5 Best Electric Car Stocks To Buy Now

3. Ford Motor Company (NYSE:F)

Number of Hedge Fund Holders: 47

America’s iconic carmaker, Ford Motor Company (NYSE:F) is among the best electric car stocks to buy now. Ford Motor Company (NYSE:F) has invested significantly in mobility services, and electric vehicles. These investments position the company to benefit from the growing trend of technology-driven transportation solutions. Some of the company’s most popular electric vehicles include the Mustang Mach–E and the award-winning F–150 Lightning.

Ford Motor Company (NYSE:F) has a strong cash position and is currently trading at bargain levels. As of December 7, the stock has a trailing twelve-month PE ratio of 5.85. The company has free cash flows of over $2.6 billion. On November 30, Citi analyst Itay Michaeli raised his price target on Ford Motor Company (NYSE:F) to $14 from $13 and maintained a Neutral rating on the shares.

At the end of the third quarter of 2022, 47 hedge funds were bullish on Ford Motor Company (NYSE:F) and disclosed stakes of $1.18 billion. This is compared to 46 positions in the previous quarter with stakes worth $608.7 million. The hedge fund sentiment for the stock is positive. As of September 30, Fisher Asset Management is the top investor in the company and has a position worth $503.6 million.

Here is what Leaven Partners had to say about Ford Motor Company (NYSE:F) in its third-quarter 2022 investor letter:

“In our last quarterly letter, I briefly mentioned that the consensus estimates for corporate profits appeared to be a bit too sanguine. I referenced a Reuters article that reported, as of June 17, Wall Street expected S&P 500 earnings to grow by 9.6% in 2022, which was up from 8.8% in April and from 8.4% in January. That tune began to change at the end of July and accelerated in August and September, as major players, such as Ford (NYSE:F), has recently issued profit warnings and/or have withdrawn guidance. In response, Wall Street has altered its outlook: lowering third-quarter profit growth to 4.6%^[2] from 7.2% in early August and slashing full-year profit growth to 4.5%.”