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The 7 Best Electric Vehicle Stocks That Aren't Tesla

We all know that electric vehicles are the future of day-to-day transportation. They are simpler to manufacture than their gas-combustion cousins. They allow for the easy integration of driver assistance and other technologies. And, they can be refueled in your garage with renewable energy from the grid.

How does an investor profit from this trend? Your natural first thought might be to put money in Tesla, but it's hard to make money off a company that is already trading at a price-to-earnings ratio of 50 (or sometimes even more!). Most of the future growth of Tesla is already baked into its share price, unfortunately.

We've also heard about companies like Nikola and Rivian that want to be the "next Tesla," but so far none of them have shown themselves to be formidable competitors to Elon Musk's electric vehicle powerhouse. Some of them even turned out to be outright frauds.

So, how do we profit from the electric vehicle mega-trend? We look at other companies in the E.V. supply chain that are providing parts, equipment, and services to major automobile manufacturers as they begin the transition to producing fully electric vehicles.

We've conferred with Wall Street's top-ranked research analysts and scoured hundreds of their reports to find the best E.V. companies that you can invest in right now. We've identified seven companies that stand to benefit from the electric vehicle mega-cycle and Wall Street's best analysts are giving these companies "buy" and "strong buy" ratings in their proprietary research reports.

#1 - EnerSys (NYSE:ENS)

Consensus Rating
Moderate Buy
Rating Score
2.8
Ratings Breakdown
2 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
$118.00 (23.0% Upside)

About EnerSys

EnerSys logoEnerSys engages in the provision of stored energy solutions for industrial applications worldwide. It operates in four segments: Energy Systems, Motive Power, Specialty, and New Ventures. The Energy Systems segment offers uninterruptible power systems (UPS) applications for computer and computer-controlled systems, as well as telecommunications systems; switchgear and electrical control systems used in industrial facilities and electric utilities, large-scale energy storage, and energy pipelines; integrated power solutions and services to broadband, telecom, data center, and renewable and industrial customers; and thermally managed cabinets and enclosures for electronic equipment and batteries. Read More 
 

Recent Analyst Ratings

DateBrokerageActionRatingPrice TargetDetails
9/23/2024Roth MkmReiterated RatingBuy ➝ Buy$120.00 ➝ $120.00
8/27/2024Roth CapitalUpgradeStrong-Buy
8/27/2024Roth MkmInitiated CoverageBuy$120.00
5/24/2024BTIG ResearchDowngradeBuy ➝ Neutral
2/9/2024OppenheimerDowngradeOutperform ➝ Market Perform
12/20/2023OppenheimerBoost Price TargetOutperform ➝ Outperform$110.00 ➝ $116.00
11/6/2023William BlairDowngradeOutperform ➝ Market Perform
8/11/2023OppenheimerLower Price Target$119.00 ➝ $117.00
7/14/2023CL KingInitiated CoverageBuy$137.00
6/16/2023BTIG ResearchBoost Price Target$100.00 ➝ $125.00


#2 - CECO Environmental (NASDAQ:CECO)

Consensus Rating
Buy
Rating Score
3.0
Ratings Breakdown
5 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
$34.40 (8.3% Upside)

About CECO Environmental

CECO Environmental logoCECO Environmental Corp. provides critical solutions in industrial air quality, industrial water treatment, and energy transition solutions worldwide. It operates in two segments: Engineered Systems and Industrial Process Solutions. The company engineers, designs, manufactures, and installs non-metallic expansion joints and flow control products, including rubber expansion joints, ducting expansion joints, and industrial pinch and duck bill valves; membrane-based industrial water and wastewater treatment systems; and provides dust and fume extraction solutions comprising consultation, design, manufacturing, installation, and service, as well as water and wastewater treatment solutions. Read More 
 

Recent Analyst Ratings

DateBrokerageActionRatingPrice TargetDetails
10/30/2024Needham & Company LLCLower Price TargetBuy ➝ Buy$35.00 ➝ $33.00
10/30/2024HC WainwrightReiterated RatingBuy ➝ Buy$35.00 ➝ $35.00
8/1/2024Northland SecuritiesBoost Price TargetOutperform ➝ Outperform$28.00 ➝ $35.00
7/31/2024Roth MkmBoost Price TargetBuy ➝ Buy$26.00 ➝ $35.00
7/31/2024Craig HallumBoost Price TargetBuy ➝ Buy$28.00 ➝ $34.00
7/31/2024HC WainwrightBoost Price TargetBuy ➝ Buy$30.00 ➝ $35.00
7/31/2024Needham & Company LLCBoost Price TargetBuy ➝ Buy$34.00 ➝ $35.00
7/16/2024Needham & Company LLCBoost Price TargetBuy ➝ Buy$26.00 ➝ $34.00
5/1/2024Craig HallumBoost Price TargetBuy ➝ Buy$25.00 ➝ $28.00
5/1/2024HC WainwrightReiterated RatingBuy ➝ Buy$30.00


#3 - ZEEKR Intelligent Technology (NYSE:ZK)

Consensus Rating
Buy
Rating Score
3.0
Ratings Breakdown
6 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
$32.02 (32.8% Upside)

