5 Trending EV Stocks To Watch In The Stock Market This Week
Amidst the global concerns over the coronavirus pandemic, climate change remains a prominent issue in our world today. As such, parts of the stock market that help combat this such as electric vehicle (EV) stocks continue to gain. Just this week, the Intergovernmental Panel on Climate Change (IPCC) provided a rather grim update on the climate crisis. According to the IPCC’s latest findings, immediate, rapid, and large-scale reductions in greenhouse gas emissions are now necessary. Doing so would reportedly serve to stave off irreversible impacts from climate change across the globe. Simply put, U.N. Secretary-General António Guterres believes that this is a “code red for humanity”.
As a result, I could see more attention being directed towards green industries in the stock market today. As per the focus of our article today, EVs would be a major player in the current global green wave. With the auto industry going electric, investors could find interesting opportunities in the market now. To begin with, legacy automobile manufacturers like Ford (NYSE: F) and General Motors (NYSE: GM) continue to pivot towards EVs. Elsewhere, emerging EV names such as Lucid Motors (NASDAQ: LCID) continue to make waves. With the EV industry looking to kick into high gear, could one of these five be worth investing in now?
Best EV Stocks For Your August 2021 Watchlist
- Lightning eMotors Inc. (NYSE: ZEV)
- ChargePoint Holdings Inc. (NYSE: CHPT)
- Fisker Inc. (NYSE: FSR)
- Nio Inc. (NYSE: NIO)
- Blink Charging Company (NASDAQ: BLNK)
Lightning eMotors Inc.
Lightning eMotors is a leading provider of specialty commercial electric vehicles for fleets. In essence, it has been providing specialized and sustainable fleet solutions since 2009, by deploying complete zero-emission vehicle (ZEV) solutions for commercial fleets. The company designs, engineers, and manufactures zero-emission vehicles to support the wide array of fleet customer needs that include school buses and ambulances. It provides a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience. ZEV stock currently trades at $10.84 apiece as of 3:46 p.m. ET and is up by over 68% on today’s opening bell.
For one thing, investors are likely responding to news that the company released today. In it, the company announced a strategic partnership with Forest River Inc., a Berkshire Hathaway (NYSE: BRK.A) company, to deploy up to 7,500 zero-emission shuttle buses. The agreement has a potential estimated value of up to $850 million, will have Lightning eMotors to build fully electric powertrains and provide charging products/services for Forest River.
The company says that this could be one of the largest contracts ever in the electric shuttle bus market and that it will help other large commercial vehicle OEMs and fleets to accelerate their adoption of commercial EVs. Given this exciting piece of news, will you consider ZEV stock a top EV stock to watch right now?
ChargePoint Holdings Inc.
ChargePoint is a pick and shovel play company that facilitates mass EV adoption with one of the largest charging networks in the world with a strong leadership position in North America and a growing presence in Europe. The company has a capital-light business model with growth that is directly proportional to rapidly increasing EV penetration. CHPT stock currently trades at $25.96 as of 3:47 p.m. ET and is up by over 140% in the past year.
In July, the company announced that it will acquire has·to·be, an e-mobility provider with a leading European charging software platform. In detail, the total purchase price for has·to·be is approximately €250 million ($292.78 million) and the transaction is expected to close in 2021, subject to the satisfaction of regulatory approvals.
Furthermore, through this acquisition, ChargePoint will be positioned to benefit from has·to·be’s strong European market share as the company boasts over 1,000 customers from a variety of sectors. All things considered, will you be keeping an eye on CHPT stock?
Next on this list, we have Fisker, an EV company that is based in California. Overall, the company is looking to revolutionize the automotive industry by developing one of the most eco-friendly EVs in the world. It strives to be the No. 1 e-mobility service provider with the world’s most sustainable vehicles. FSR stock currently trades at $18.39 as of 3:47 p.m. ET and is up by over 22% today.
Investors seem to be responding to recent coverage by Morgan Stanley (NYSE: MS) a day earlier. Analyst Adam Jonas resumed coverage on the EV maker with an overweight rating and a target of $40. The analyst also set a new $90 bull case for the stock. Jonas says that the company’s strategy focused on design, engineering, and supply chain as a big attraction.
He also views the company as one of the only EV-related startups to launch on time with Ocean, scheduled for launch in late 2022. Fisker has currently engaged Magna International (NYSE: MGA) to help manufacture its vehicles. With that in mind, will you watch FSR stock?
Nio is an EV company that focuses on the premium smart EV market in China. In brief, the company designs and manufactures premium smart EVs, bringing next-generation technologies in autonomous driving, digital technologies, and batteries. The company is also known for its industry-leading battery swapping technologies, Battery as a Service. NIO stock currently trades at $44.36 as of 3:48 p.m. ET.
Last week, the company provided a July 2021 delivery update. Diving in, the company delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth.
The majority of this month’s delivery was from its ES6, at 3,669 units. The company will also be reporting its second-quarter 2021 financial results on August 11, 2021, after the market closes. Do you think NIO stock is worth adding to your portfolio ahead of its earnings tomorrow?
[Read More] Stock Market News For Today August 10, 2021
Blink Charging Company
Last but not least, we have another EV charging station company, Blink Charging. In brief, Blink is a major player in the industry today. This would be the case given its growing network of charging stations in the U.S. The likes of which operate on Blink’s proprietary cloud-based software. Accordingly, all of this would put BLNK stock in the spotlight now. With the company’s shares currently trading at $36.57 as of 3:49 p.m. ET, could it be worth buying?
For the most part, the eye-opening climate change report from the IPCC would put pick-and-shovel plays like BLNK stock on investors’ radars. Moreover, BLNK stock could also be gaining momentum because of the latest news on the White House’s EV infrastructure plans.
Namely, 28 U.S. House Democrats are now pushing for $85 billion in funding towards EV charging infrastructure. This would mark a significant increase from the current $7.5 billion in the current infrastructure bill. By and large, would you consider BLNK stock a top watch in the stock market this week?