5 Best EV Charging Stocks to Buy Now

2. NIO Inc. (NYSE:NIO)

Number of Hedge Fund Holders: 30

NIO Inc. (NYSE:NIO) is a Chinese EV maker. The company markets mobile internet-based plug and charge systems. The stock increased 3.25% after Citi analyst Jeff Chung raised his price target for the stock to $87 from $70 in November while maintaining a Buy rating. Chung is optimistic about the Chinese EV manufacturer, as he sees NIO Inc. (NYSE:NIO) could very well gain market share in 2022 and 2023.

The company’s revenue in the third quarter was $1.5 billion, an increase of 116.6% year over year and 16% sequentially. Also, NIO Inc.’s (NYSE:NIO) gross margin improved in the period to 20.3%, up from 12.9% in Q3 2020. The EV stock climbed 15% in the past six months.

Despite a decrease in the number of hedge funds with stakes in the company in Q3, NIO Inc. (NYSE:NIO) remains one of the EV market’s gainers. At the end of September, 30 of the 867 funds tracked by Insider Monkey had stakes in the company, compared to 34 the previous quarter.