5 Best EV Charging Stocks to Buy Now

4. ABB Ltd (NYSE:ABB)

Number of Hedge Fund Holders: 19

ABB Ltd (NYSE:ABB) is a Swiss electrification and robotics company. Among its offerings are electric vehicle charging products. The company provides everything from residential EV charging stations to heavy-duty truck fast-charging solutions. Revenue in the third quarter came in at $7.03 billion, an increase of 7% year over year. 

Jefferies analyst Simon Toennessen on November 3 upgraded ABB Ltd (NYSE:ABB) to Hold from Underweight and highlighted the company’s valuation. Toennessen increased his price target for the EV charging stock to CHF 29 from CHF 25. 

The Zurich-based electrification company will provide the charging network for Lilium N.V.’s electric high-speed aircraft, which is set to launch in 2024. Shares of ABB Ltd (NYSE:ABB) soared 26% in the past six months.

Moreover, between June and September, 19 hedge funds held a total stake of $722 million in ABB Ltd (NYSE:ABB), up from 15 in the second quarter worth $658 million.

In the Q2 2021 investor letter of Artisan Partners, the fund mentioned ABB Ltd (NYSE: ABB) and discussed its stance on the firm. Here is what the fund said:

“ABB is a Swiss-based industrial conglomerate. Last year, new management launched a process to improve performance and focus company resources, and it’s paying off. During the quarter, the company reported terrific results exhibiting improvements over both last year’s depressed figures and over the 2019 revenue and profit run rate. Further, management announced plans to simplify the company’s structure by selling off or separately listing several of the company’s non-core businesses.”