5 Best Battery Stocks To Invest In Before They Take Off

In this piece, we will take a look at the five best battery stocks to invest in before they take off. If you want to read our detailed overview of the global battery industry and the recent important trends, then read 12 Best Battery Stocks To Invest In Before They Take Off.

5. MP Materials Corp. (NYSE:MP)

Number of Hedge Fund Investors In Q4 2023: 26

YTD Share Price Drop: 19.53%

MP Materials Corp. (NYSE:MP) is a rare earth metal mining company headquartered in Las Vegas, Nevada, United States. It’s one of the strongest rated battery stocks on our list, as the shares are rated Strong Buy on average, and the average analyst share price target is $27.18.

During Q4 2023, 26 out of the 933 hedge funds covered by Insider Monkey’s research had bought and owned MP Materials Corp. (NYSE:MP)’s shares. Daniel Gold’s QVT Financial was the biggest investor as it owned $76.9 million worth of shares.

4. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Investors In Q4 2023: 27

YTD Share Price Drop: 18.84%

Albemarle Corporation (NYSE:ALB) is an American chemicals company that is one of the biggest suppliers of lithium to the battery industry. Tumbling lithium prices didn’t prove to be the last of its worries in February 2024 as an Australian watchdog started investigating the firm after workers at its site were exposed to chemicals.

As of December 2023 end, 27 out of the 933 hedge funds part of Insider Monkey’s database had held a stake in the firm. Albemarle Corporation (NYSE:ALB)’s largest hedge fund shareholder is Philippe Laffont’s Coatue Management due to its $85.4 million stake.

3. EnerSys (NYSE:ENS)

Number of Hedge Fund Investors In Q4 2023: 30

YTD Share Price Drop: 8.38%

EnerSys (NYSE:ENS) is an industrial equipment company that sells batteries for a variety of use cases such as airplanes, ships, and satellites. The shares are rated Buy on average, and the average analyst share price target is $108.30.

By the end of last year’s fourth quarter, 30 out of 933 hedge funds surveyed by Insider Monkey were EnerSys (NYSE:ENS)’s shareholders. Cliff Asness’s AQR Capital Management owned the biggest stake which was worth $82.5 million.

2. SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Number of Hedge Fund Investors In Q4 2023: 32

YTD Share Price Drop: 17.67%

SolarEdge Technologies, Inc. (NASDAQ:SEDG) is a diversified solar energy company that sells energy storage products among others. The firm’s shares dropped by a painful 15% in February 2024 after it revealed that for the first quarter of the year, the upper end of its revenue estimate of $215 million would be significantly lower than analyst estimates of $373 million.

For their December quarter of 2023 shareholdings, 32 out of the 933 hedge funds covered by Insider Monkey’s research had bought and owned the firm’s shares. SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s largest hedge fund investor is Josh Overdeck and David Siegel’s Two Sigma Advisors as it owns $103 million worth of shares.

1. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Investors In Q4 2023: 82

YTD Share Price Drop: 22.32%

Tesla, Inc. (NASDAQ:TSLA) is the world’s biggest electric car manufacturer. It also makes its own batteries and sells solar power systems. As the artificial intelligence wave continued to impress investors in February 2024 after NVIDIA’s financial results, Tesla, Inc. (NASDAQ:TSLA) was displaced on the market as Wall Street’s most traded stock by value.

82 out of the 933 hedge funds part of Insider Monkey’s Q4 2023 database were Tesla, Inc. (NASDAQ:TSLA)’s investors. The biggest investor among these was Philippe Laffont’s Coatue Management due to its $1 billion stake.

Disclosure: None. You can also take a look at 12 SUVs With the Highest Resale Value in 2024 and 15 Biggest Silver Mining Companies in the World.

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