5 Best EV Charging Stocks According to Hedge Funds

In this article, we will be taking a look at the 5 best EV charging stocks according to hedge funds. To read our detailed analysis of the EV charging sector, you can go directly to see the 10 Best EV Charging Stocks According to Hedge Funds.

5. XPeng Inc. (NYSE:XPEV)

Number of Hedge Fund Holders: 17

Ding Luo at CLSA upgraded XPeng Inc. (NYSE:XPEV) shares from Outperform to Buy on August 8, alongside announcing a $24 price target on the stock.

XPeng Inc. (NYSE:XPEV) is an automobile manufacturing company that also offers supercharging services for EVs. It is based in China.

Our hedge fund data for the second quarter shows 17 funds long XPeng Inc. (NYSE:XPEV), with a total stake value of $131.8 million.

4. Lucid Group Inc. (NASDAQ:LCID)

Number of Hedge Fund Holders: 18

Based in Newark, California, Lucid Group Inc. (NASDAQ:LCID) is an EV manufacturing company. It has also been working on installing a nationwide EV charging network for its vehicles since 2023.

Chris Pierce at Needham holds a Buy rating and a $9 price target on Lucid Group Inc. (NASDAQ:LCID) shares as of August 8.

In total, 18 hedge funds were long Lucid Group Inc. (NASDAQ:LCID) in the second quarter, with a total stake value of $98.9 million.

3. NIO Inc. (NYSE:NIO)

Number of Hedge Fund Holders: 19

NIO Inc. (NYSE:NIO) had 19 hedge funds long its stock in the second quarter. Their total stake value was $120.5 million.

On August 11, Edison Yu at Deutsche Bank maintained a Buy rating on NIO Inc. (NYSE:NIO) shares, alongside a $17 price target.

NIO Inc. (NYSE:NIO) is a Chinese EV maker. It also offers power and charging solutions and products, such as the NIO power charger.

2. Rivian Automotive Inc. (NASDAQ:RIVN)

Number of Hedge Fund Holders: 37

Rivian Automotive Inc. (NASDAQ:RIVN) was upgraded from Neutral to Outperform on August 11 by James Picariello at Exane BNP Paribas, who also placed a $30 price target on the stock.

We saw 37 hedge funds long Rivian Automotive Inc. (NASDAQ:RIVN) in the second quarter, with a total stake value of $782.9 million.

Based in Irvine, California, Rivian Automotive Inc. (NASDAQ:RIVN) is an EV maker that provides wall chargers for EVs as well, among other charging products and solutions.

Here’s what Baron Funds said about Rivian Automotive Inc. (NASDAQ:RIVN) in its first-quarter 2023 investor letter:

“Shares of Rivian Automotive, Inc. (NASDAQ:RIVN), a U.S.-based EV manufacturer, fell during the quarter. Despite seven-fold growth in its monthly production rate between late 2021 and the end of 2022, production guidance for 2023 missed analyst forecasts because of supply-chain constraints, principally semiconductors. Moreover, notwithstanding an attractive long-term opportunity and favorable product reviews by customers and industry experts, investors remain concerned about liquidity risks as the company burns cash during its early production stage while unit economics remain challenged. Vehicle sales through the end of 2023 will be at Rivian’s legacy vehicle pricing, which was set before inflationary and supply-chain pressures emerged last year across the entire automotive space. New pricing and improved unit economics should be realized in 2024, and Rivian is slated to launch its R2 vehicle line in 2026. We have adjusted Rivian to a smaller position in our portfolio. Despite near-term macro and execution risks, we do believe that Rivian’s current valuation offers attractive long-term returns. During the year, we will remain focused on Rivian’s production ramp, vehicle demand, unit-level economics, and cost controls as well as progress on its R2 vehicle platform, its next-gen Enduro electric motor, and its battery system advancements.”

1. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 79

Tesla, Inc. (NASDAQ:TSLA) is perhaps the most popular EV stock in the market. It offers a network of Superchargers alongside its general electric vehicles and more.

Tesla, Inc. (NASDAQ:TSLA) was spotted in the portfolios of 79 hedge funds at the end of the second quarter. Their total stake value was $6.5 billion.

An Outperform rating and a $300 price target were maintained on Tesla, Inc. (NASDAQ:TSLA) shares on July 20 by Baird’s Ben Kallo.

See also 10 Best Small Cap Electric Vehicle Stocks to Buy and 11 Most Undervalued EV Stocks to Buy.