5 Most Promising EV Battery Stocks According to Analysts

In this article, we will discuss the 5 most promising EV battery stocks to buy now according to analysts. If you want to explore similar stocks, you can go to 10 Most Promising EV Battery Stocks According to Analysts.

5. Sigma Lithium Corporation (NASDAQ:SGML)

Number of Hedge Fund Holders: 8

Average Upside Potential as of February 10: 59.76%

Sigma Lithium Corporation (NASDAQ:SGML) is a Brazilian mining company involved in the exploration and development of lithium deposits. The company is a major provider of battery-grade lithium and is placed among the most promising EV battery stocks to buy now according to analysts.

On January 19, BMO Capital analyst Joel Jackson took coverage of Sigma Lithium Corporation (NASDAQ:SGML) with an Outperform rating and a $40 price target. Over the past 3 months, Sigma Lithium Corporation (NASDAQ:SGML) has received 3 Buy ratings from Wall Street analysts and has an average price target of $45.18, which represents a potential upside of 59.76%.

At the end of Q3 2022, 8 hedge funds were bullish on Sigma Lithium Corporation (NASDAQ:SGML) and disclosed positions worth $45.5 million in the company.

4. Piedmont Lithium Inc. (NASDAQ:PLL)

Number of Hedge Fund Holders: 12

Average Upside Potential as of February 10: 67.56%

Piedmont Lithium Inc. (NASDAQ:PLL) is an American low-cost producer of lithium hydroxide and is also a premier supplier of battery-grade lithium. At the close of Q3 2022, 12 hedge funds were long Piedmont Lithium Inc. (NASDAQ:PLL) and held positions worth $34.3 million in the company.

As of December 2, DA Davidson analyst Matt Summerville raised his price target on Piedmont Lithium Inc. (NASDAQ:PLL) to $90 from $85 and maintained a Buy rating on the shares.

Piedmont Lithium Inc. (NASDAQ:PLL) has received 3 Buy ratings from Wall Street analysts over the past 3 months and has a consensus Strong Buy rating. The stock’s average price target of $109.67 implies an upside of 67.56% from current levels. Piedmont Lithium Inc. (NASDAQ:PLL) is one of the most promising EV battery stocks to buy according to analysts.

3. Solid Power, Inc. (NASDAQ:SLDP)

Number of Hedge Fund Holders: 15

Average Upside Potential as of February 10: 96.37%

Solid Power, Inc. (NASDAQ:SLDP) is a leading manufacturer of all-solid-state battery cells and solid electrolyte materials. The company distributes its products worldwide and is one of the most promising EV battery stocks to buy now according to analysts. Over the past 3 months, the stock has received 1 Buy rating and 3 Hold ratings from Wall Street analysts. The stock has an average price target of $6.50 which represents an upside of 96.37% from its closing price on February 10.

As of December 14, Citi analyst P.J. Juvekar has a Neutral rating and a $3 price target on Solid Power, Inc. (NASDAQ:SLDP). Juvekar noted that the wide-spread adoption of solid-state batteries by 2026 could be hindered by delays or technological risks associated with the new technology. However, the analyst sees the Inflation Reduction Act fueling the adoption of EVs in the U.S., prompting automakers to take advantage of new advancements such as solid-state batteries.

At the end of the third quarter of 2022, 15 hedge funds were eager on Solid Power, Inc. (NASDAQ:SLDP) and held positions worth $16.6 million in the company.

2. FREYR Battery (NYSE:FREY)

Number of Hedge Fund Holders: 22

Average Upside Potential as of February 10: 104.18%

FREYR Battery (NYSE:FREY) is a leading European battery manufacturing company that is involved in the production and distribution of battery cells that can be used in stationary energy storage, electric vehicles, and marine applications around the world. This February, BofA analyst Julien Dumoulin-Smith started coverage of FREYR Battery (NYSE:FREY) with a Buy rating and a $13 price target. The analyst sees a “compelling” risk/reward for the stock. FREYR Battery (NYSE:FREY) is among analysts’ most promising EV battery stocks to buy now.

FREYR Battery (NYSE:FREY) has received 5 Buy ratings and 1 Hold rating from Wall Street analysts over the past 3 months. The stock has a consensus Strong Buy rating and an average price target of $17.60, which represents an upside of 104.18% from current levels.

At the close of Q3 2022, 22 hedge funds were long FREYR Battery (NYSE:FREY) and disclosed positions worth $381.2 million in the company. As of December 31, Prescott Group Capital Management is the top investor in the company and has a stake worth $1.82 million.

1. Enovix Corporation (NASDAQ:ENVX)

Number of Hedge Fund Holders: 30

Average Upside Potential as of February 10: 149.58%

Enovix Corporation (NASDAQ:ENVX) tops our list of the most promising EV battery stocks to buy now according to analysts. The company is a pioneer in silicon-anode lithium-ion batteries. The company’s cutting-edge batteries boast a higher energy density and cycle life and with the rising adoption of EVs, Enovix Corporation (NASDAQ:ENVX) is well-positioned to capitalize on the secular trends that lead the EV battery space.

This January, Canaccord analyst George Gianarikas took coverage of Enovix Corporation (NASDAQ:ENVX) with a Buy rating and a $20 price target. Enovix Corporation (NASDAQ:ENVX) has a consensus Strong Buy rating among Wall Street analysts. The stock has received 8 Buy ratings from analysts over the past 3 months and has an average price target of $20.64, which implies an upside of 149.58% from its closing price on February 10.

At the end of Q3 2022, 30 hedge funds held stakes in Enovix Corporation (NASDAQ:ENVX). The total value of these stakes amounted to $486.6 million. As of December 31, Rima Senvest Management is the top shareholder in the company and has a position worth $5.02 million.

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