In this article we will be taking a look at 5 EV charging stocks to buy now. To read our detailed analysis of the electric vehicle charging sector and its future prospects, you can go directly to see the 10 EV Charging Stocks to Buy Now.
5. ChargePoint Holdings, Inc. (NYSE:CHPT)
Number of Hedge Fund Holders: 18
ChargePoint Holdings, Inc. (NYSE:CHPT) is a provider of EV charging networks and charging solutions in the US. The company was founded in 2007 and is based in California. It is among the most popular EV charging stocks to buy now according to hedge fund sentiment.
This February, Citigroup analyst Itay Michaeli reiterated a Neutral rating on shares of ChargePoint Holdings, Inc. (NYSE:CHPT).
Needham’s Vikram Bagri also holds a Buy rating on ChargePoint Holdings, Inc. (NYSE:CHPT) as of this February, noting that the company’s recent acquisitions, such as that of ViriCity, a European electric fleet management company, will drive additional growth in 2022.
Our hedge fund data shows 18 hedge funds long ChargePoint Holdings, Inc. (NYSE:CHPT) in the third quarter, and 17 hedge funds long the stock in the second quarter. The total stake values were $97.9 million and $14.9 million respectively.
4. EVgo, Inc. (NASDAQ:EVGO)
Number of Hedge Fund Holders: 19
EVgo, Inc. (NASDAQ:EVGO) is a company that operates a DC fast-charging network for battery EVs in the US. The company operated about 800 such fast-charging locations in 2021, making it one of the more notable EV charging stocks to buy now.
Itay Michaeli, an analyst at Citigroup, holds a Neutral rating on EVgo, Inc. (NASDAQ:EVGO) shares as well, as of this February.
Needham’s Vikram Bagri has noted that EVgo, Inc.’s (NASDAQ:EVGO) strong partnerships and the operation of its stations give the company a leading position in the EV DC fast charging sector. The company has been successfully announcing profitable partnerships this year as well, such as its recent retail partnership with CBL Properties this January, which supports its plans to expand its public network.
EVgo, Inc. (NASDAQ:EVGO) had 19 hedge funds holding stakes in it in the third quarter, with a total stake value of $48.02 million.
3. ABB Ltd (NYSE:ABB)
Number of Hedge Fund Holders: 19
ABB Ltd (NYSE:ABB) is a manufacturer of electrification, industrial automation, and robotics and motion products for sale worldwide. The company offers EV charging infrastructure under its Electrification segment and is among the more diversified EV charging stocks to buy now.
This January, RBC Capital’s Sebastian Kuenne upgraded ABB Ltd (NYSE:ABB) shares to Outperform.
The company’s fourth quarter of 2021 earnings report shows an EPS of $1.33, beating estimates by $0.28. Its revenue was $7.57 billion, also beating estimates by $125.26 million.
For ABB Ltd (NYSE:ABB) as well, the number of hedge funds holding stakes in it in the third quarter was 19. Their total stake value was $721 million.
Artisan Partners, a high value-added investment management firm, mentioned ABB Ltd (NYSE:ABB) in its second-quarter 2021 investor letter. Here’s what they said:
“ABB is a Swiss-based industrial conglomerate. Last year, new management launched a process to improve performance and focus company resources, and it’s paying off. During the quarter, the company reported terrific results exhibiting improvements over both last year’s depressed figures and over the 2019 revenue and profit run rate. Further, management announced plans to simplify the company’s structure by selling off or separately listing several of the company’s non-core businesses.”
2. NIO Inc. (NYSE:NIO)
Number of Hedge Fund Holders: 30
NIO Inc. (NYSE:NIO) is a manufacturer of smart EVs in China. The company also offers power solutions and charging services for its EVs. It is one of the most well-rounded EV charging stocks to buy now because of the vast range of products and services it offers, such as Power Home, a home charging solution, Public Charger, a public fast charging solution, and its electric vehicles, among others.
In January, NIO Inc. (NYSE:NIO) was upgraded to Buy, by analyst Neal Du at 86 Research.
CLSA analyst Soobin Park also holds a Buy rating on NIO Inc. (NYSE:NIO) shares as of this February. The analyst added that the company stands out in the EV sector with its scale production and innovative battery-swapping model.
There were 30 hedge funds long NIO Inc. (NYSE:NIO) in the third quarter, and 34 hedge funds long the stock in the second quarter. Their total stake values were $1.1 billion and $2.1 billion respectively.
1. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 60
Tesla, Inc. (NASDAQ:TSLA) is Elon Musk’s EV giant based in the US, and among the best EV charging stocks to buy now, based on positive analyst ratings. The company offers EVs and energy generation and storage systems across the world, alongside EV charging stations.
Morgan Stanley’s Adam Jonas holds an Overweight rating on Tesla, Inc. (NASDAQ:TSLA) shares as of this February. Daiwa’s Jairam Nathan also upgraded the company’s shares to Outperform this February.
The company’s EPS in the fiscal fourth quarter of 2021 was $2.54, while its revenue was $17.72 billion. Both beat estimates by $0.16 and $1.1 billion respectively. Tesla, Inc. (NASDAQ:TSLA) has also gained 29.2% in the past six months.
Out of 867 hedge funds, 60 hedge funds held stakes in Tesla, Inc. (NASDAQ:TSLA) in the third quarter of 2021. Their total stake value was $10.6 billion.
Alger, an investment management firm, mentioned Tesla, Inc. (NASDAQ:TSLA) in its fourth-quarter 2021 investor letter. Here’s what they said:
“Tesla is an electric vehicle (EV) manufacturer with a significant technology lead in its large and rapidly growing addressable market. Tesla is a consequential transportation company because it is setting the pace for industry innovation over the foreseeable future. It has potential to maintain its lead as it ramps up auto production and battery capacity. We are optimistic about EV innovation, adoption and Tesla’s growth prospects. The shares contributed to portfolio performance as Tesla successfully increased production of new model S and X units driving a richer revenue mix as the prices of these vehicles are higher and the cost to produce lower than earlier versions. Earnings estimates climbed for Tesla as pricing for vehicles in backlog has increased. Further, as Tesla’s newer, more efficient factories increase production, unit costs may potentially decline relative.”
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