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Is A Rise In Electric Vehicle Demand Boosting These 2 Stocks?

electric car stocks

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? 

[Read More] Looking For Auto Stocks To Buy? 2 Names To Watch

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.

By Joe Samuel

Joe Samuel is a dedicated stock market researcher and financial contributor. His love for the stock market started at a young age learning from his grandfather. Joe earned a bachelor of science degree in corporate finance and business management. After finishing college, he went the route of an entrepreneur starting numerous businesses and eventually became a financial contributor to a number of outlets including Seeking Alpha, Invesitng.com, and actively contributes to FactSet. At StockMarket.com, Joe looks for emerging stories. One of his traits is identifying new trends before they become mainstream. Whether it’s a biopharmaceutical company debuting a novel treatment or the next technology start-up developing a new platform, Joe looks to be on the cutting edge of that trend.

After years of living in New York, he made the move to Miami, Florida where he’s become an active member of the finance community. Joe has worked with early-stage companies in marketing and consulting capacities, which has given him an opportunity to see what makes companies tick. His viewpoint is that while corporate news is vital to any investment, it’s what isn’t “right in front of you” that can make a good investment great. His approach to the markets is one that aims to deliver information that might not be well-known. But through deep research and diligence, Joe has written about and been able to uncover time-sensitive information when seconds matter in the stock market today.

Joe enjoys covering several stock market sectors. These include commodities, finance, biotechnology, and technology; specifically AI & machine learning. His no-nonsense approach to the market gives readers a cut and dry view of the news that matters most and topics beginning to emerge as new trends in the stock market. He was early to the table with calls on things like the last gold rush in 2019 and has been able to identify influential events and how they could impact certain industries.

During his free time, he enjoys spending time with his family and polishing up one new stock market trends. He’s also an avid car enthusiast with a passion for classic and muscle cars.