5 Most Promising EV Stocks According to Analysts

In this article, we will look at the 5 most promising EV stocks to buy now according to analysts. If you want to explore similar stocks, you can go to 12 Most Promising EV Stocks According to Analysts.

5. FREYR Battery (NYSE:FREY)

Number of Hedge Fund Holders: 22

Average Upside Potential as of February 14: 81.03%

FREYR Battery (NYSE:FREY) is a leading manufacturer of lithium-ion batteries. The company’s batteries are both cost-efficient and have high energy density. At the end of the third quarter of 2022, FREYR Battery (NYSE:FREY) was a part of 22 investors’ portfolios that held collective stakes of $381.2 million in the company.

On February 10, BofA analyst Julien Dumoulin-Smith took coverage of FREYR Battery (NYSE:FREY) with a Buy rating and a $13 price target. The stock has received 3 Buy ratings from Wall Street analysts over the past 3 months and has an average price target of $15.75, which represents an upside of 81.03% from its closing price on February 14. FREYR Battery (NYSE:FREY) is one of analysts’ most promising EV stock picks.

As of December 31, Sylebra Capital Management is the largest shareholder in FREYR Battery (NYSE:FREY) and has disclosed a position worth $71.8 million in the company.

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

Number of Hedge Fund Holders: 15

Average Upside Potential as of February 14: 84.66%

Solid Power, Inc. (NASDAQ:SLDP) is a pioneer in solid-state battery technology. The company manufactures solid-state battery cells and solid electrolyte materials for electric vehicles in the United States. As of December 2, Stifel analyst Vincent Anderson has a Hold rating and $5 price target on Solid Power, Inc. (NASDAQ:SLDP).

Solid Power, Inc. (NASDAQ:SLDP) has a consensus Hold rating among Wall Street analysts and a maximum price target of $13. The stock’s average price target sits at $6.50 and represents an upside of 84.66% from current levels. Solid Power, Inc. (NASDAQ:SLDP) is one of the most promising EV stocks to buy now according to analysts.

At the close of Q3 2022, 15 hedge funds held stakes in Solid Power, Inc. (NASDAQ:SLDP). The total value of these stakes amounted to $16.6 million. As of December 31, Yaupon Capital is the top shareholder in the company and has a position worth $2.63 million.

3. Plug Power, Inc. (NASDAQ:PLUG)

Number of Hedge Fund Holders: 32

Average Upside Potential as of February 14: 91.46%

Plug Power Inc. (NASDAQ:PLUG) is a leading provider of green hydrogen and fuel cell solutions for the EV markets across the globe. At the end of Q3 2022, 32 hedge funds were long Plug Power Inc. (NASDAQ:PLUG) and disclosed positions worth $373.4 million in the company.

Plug Power, Inc. (NASDAQ:PLUG) has a consensus Strong Buy rating among Wall Street analysts and has received 10 Buy ratings from analysts over the past 3 months. The stock’s average price target of $30.27 represents an upside potential of 91.46% from current levels. Plug Power, Inc. (NASDAQ:PLUG) is one of analysts’ top EV stock picks with the most promising upside potential.

On January 26, Susquehanna analyst Biju Perincheril updated his price target on Plug Power, Inc. (NASDAQ:PLUG) to $25 from $28 and maintained a Positive rating on the shares.

As of December 31, D E Shaw is the largest shareholder in Plug Power, Inc. (NASDAQ:PLUG) and has a position worth $20.35 million in the company.

2. Wallbox N.V. (NYSE:WBX)

Number of Hedge Fund Holders: 4

Average Upside Potential as of February 14: 114.03%

Wallbox N.V. (NYSE:WBX) is a leading Spanish EV charging solutions provider. The company develops and distributes EV charging technologies across the globe. As of November 22, Northland analyst Abhishek Sinha has a $16 price target and an Outperform rating on Wallbox N.V. (NYSE:WBX).

Over the past 3 months, Wallbox N.V. (NYSE:WBX) has received 4 Buy ratings from Wall Street analysts and has a consensus Strong Buy rating among analysts. The stock has a maximum price target of $16 and an average price target of $11.75, which represents a potential upside of 114.03% from its closing price on February 14. Wallbox N.V. (NYSE:WBX) is one of analysts’ most promising EV stocks to buy now.

At the end of Q3 2022, 4 hedge funds were bullish on Wallbox N.V. (NYSE:WBX) and disclosed positions worth $15.45 million in the company. As of December 31, LMR Partners is the largest shareholder in the company and has disclosed a position worth $7.19 million in the company.

1. Enovix Corporation (NASDAQ:ENVX)

Number of Hedge Fund Holders: 30

Average Upside Potential as of February 14: 144.26%

Enovix Corporation (NASDAQ:ENVX) is an innovative lithium-ion battery manufacturer. The company’s next-gen silicon-anode lithium-ion batteries offer faster charging times and higher energy densities. At the close of the third quarter of 2022, 30 hedge funds were long Enovix Corporation (NASDAQ:ENVX) and held collective stakes worth $486.6 million in the company.

On January 23, Piper Sandler analyst Alexander Potter updated his price target on Enovix Corporation (NASDAQ:ENVX) to $22.50 from $26.50 and reiterated an Overweight rating on the shares.

Over the past 3 months, Enovix Corporation (NASDAQ:ENVX) has received 8 Buy ratings from Wall Street analysts. The stock has a consensus Strong Buy rating and an average price target of $20.64. The stock is one of analysts’ top EV stock picks with the most promising upside potential. The stock’s average price target represents an upside of 144.26% from its closing price on February 14.

As of December 31, Park West Asset Management is the largest investor in Enovix Corporation (NASDAQ:ENVX) and has a position worth $107.55 million in the company.

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