This article presents an overview of 5 Best EV Charging Stocks To Invest In. For a detailed overview of such stocks read our article, 11 Best EV Charging Stocks To Invest In.
5. Plug Power Inc. (NASDAQ:PLUG)
Number of Hedge Fund Holders: 19
Founded in 1997, Plug Power Inc. (NASDAQ:PLUG) has surfaced as a pioneer in providing effective and enduring power solutions. Plug Power Inc. (NASDAQ:PLUG) has been expanding its reach into the electric vehicle charging market. The company’s ProGen hydrogen fuel cell engines are crafted to power a range of electric vehicles, from light to heavy-duty. They provide a clean, efficient option for conventional batteries. This move into EV charging is part of Plug Power Inc. (NASDAQ:PLUG)’s broader strategy to support zero-emission transportation through hydrogen fuel cell systems. These systems can be refuelled quickly, offering a significant gain in operational efficiency and uptime over traditional electric charging systems.
For Plug Power Inc. (NASDAQ:PLUG), there was a decline in hedge fund sentiment from Q3 2023 to Q4 2023. The number of hedge funds holding in Plug Power Inc. (NASDAQ:PLUG) decreased from 26 to 19. Furthermore, the total value of these holdings saw a significant decrease, dropping from approximately $128.58 million in Q3 2023 to about $17.82 million in Q4 2023.
4. NIO Inc. (NYSE:NIO)
Number of Hedge Fund Holders: 20
With a focus on accessibility and sustainability, NIO Inc. (NYSE:NIO) is actively expanding its charging network to provide reliable and convenient solutions for EV owners. Among its standout offerings is the Power Swap station, a concept allowing NIO EV owners to swap depleted batteries for fully charged ones in minutes, dramatically reducing charging time compared to conventional charging stations.
Between Q3 2023 and Q4 2023, there was an increase in the number of hedge funds holding in NIO Inc. (NYSE:NIO) from 18 to 20. The total value of these holdings increased from approximately $156.84 million to $211.68 million. This indicates growing interest and confidence among hedge funds in NIO Inc. (NYSE:NIO).
3. Li Auto Inc. (NASDAQ:LI)
Number of Hedge Fund Holders: 31
Li Auto Inc. (NASDAQ:LI) has strategically positioned itself within the electric vehicle (EV) market by focusing on range-extended electric vehicles that incorporate an onboard gasoline-powered generator to recharge the battery. Li Auto Inc. (NASDAQ:LI)’s technology extends the driving range beyond that of traditional EVs, offering a practical solution for long-distance travel without the need for frequent stops at charging stations.
For Li Auto Inc. (NASDAQ:LI), the number of hedge funds holding LI increased from 28 to 31, indicating a growing interest among hedge funds. More impressively, the total value of these holdings nearly doubled, increasing from approximately $610.93 million in Q3 2023 to about $1.15 billion in Q4 2023.
2. Rivian Automotive Inc. (NASDAQ:RIVN)
Number of Hedge Fund Holders: 32
Established in 2009, Rivian Automotive Inc. (NASDAQ:RIVN) has risen to prominence for its electric trucks, SUVs, and delivery vans. Beyond its automotive achievements, Rivian is active in EV charging infrastructure. Rivian Automotive Inc. (NASDAQ:RIVN) is investing in the development of a charging network designed to deliver seamless and efficient charging solutions for its expanding fleet of electric vehicles.
For Rivian Automotive Inc. (NASDAQ:RIVN), there was a decrease in the number of hedge funds holding its stock, from 35 in Q3 2023 to 32 in Q4 2023. However, despite this decrease in the number of hedge fund holders, the total value of these holdings saw a significant increase, from approximately $867.07 million in Q3 2023 to about $1.13 billion in Q4 2023.
Baron Funds mentioned Rivian Automotive, Inc. (NASDAQ:RIVN) in its third quarter 2023 investor letter. Here is what it said:
Shares of Rivian Automotive, Inc., a U.S.-based electric vehicle manufacturer, continued their volatile trading, and after declining during the first half of 2023, rose 45.7% during the third quarter. Rivian’s unit economics are improving as a result of several factors: i) the company’s production rate is increasing, which enables it to better absorb fixed costs; ii) Rivian is ramping-up the usage of more price effective technologies, such as LFP batteries and its in-house developed motor, Enduro; and iii) the company is benefiting from renegotiated supplier agreements, as its scale and purchasing power have significantly increased over the last few years. Management expects continued progress in profitability ahead as Rivian further scales production. We remain shareholders and believe that the release of Rivian’s new smaller SUV dubbed R2, which is planned for early 2024, would enable the company to compete in the higher volume SUV segment, and significantly expand its addressable market. On the liquidity front, we expect the company to raise additional funds to support its longer-term business plans.
1. Tesla Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 82
Tesla Inc. (NASDAQ:TSLA) stands as a trailblazer in the realm of electric vehicle charging infrastructure. Tesla Inc. (NASDAQ:TSLA)’s supercharger network spans the globe, offering fast and convenient charging solutions for Tesla owners, enabling long-distance travel with minimal downtime.
For Tesla Inc. (NASDAQ:TSLA), there was a marginal increase in the number of hedge funds holding its stock, from 81 in Q3 2023 to 82 in Q4 2023. More notably, the total value of these holdings experienced a significant increase, from approximately $5.81 billion in Q3 2023 to about $6.28 billion in Q4 2023.
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