5 Best EV Charging Stocks to Buy Now

1. Tesla Inc. (NASDAQ:TSLA)

Hedge Fund Holdings: 88 

Based in Austin, Texas, Tesla Inc. (NASDAQ:TSLA) is an American multinational automotive and clean energy company. The company specializes in the design, manufacture and distribution of electric vehicles, battery energy storage, solar panels and Supercharging stations. According to recent data, Tesla (NASDAQ:TSLA) operates more than 36,000 Superchargers in nearly 4000 stations across the world. In Q3 2022, the company posted an EPS of $1.05, beating estimates of $0.99 by $0.06.  Hedge fund sentiment around Tesla Inc. (NASDAQ:TSLA) has grown more favorable in Q3 2022, with 88 hedge funds long the stock, compared to 73 in the preceding quarter.

On December 5, Piper Sandler analyst Alexander Potter reiterated an Overweight rating and a $340 price target on Tesla Inc. (NASDAQ:TSLA). According to the analyst, the stock has a non-linear growth curve and a winner-take-all potential. Furthermore, the company’s FSD and robotics have the potential to cultivate significant growth. And although the company’s Q3 2022 returns were well in-line with consensus expectations, they were both stronger and of higher quality as compared to Potter’s expectations. The analyst expects that Tesla (NASDAQ:TSLA) is well-leveraged to deliver record Q4 2022 earnings, as its factories continue to scale globally.

Here is what Alger Capital had to say about Tesla Inc. (NASDAQ:TSLA) in their Q3 2022 investor letter:

“Tesla, Inc. (NASDAQ:TSLA) is an electric vehicle manufacturer with a significant technological lead in its large and rapidly growing addressable market. Shares outperformed during the quarter despite COVID-19 shutdowns at the company’s shanghai production plant early in the period. During this quarter, the company also ramped up production at its newer Germany and Texas plants. While investors were aware of these challenging variables, the company’s quarterly results exceeded expectations thanks to lower-than-expected operating expenses. Investors are aware that ramping up electric vehicle production is challenging and recognize it’s difficult to estimate production rates.”

You can also take a peek at 15 Richest Hedge Fund Managers in the World and 15 Largest Weight Loss Companies.