5 Best EV Stocks To Buy For The Long Term

2. Polestar Automotive Holding UK PLC (NASDAQ:PSNY)

Average Analyst Price Target Upside: 139.61%

Number of Hedge Fund Holders: 11

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is a Swedish EV manufacturer that produces compact luxury cars and mid-size crossover luxury SUVs such as Polestar 2, 3, and 4. Recently, the company has been struggling amid the slowdown in EV growth, especially after AB Volvo (publ) (OTCPK:VOLVF) cut ties with the company in February. However, Polestar Automotive Holding UK PLC (NASDAQ:PSNY) took a breath of fresh air after it announced that the company received $950 million in funding from 12 leading international banks on February 28.

As of the fourth quarter of 2023, 11 hedge funds hold stakes in Polestar Automotive Holding UK PLC (NASDAQ:PSNY) with positions worth $8.2 million.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is the second-best EV stock to buy on our list, as 6 Wall Street analysts have covered the company stock with an average price target of $3.69. As of March 28, the average price target shows an upside of 139.61% from the current levels.

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