In this article we’ll take a look at 10 EV charging stocks to buy right now. To skip our detailed analysis of the electric vehicle charging sector and its future prospects, you can go straight to see Buy 5 EV Charging Stocks Now.
Electric vehicles, or EVs, have seen a huge increase in consumer demand over the years. The sector is led by giants such as Tesla Inc. (NASDAQ:TSLA), and is increasingly representative of the future of the auto industry. Global passenger EV sales were projected to reach 6.3 million units by the end of 2021 by BloombergNEF. This estimate was double the total from 2020.
Bloomberg noted that global passenger EV sales grew by a whopping 94% in the third quarter of 2021. For example, Fisker Inc. (NYSE: FSR) and Nikola Corporation (NASDAQ: NKLA), along with other companies in the sector, are poised to soar. In the third quarter of 2021, over one million passenger EVs were sold.
EV Market Outlook
As a result of these rising sales, the global electric passenger car stock has grown rapidly over the past ten years, according to the Global EV Outlook 2021 report published by the International Energy Agency. In 2010, the stock was non-existent and eventually increased to about 2 million units by 2016. Yet by 2020, it had grown to an incredible 12 million units.
Electric car registrations grew in key markets in 2020, despite the market-shattering coronavirus pandemic. This boom in EV registrations continued into 2021 and increasing sales volumes for electric vehicles were noted in 2021 and are expected to continue into 2022 adding to an increasingly positive investor sentiment. Sentiment around EV and EV charging stocks. The EV sector is also heavily supported by government policies and investments, including President Biden’s goal of ensuring that half of all new vehicle sales in the US will be attributed to zero-emissions cars by 2030.
McKinsey & Company thus noted that the influx of billions of dollars in infrastructure spending proposed to support the rapidly growing EV sector could provide an even greater boost in EV sales. The example of the bipartisan infrastructure framework supports this claim, because through this deal, the government has pledged $1.2 trillion for transportation and infrastructure spending over the course of eight years. Of this amount, $15 billion is to be allocated primarily to the EV sector, which will help accelerate the adoption of EVs and also boost the US EV market.
10 EV Charging Stock Buy Now
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our methodology
We have selected EV charging stocks that are extremely popular with hedge funds. These stocks have also received positive ratings from market analysts recently.
EV Charging Stocks Buy Now
10. Wallbox NV (NYSE: WBX)
Number of Hedge Fund Holders: Not Applicable
Wallbox NV (NYSE:WBX), a smart electric vehicle charging and energy management provider, is one of the top EV charging stocks to buy now based on analyst ratings we’ll look at below. The company was established in 2015 and manufactures electric vehicle charging technologies for distribution.
In December, UBS analyst Chris Snyder placed a buy rating on Wallbox NV (NYSE:WBX) shares.
Snyder also noted that the company is a leading provider of EV charging solutions in the residential sector, which gives it an edge because residential charging is an attractive market due to its low-risk demand outlook. The analyst also sees value in the company’s ability to benefit from its follow-on software services revenue.
Wallbox NV (NYSE:WBX) is one of the other stocks in the EV sector that will benefit from increased sales of EVs and EV charging technology. Tesla Inc. (NASDAQ:TSLA), Fisker Inc. (NYSE: FSR) and Nikola Corporation (NASDAQ: NKLA) are also set to benefit from this development.
9. Rivian Automotive, Inc. (NASDAQ:RIVN)
Number of Hedge Fund Holders: Not Applicable
Rivian Automotive, Inc. (NASDAQ:RIVN) is a developer and manufacturer of electric adventure vehicles. The company has a nationwide network of DC fast chargers that can add nearly 140 miles of range in 20 minutes to their vehicles, making it one of the best EV charging stocks to buy now.
In February, Morgan Stanley analyst Adam Jonas told Rivian Automotive, Inc. reiterated an overweight rating on the (NASDAQ:RIVN) stock.
Morgan Stanley analysts also noted that 87% of respondents surveyed from the firm’s clients were Rivian Automotive, Inc. (NASDAQ:RIVN) prefers Lucid Group. Analyst Jonas told Rivian Automotive, Inc. (NASDAQ:RIVN) in second place in its US auto stock rankings.
