would nationalize the country’s lithium industry and in time transfer control from SQM and Albemarle to a separate state-owned company effectively changing long-term risk/reward ratio of the stock, in our view.”

2. Honeywell International Inc. (NYSE:HON)

YTD Returns: -12.95%

Number of Hedge Fund Holders: 61

Honeywell International Inc. (NYSE:HON) is an industrials company. It offers lithium-ion batteries, battery energy storage systems, and other battery products, among more.

Honeywell International Inc. (NYSE:HON) had 61 hedge funds long its stock in the second quarter, with a total stake value of $2.5 billion.

1. General Motors Company (NYSE:GM)

YTD Returns: -2.51%

Number of Hedge Fund Holders: 72

Patrick Hummel at UBS upgraded General Motors Company (NYSE:GM) from Neutral to Buy on September 13 while placing a $44 price target on the stock.

General Motors Company (NYSE:GM) is an automobile manufacturer. It is introducing a new modular platform and Ultium battery system in its portfolio of products, making it a leading battery producer as well.

We saw 72 hedge funds long General Motors Company (NYSE:GM) in the second quarter, with a total stake value of $2.5 billion.

See also 12 Best Solar Energy and Battery Stocks To Buy Now and 10 Best EV Battery Stocks Under $10.