Ten Best EV Charging Stocks You Can Buy Right Now

We will be discussing the top 10 EV Charging stocks you should buy right now in this article. Skip our detailed analysis of EV Charging in 2022. Instead, you can go directly to see. 5 Best EV Charging Stocks to Buy Now.

Electric vehicles (EVs), a relatively new and unusual sight on the busy roads, have been made more affordable and attractive to the average car buyer over the past decade. 2020 will be the year of electric vehicles. EV sales Unprecedented records were set that far exceeded analyst expectations, particularly in countries with a large customer base and favorable government policies to facilitate the transition. Thanks to consumer enthusiasm and positive government regulations and incentives the number of industry stakeholders committed to phasing-out the internal combustion engines (ICE) seems exponentially to increase every five years. A further fact is that according to a report McKinsey and Company reports that 45% of European customers prefer the EV route to purchasing a vehicle.

Inflation Reduction Act (USA) and EU commitments to make ICE obsolete by 2035 are significant tailwinds in favor of the EV charging industry. The report predicts that 75% European new cars will be EVs by 2030, which suggests continued growth in the EV market. This has led to a race to create enough public charging stations for the ever-increasing need and to help meet carbon emission reduction targets. Tesla Inc. (one of the most well-known EV charging stocks)NASDAQ:TSLAABB Ltd.NYSE:ABBShell plc (NYSE:RDS).

 

An Overview of America’s EV Charging Sector

The United States is home to only 5 percent global population but contributes more 28% of global carbon emissions. The Bipartisan Infrastructure Bill was passed by the Biden administration to reduce emissions and reach reduction targets by 2050. To develop the nation’s EV charging infrastructure, the Act will provide more than $7.5 Billion to the EV market. By 2030, the goal is to have more than 500,000 public chargers in the country. But there is one catch: report McKinsey estimates, that even if half the vehicles are electric by 2030, in line with federal targets, America will still need more than 1.2 Million public EV chargers and 28,000,000 EV chargers by 2030. This report shows that simply setting up charging stations in random places will not encourage EV growth. Public charging stations must be economically viable, distributed fairly, attractive to use, and connected to a reliable power grid. This will keep EVs on the road. Companies that plan to use them must also be offered a business opportunity and an incentive structure. According to the report, EVs will make up about 15% of all vehicles if the country meets the federal EV sales targets.

Our Methodology

For this article, we looked at Insider Monkey’s database which tracks 920 elite hedge funds and identified some of the most popular EV charging stocks in this data. We then selected 10 stocks that had strong fundamentals and positive analyst ratings or favorable hedge fund sentiment.

These stocks were ranked according to the number of hedge funds that hold stakes in them.

The Best EV Charging Stocks You Can Buy Right Now

10. Wallbox N.V.WBX)

Hedge Fund Holdings: 4

Wallbox, a Spanish company that provides, designs and manufactures EV charging technology, is based in Barcelona.

Northland analyst Abhishek sinha began coverage of Wallbox (NYSE.WBX) on November 22 with an Outperform rating, and a $16 price target. The analyst believes that the company’s business model is extremely robust with high growth rates, solid margins and a clear path to profitability. Sinha also mentions that Wallbox’s current valuation (NYSE:WBX), is a great entry point for investors seeking to capitalize on the EV charging market by 2023.

9. Blink Charging Co.NASDAQ:BLNK)

Hedge Fund Holdings: 7 

Blink Charging, a US electric services company, is based in Miami Beach, Florida. It procures, distributes, and develops EV charging stations, and equipment. Blink Charging (NASDAQ.BLNK), was able to maintain hedge funds sentiment about its stock with 7 funds holding the stock in Q2 2022 and Q3 2022. The company’s total revenue was $17.25million in Q3 2022. This beat consensus estimates of $15.38 million.

Blink’s recent acquisition SemaConnect (NASDAQ:BLNK), will bring about a complete revival of manufacturing capabilities and expand the company’s network footprint. This is expected to improve long-term profitability. Although cash reserves are low after the acquisition of SemaConnect, the company is well-positioned to take advantage of long-term tailwinds such as growing EV demand, favorable government incentives, federal funding, network expansion, and other benefits.

8. Workhorse Group Inc.NASDAQ:WKHS)

Hedge Fund Holdings: 12 

Workhorse Group Inc., headquartered in Sharonville (OH) is an American company that specialises in original equipment production. It offers a wide range of products, including electric delivery vans, drones and telematics as well as EV charging stations. Investor interest in Workhorse Group Inc. (NASDAQ :WKHS), increased to 12 hedge funds during the third quarter 2022. This is a significant increase from the 10 funds that were long the stock in the prior quarter.

Christopher Souther, a B. Riley analyst lowered the price target of Workhorse Group Inc. NASDAQ:WKHS to $5 from $6. This was in addition to maintaining a Buy rating for the shares after the company’s third quarter earnings results. The analyst stated that, despite the C1000’s technical issues, the company was still able to meet its 2022 revenue guidance. Souther predicts that Workhorse Group Inc., NASDAQ:WKHS, will likely abandon the C1000 restoration plan. However, new products are gaining momentum in this market and receiving positive reviews from customers and investors. Souther claims that the company’s planned analyst day will be a catalyst for the stock.

7. ChargePoint Holdings Inc.NYSE:CHPT)

Hedge Fund Holdings: 13

ChargePoint Holdings Inc. is an American EV infrastructure manufacturer company based in Campbell, California. It operates the largest online network independent EV charging stations in over 13 countries. ChargePoint Holdings Inc. (NYSE.CHPT) posted earnings of -$0.16 per share in the third quarter 2022. This beat EPS estimates by $0.03 and beat EPS estimates. The company’s Q3 earnings returns for December 1st showed a 95% year-over-year growth.

Matt Summerville, a DA Davidson analyst, lowered ChargePoint Holdings Inc.’s price target to $18 from $20 on December 5. The analyst maintained a Buy rating for the shares. According to the analyst, revenue expectations were reduced due to an acceleration of economies of scale and company building operational momentum. The company also re-prioritizes its spending following completion of a major hardware life cycle for its global L2AC system. Summerville said, however, that current ChargePoint Holdings Inc. shares (NYSE:CHPT), are a good entry point for long-term investors. Like Tesla Inc.NASDAQ:TSLAABB Ltd.NYSE:ABBShell plc (NYSE.RDS) ChargePoint Holdings Inc. (NYSE.CHPT), is one the most prominent EV-charging stocks in the world. 

6. EVgo Inc. (NASDAQ:EVGO)

Hedge Fund Holdings: 14

EVgo Inc., a California-based EVDC fast charging station network with over 850 locations in the United States, is headquartered in Los Angeles. The company signed an equity distribution agreement in November under which it announced plans to sell up $200 million of Class A common stock. EVgo Inc. NASDAQ:EVGO plans to use additional capital for general corporate affairs and repayment of loans. It also intends to increase working capital.

EVgo Inc. (NASDAQ :EVGO) closed Q3 2022 with a growing top-line. This is due to an ever-increasing DC stall count, and customer base. Multiple commercial agreements have been signed by the company, which has helped to expand its development pipeline. EVgo Inc. (NASDAQ EVGO), like Tesla Inc., is facing significant margin pressures.NASDAQ:TSLAABB Ltd.NYSE:ABBShell plc (NYSE:RDS), Stock is well-leveraged to withstand the ongoing macroeconomic headwinds caused by Russia-Ukraine crisis, which has allowed it to remain fundamentally appealing.

 

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Disclosure: none. Ten Best EV Charging Stocks You Can Buy Right Now Original publication on Insider Monkey