Electric Vehicles’ (EV) popularity among consumers and investors suggests that the EV revolution is finally here, after years of wait and hype. Their growing sales, positive impact on the environment (reduction of carbon emission), favorable policies (government grants and subsidies to promote EV), and growing infrastructure (increase in public charging stations) indicate that electric vehicles are not far from becoming mainstream.
So using the TipRanks stock comparison tool, let’s compare five electric vehicles stocks and see how Wall Street analysts feel about these stocks.
Let’s begin with Tesla, which is synonymous with EV. Elon Musk’s Tesla holds the lion’s share of the market, despite the growing number of competitors. The EV pioneer continues to deliver robust financial numbers (read more: Tesla Is Firing on All Cylinders; Analyst Says ‘Buy’), backed by stellar demand, higher production and deliveries, and efforts to reduce costs.
Thanks to its back-to-back strong quarterly performances and solid demand, Piper Sandler analyst Alexander Potter reiterated a Buy rating on Tesla stock with a price target of $1,200 (68.8% upside potential).
In addition to Potter, most of the analysts have a bullish view of TSLA stock. Tesla’s Moderate Buy consensus rating is based on 12 Buys, 7 Holds, and 4 Sells. TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Tesla is currently Positive, with hedge fund managers increasing their holdings by 229.1K shares in the last quarter. Meanwhile, with over 138% growth in one year, the average Tesla price target of $746.91 implies 5.1% upside potential to current levels.
Nio is a Chinese premium EV maker. The company recently announced delivery numbers for July 2021. Nio said that it delivered 7,931 vehicles in July, implying year-over-year growth of 124.5%. Furthermore, its cumulative deliveries of vehicles, including the ES8 (six-seater or seven-seater flagship SUV), ES6 (five-seater high-performance SUV), and EC6 (five-seater premium coupe SUV) reached 125,528 as of July 31.
While Nio’s delivery growth rate in July significantly lagged peers (read more: NIO July Deliveries Jump 124.5%; Shares Gain), Wall Street maintains a bullish outlook on the stock. On TipRanks, Nio has received 6 positive analyst reviews for a unanimous Strong Buy consensus rating. Furthermore, hedge fund managers have increased their holdings by 54.0K shares in three months.
Nio, whose stock has surged over 231% in one year, is scheduled to announce its Q2 financial numbers on August 11. The average NIO price target of $64.50 implies 43.1% upside potential to current levels.
Li Auto (LI)
Li Auto is a China-based company that designs and manufactures premium EVs. The company recently announced robust delivery numbers for July 2021. Li Auto delivered 8,589 vehicles in July and crossed the 8K delivery mark for the first time. Moreover, the delivery numbers reflect year-over-year growth of over 251%.
Following the announcement, analyst Ming-Hsun Lee of Bank of America Securities reiterated his Buy rating on the stock, with a price target of $39 (19.3% upside potential).
In addition to Lee, the rest of the street is also bullish on the stock. Its Strong Buy consensus rating is based on 6 unanimous Buys. Li Auto stock has almost doubled in one year. However, the average Li Auto price target of $44.52 implies 36.2% upside potential to current levels.
Blink Charging Co (BLNK)
Blink Charging provides charging equipment and services for EVs. Thanks to the production ramp, record EV sales, and solid jump in company-owned charging stations, Blink Charging stock has increased approximately 223% in one year. (See Blink Charging stock charts on TipRanks)
The company contracted, sold, or deployed 1,597 commercial and residential EV charging stations in Q1. Meanwhile, its top-line increased by 72% year-over-year, reflecting increased demand and growth in its charging stations network. Notably, Blink Charging’s “owner/operator” business model provides a long-term recurring revenue stream with growing EV utilization. (Read more: Will Blink Charging Continue to Charge Ahead?)
On TipRanks, BLNK has a Moderate Buy rating, based on 2 Buys and 1 Hold. The average Blink Charging price target of $38.00 implies approximately 11.3% upside potential to current levels.
Workhorse Group (WKHS)
Shares of the electric truck manufacturer Workhorse Group have gotten a fair amount of beating, and are down over 47% this year. The company’s problems were exacerbated when the United States Postal Service (USPS) awarded a 10-year multi-billion contract to Oshkosh (OSK) instead of Workhorse to modernize its aging delivery vehicle fleet. (See Workhorse Group stock charts on TipRanks)
Workhorse has filed a formal complaint with the Federal Court regarding the USPS contract and recently announced Rick Dauch as its new CEO. (Read more: Workhorse: Can New CEO Trigger a Turnaround? Analyst Weighs In)
Whether the new CEO could turn the company around remains a wait-and-watch story. Meanwhile, Wall Street maintains a Moderate Buy consensus rating on the stock, based on 2 Buys and 4 Holds. The average Workhorse Group price target of $13.25 implies 27.3% upside potential from current levels.
Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.