5 EV Penny Stocks to Buy Now

2. Volta Inc. (NYSE:VLTA)

Number of Hedge Fund Holders: 14

Share Price as of March 30: $3.33

Volta Inc. (NYSE:VLTA) is an American electric vehicle infrastructure company. Volta charging stations are compatible with all major plug-in hybrid and battery electric vehicle types in the United States and are equipped with digital screens that run advertisements. This February, Canaccord analyst Jed Dorsheimer initiated coverage of Volta with a Buy rating and a $10 price target, citing the company’s “unique” charging and media business model as an opportunity for investors to identify the upside of electric vehicle stocks as electric vehicles become more common and installing of EV charging stations increases.

On February 8, 2022, Volta Inc. (NYSE:VLTA) announced new contracts for the installation of DC Fast and AC charging stations in European markets: Switzerland, Germany, and France. The company has installed Volta stalls in France and has signed partnership deals with Switzerland and Germany. Volta Inc. (NYSE:VLTA)  plans on continuing exploring European markets and will work on installing its charging stations at commercial properties and retail locations in Europe through 2022. Moreover, on February 14, 2022, Volta Inc. (NYSE:VLTA) announced the expansion of its collaboration with Walgreens Boots Alliance, Inc. (NASDAQ:WBA) to install 1,000 DC fast charging stalls at over 500 Walgreens retail outlets spread throughout the United States.

Out of the 924 elite hedge funds being tracked by Insider Monkey as of the fourth quarter of 2021, 14 held stakes in Volta, Inc. (NYSE:VLTA) worth more than $27.44 million.