Greenlight Capital, an investment management firm, has acquired Rivian Automotive, Inc. (NASDAQ:RIVN) in its fourth-quarter 2021 investor letter. Here’s what he said:
“We made a material profit” Rivian (RIVN) as a result of its IPO. We met with the sponsors of RIVN in 2018 as part of their ongoing work on electric vehicles, and were impressed by their technology and discipline. In mid-2020, we made a small investment at a valuation of $10 billion. In November, RIVN went public at a valuation of $70 billion and traded at a peak valuation of $162 billion. We hedged in the options market to lock in a minimum valuation of approximately $120 billion for a good portion of our position. While we believe in the company, we didn’t have material exposure at the end of the year.
8. Beam Global (NASDAQ:BEEM)
Number of Hedge Fund Holders: 4
Beam Global (NASDAQ:BEEM) is a cleantech company that manufactures renewable energy products for EV charging infrastructure, among other things. The company uses solar power and battery storage as power sources for its EV charging stations, making it an environmentally friendly choice among EV charging stocks.
In the third quarter of 2021, four hedge funds had stakes in Beam Global (NASDAQ:BEEM) worth $2.9 million. The largest stakeholder was Citadel Investment Group, which held 94,200 shares worth $2.6 million.
Like Tesla Inc. (NASDAQ:TSLA), Fisker Inc. (NYSE: FSR) and Nikola Corporation (NASDAQ: NKLA) Beam Global (NASDAQ: BEEM) is one of the more coveted EV and EV charging sector stocks to buy now.
7. Blink Charging Company (NASDAQ:BLNK)
Number of Hedge Fund Holders: 6
Blink Charging Company (NASDAQ:BLNK) owns, operates, and provides EV charging equipment and networked EV charging services in the United States. The company is now one of the best-known EV charging stocks to buy, especially after its deal to supply EV chargers to GM car dealerships in North America. The deal has made the company one of the biggest sector gainers in 2022.
HC Wainwright’s Samir Joshi has a buy rating on Blink Charging Company (NASDAQ:BLNK) shares.
Needham analyst Vikram Bagree also noted this February that the company can be expected to improve its sales and generate additional revenue through its growing media business.
Six of the 867 hedge funds were hedge funds long blink charging companies. (NASDAQ:BLNK) In the third quarter, Citadel Investment Group was also the largest stakeholder in this stock. The total stake value was $4.4 million.
6. Volta Inc. (NYSE: VLTA)
Number of Hedge Fund Holders: 17
Volta Inc. (NYSE: VLTA) is a US-based electric vehicle infrastructure company. The company’s charging stations are compatible with all major plug-in hybrid and battery EV types in the US. These stations also have digital screens for advertisements. Volta Inc. (NYSE:VLTA) is one of the top EV charging stocks to buy now because of its volatile approach to combining digital media with charging stations to drive its revenue.
This February, Canaccord analyst Jed Dorsheimer began coverage of Volta Inc. (NYSE:VLTA) shares with a buy rating with a $10 price target.
The analyst also commented that the company’s unique charging and media business model provides investors with upside exposure to EVs and their charging infrastructure. Additionally, Cantor’s analysts note that the company’s advertising partnerships with The Coca-Cola Company and Facebook give it a competitive advantage.
Of the 867 hedge funds tracked by Insider Monkey in the third quarter, 17 hedge funds had stakes in Volta Inc. (NYSE:VLTA). His total stake was valued at $91.3 million.
Volta Inc. (NYSE:VLTA) is one of the stocks in the EV sector that is poised to benefit from rapidly growing interest in EVs and EV charging among consumer markets and investor circles. Tesla Inc. (NASDAQ:TSLA), Fisker Inc. (NYSE: FSR) and Nikola Corporation (NASDAQ: NKLA) are also among the few stocks that will benefit from this rising interest.
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Disclosure: None. 10 EV Charging Stock Buy Now Originally published on Insider Monkey.
