Top EV Stocks For Your Watchlist This Week
As investors look for the hottest stocks in the stock market this week, electric vehicle (EV) stocks would be right at the top of that list. This week, we saw fund manager Michael Burry exiting his bearish bets on one of the industry leaders, Tesla (NASDAQ: TSLA). So, could this mean that Burry is now less pessimistic on the EV giant? Well, no one is certain but this could provide another reason for TSLA stock investors to cheer. Furthermore, there was also the Rivian Automotive (NASDAQ: RIVN) IPO that was priced at $78 a share last week. Since its stock market debut, it has nearly doubled.
Another important development in the EV space right now would involve the signing of the $1 trillion bipartisan infrastructure bill. Now, why is that so? Well, $7.5 billion will be allocated for EV charging stations. The President may have exaggerated when he claimed that the bill could bring 500,000 EV charging stations that would fulfill his pledge to push half of U.S. drivers into EV by the end of the decade. But, it is still a step in the right direction. After all, the infrastructure to support EVs is equally as important as the EVs themselves. And many believe that we are still in the early innings of the EV revolution. With that in mind, let’s look at some of the top EV stocks in the stock market today.
Best EV Stocks To Check Out Right Now
- Lucid Group Inc (NASDAQ: LCID)
- ChargePoint Holdings Inc (NYSE: CHPT)
- Blink Charging Co (NASDAQ: BLNK)
- Fisker Inc (NYSE: FSR)
Lucid Group
First, we will be looking at Lucid Group. In detail, the company engages in the manufacturing of electric vehicles. The company’s Lucid Air has compelling features that could challenge even the likes of Tesla at the very top. With its Lucid Air Dream range rating beating Tesla’s longest-range Model S by nearly 100 miles, it is no wonder why investors are showing optimism with the company stock lately.
In fact, MotorTrend just announced today that Lucid Air has won the 2022 MotorTrend Car of the Year award. For those unaware, this award is considered one of the most prestigious in the automotive industry. Six key criteria in consideration were efficiency, value, advancement in design, engineering excellence, safety, and performance of the intended function. Safe to say, Lucid Air excelled in all categories.
This is truly a testament to the company’s ability to deliver the most advanced EVs in the world. And now, the company has put the world on notice. The company’s customer reservation for the third quarter also increased to 13,00, reflecting an order book of approximately $1.3 billion. With all said and done, Lucid looks to be well-positioned for growth in the foreseeable future despite rising more than 70% over the past month. Considering all this, would it be too late to jump on the LCID stock bandwagon?
Read More
- 4 Artificial Intelligence Stocks To Watch Right Now
- Best Lithium Battery Stocks To Buy Now? 4 To Know
ChargePoint
As the name suggests, ChargePoint is a company that develops and markets networked EV charging system infrastructure. It also has a cloud-based service that enables consumers to locate, reserve, authenticate and transact EV charging sessions. Riding on the bullish momentum in the industry right now, CHPT stock has risen more than 35% over the past month.
In October, ChargePoint announced several significant milestones. This includes the closing of its previously announced acquisition of a leading European mobility platform has·to·be. When combined with its acquisition of ViriCiti and its existing broad portfolio of charging infrastructure solutions, the company positions itself strongly in commercial and fleet segments.
Ahead of its earnings report on December 7, it is worth revisiting the company’s financial performance in the previous quarter. For the quarter ended July 31, 2021, revenue was $56.1 million, an increase of 61% year-over-year. ChargePoint guided to a revenue of $60 – $65 million for the quarter ended October 31, 2021. Investors will be keeping a close eye on how the company performed relative to management’s guidance. With that in mind, will you be watching CHPT stock?
[Read More] 5 Metaverse Stocks To Watch In November 2021
Blink Charging
Another trending company in the EV space right now would be Blink Charging. Put simply, the company is also another provider of EV charging equipment and charging services. Its principal line of products and services is its Blink Network and electric vehicle supply equipment (EVSE). BLNK stock soared by more than 17% on Monday’s trading session and there were several reasons for that.
For starters, H.C.Wainwright analyst Sameer Joshi upgraded the company stock to Buy from Neutral. He set the price target for the stock at $50. The analyst believes that there are several positive developments that would reinforce his upgrade call. And these include the infrastructure bill.
On top of that, Blink also recently announced its third-quarter earnings. It reported a record revenue of $6.4 million, representing an increase of 607% year-over-year. Meanwhile, 3,016 charging stations were contracted or sold for the quarter, up 351% compared to the prior year’s quarter. All things considered, it appears that Blink has plenty of growth runway ahead. So, would BLNK stock be a buy right now?
[Read More] 5 Top Renewable Energy Stocks For Your November 2021 Watchlist
Fisker
Fisker is a company with a tech-driven asset-light automotive business. It focuses on developing eco-friendly EVs. Many consumers and investors alike are excited about its first Fisker Ocean models that will begin production in 2022. So much so that FSR stock has soared by almost 50% just within the past month.
Moreover, Fisker announced a formal agreement with Contemporary Amperex Technology (CATL) earlier this month to cement battery capacity for its Fisker Ocean SUV. So, CATL will supply two different battery solutions, with an initial battery capacity of over 5 gigawatt-hours annually. Thus, this would be yet another milestone for the company in the development of the Fisker Ocean.
Also, the company provided its third-quarter financial update earlier this month. It appears that prototype testing and validation of the Fisker Ocean is well underway with “Mule 1” build completed and “Mule 2” testing progressing as planned. Given these assurances and positive developments, do you think FSR stock will have enough to continue its climb?
