The EV Boom Is Putting These 2 Stocks On Investors’ Radar
A recent surge in interest has grown around the electric vehicle (EV) industry. This led investors to look for the best EV stocks to buy. When you have names like Tesla (TSLA Stock Report) and Nikola (NKLA Stock Report) repeatedly making headlines on their stock prices reaching record highs, the fear of missing out becomes increasingly more pronounced.
Tesla is one of the hottest stocks in the stock market right now, especially after it has crossed the $1,000 mark. The electric vehicle maker has shot up more than 300% since July 2019, leaving the S&P 500 in the dust. The question that is lingering around investors’ minds: “Is this the best stock to buy right now?”. Maybe you are wondering the same thing. The thing is, not everyone is willing to fork out $1,000 to buy one share. Especially when you are new to investing, you would look for cheaper stocks to buy. Best still, look for cheaper stocks that have high exposure to the electric vehicle industry like Nio Inc. (NIO Stock Report). Stocks like these have brought about their fair share of surprises.
As you can imagine, batteries powerful enough to run a car for over 250 miles must be able to store huge amounts of energy. But they also have to be relatively lightweight. Of course, companies that are providing these battery tech would be the most obvious candidates to buy apart from investing directly in EV stocks. Here are two stocks that have exposure to the EV industry and are making big moves this week. With that in mind, are these two EV stocks on your watchlist?
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Best Stocks To Buy Right Now [Or Sell]: Workhorse Group Inc.
Shares of Workhorse Group (WKHS Stock Report) have soared more than 45% this week. The recent surge in share price could simply be because Lordstown Motors, in which Workhorse holds a stake, unveiled its electronic pickup prototype. Also, the stock was added to the Russell 3,000 index on Monday. Although being part of an index doesn’t change the nature of a company’s business, it could make the stock more recognizable to certain investors. Besides, there would be new purchases of the stock from ETFs tracking the index.
“Our inclusion into the Russell 3000 Index represents another milestone for Workhorse as a public company in a year where we expect to make additional landmark achievements in the electric vehicle industry…The Russell Indexes are a widely known and well-respected benchmarking standard. We appreciate being a part of this select group and will look to leverage this platform to generate further interest and awareness in our business within the investment community and beyond.”- Duane Hughes, CEO of Workhorse Group
The fact that WKHS stock was a small-cap stock earlier this month is exciting to many investors. Earlier this year, Trump was actually the catalyst for the stock breakout. That was around the time that General Motors (GM Stock Report) was selling its Lordstown Plant to Workhorse which was mentioned by name in a Trump Tweet. At the time WKHS stock was trading around $0.82. Fast forward to today, the stock is currently trading at $14 per share, an increase of 16 times! Considering that Workhorse has skyrocketed in recent weeks, can we expect WKHS stock to continue its rally?
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Best Stocks To Buy Right Now [Or Sell]:Blink Charging Co.
Blink Charging Co. (BLNK Stock Report) focuses on electric vehicle charging equipment. The company has deployed over 23,000 charging stations, many of which are networked EV charging stations. These allow EV drivers to easily charge at any of its charging locations worldwide. This is a potential pick-and-shovel play in the EV industry. It is a way to invest in an industry without having to endure the risks of the market for the final product. The EV market has soared over the years as automobile manufacturers rush to capture part of the growing market. Investors can invest in car manufacturers to play the EV market, or they can buy one of the infrastructure players, in this case, BLNK stock.
Since the stock market crash earlier this year, BLNK stock has soared more than 200% from $1.3 per share. It is currently trading around $4 per share. The company recently announced a joint venture with Envoy Technologies, a provider of shared on-demand, community-based EVs. The deal aims to bring charging stations to urban residents across Envoy property locations. BLNK stock also received another boost when Apple (AAPL Stock Report) added EV charge routing to its new Apple Maps.