5 Best Hydrogen Fuel Cell Stocks To Buy

2. Cummins Inc. (NYSE:CMI)

Number of Hedge Fund Holders: 45

Truck engine maker Cummins Inc. (NYSE:CMI) ranks second on the list of the 9 best hydrogen fuel cell stocks to buy. The Indiana-based company provides hydrogen fuel cell technology used to power heavy-duty trucks, buses, trains, boats, and tractors. In addition, Cummins Inc. (NYSE:CMI) also offers stationary storage systems and fuel cell-powered energy backup.

On August 4, Credit Suisse analyst Jamie Cook raised the price target of Cummins Inc. (NYSE:CMI) to $307 from $300 and kept his Outperform rating.

The company has a market cap of $33.13 billion. In the second quarter of 2021, Cummins Inc. (NYSE:CMI) reported an EPS of $4.10, beating estimates by $0.07. The company’s second-quarter revenue came in at $6.11 billion, an increase of 59% year over year, and beat revenue estimates by $113.13 million. The solid quarter result of Cummins Inc. (NYSE:CMI) was driven by strong demand across the company’s key markets. Shares of Cummins Inc. (NYSE:CMI) increased 10.10% in the past twelve months.

At the end of the second quarter of 2021, 45 hedge funds in the database of Insider Monkey held stakes worth $1.10 billion in Cummins Inc. (NYSE:CMI), up from 37 hedge funds in the previous quarter worth $817 million.