About ZEEKR Intelligent Technology

ZEEKR Intelligent Technology logoZEEKR Intelligent Technology Holding Limited, an investment holding company, engages in the research and development, production, commercialization, and sale of the electric vehicles and batteries. It offers battery electric passenger vehicles (BEVs) and SUVs. The company also produces and sells electric powertrain and battery packs for electric vehicles, such as motors and electric control systems; and provides automotive related research and development services. Read More 
 

Recent Analyst Ratings

DateBrokerageActionRatingPrice TargetDetails
10/25/2024CICC ResearchInitiated CoverageOutperform$31.74
10/3/2024MacquarieInitiated CoverageOutperform$33.00
8/22/2024Bank of AmericaLower Price TargetBuy ➝ Buy$30.00 ➝ $26.00
6/24/2024CitigroupInitiated CoverageBuy$32.40
6/12/2024Bank of AmericaBoost Price TargetBuy ➝ Buy$35.00 ➝ $36.00
6/6/2024Deutsche Bank AktiengesellschaftInitiated CoverageBuy$35.00
6/4/2024Bank of AmericaInitiated CoverageBuy$35.00
6/4/2024The Goldman Sachs GroupInitiated CoverageBuy$34.00


#4 - Enovix (NASDAQ:ENVX)

Consensus Rating
Moderate Buy
Rating Score
2.9
Ratings Breakdown
9 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
$20.50 (103.8% Upside)

About Enovix

Enovix logoEnovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.
 

Recent Analyst Ratings

DateBrokerageActionRatingPrice TargetDetails
10/31/2024Janney Montgomery ScottDowngradeBuy ➝ Neutral$10.00
10/30/2024Cantor FitzgeraldReiterated RatingOverweight ➝ Overweight$30.00 ➝ $30.00
10/30/2024BenchmarkReiterated RatingBuy ➝ Buy$25.00 ➝ $25.00
10/22/2024JPMorgan Chase & Co.Lower Price TargetOverweight ➝ Overweight$18.00 ➝ $15.00
8/26/2024OppenheimerReiterated RatingOutperform ➝ Outperform$36.00 ➝ $36.00
8/5/2024Piper SandlerReiterated RatingOverweight ➝ Overweight$23.00 ➝ $19.00
8/1/2024TD CowenBoost Price TargetHold ➝ Hold$11.00 ➝ $14.00
8/1/2024Craig HallumBoost Price TargetBuy ➝ Buy$15.00 ➝ $20.00
8/1/2024Cantor FitzgeraldReiterated RatingOverweight ➝ Overweight$30.00 ➝ $30.00
8/1/2024Canaccord Genuity GroupBoost Price TargetBuy ➝ Buy$17.00 ➝ $20.00


#5 - Valvoline (NYSE:VVV)

Consensus Rating
Buy
Rating Score
3.0
Ratings Breakdown
8 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
$46.25 (18.5% Upside)

About Valvoline

Valvoline logoValvoline Inc engages in the operation and franchising of vehicle service centers and retail stores in the United States and Canada. The company, through its service centers, provides fluid exchange for motor oil, transmission and differential fluid, and coolant; parts replacement for batteries, filters, wiper blades, and belts; and safety services, such as tire inflation and rotation, bulbs, and safety checks. Read More 
 

Recent Analyst Ratings

DateBrokerageActionRatingPrice TargetDetails
11/20/2024MizuhoLower Price TargetOutperform ➝ Outperform$50.00 ➝ $46.00
11/20/2024Royal Bank of CanadaLower Price TargetOutperform ➝ Outperform$52.00 ➝ $46.00
11/20/2024Wells Fargo & CompanyLower Price TargetOverweight ➝ Overweight$46.00 ➝ $44.00
11/20/2024Robert W. BairdLower Price TargetOutperform ➝ Outperform$48.00 ➝ $46.00
11/20/2024Morgan StanleyLower Price TargetOverweight ➝ Overweight$46.00 ➝ $42.00
10/15/2024StephensInitiated CoverageOverweight$49.00
8/15/2024Baird R WUpgradeStrong-Buy
8/15/2024Robert W. BairdInitiated CoverageOutperform$48.00
8/8/2024Royal Bank of CanadaLower Price TargetOutperform ➝ Outperform$54.00 ➝ $48.00
8/8/2024Wells Fargo & CompanyLower Price TargetOverweight ➝ Overweight$50.00 ➝ $46.00


#6 - Aspen Aerogels (NYSE:ASPN)

Consensus Rating
Buy
Rating Score
3.1
Ratings Breakdown
10 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
$28.70 (102.0% Upside)

About Aspen Aerogels

Aspen Aerogels logoAspen Aerogels, Inc designs, develops, manufactures, and sells aerogel insulation products primarily for use in the energy infrastructure and sustainable insulation materials markets in the United States, Asia, Canada, Europe, and Latin America. It operates in two segments, Energy Industrial and Thermal Barrier. Read More 
 

Recent Analyst Ratings

DateBrokerageActionRatingPrice TargetDetails
11/12/2024BarclaysLower Price TargetOverweight ➝ Overweight$27.00 ➝ $25.00
11/8/2024Roth MkmLower Price TargetBuy ➝ Buy$36.00 ➝ $31.00
10/22/2024Piper SandlerLower Price TargetOverweight ➝ Overweight$36.00 ➝ $33.00
10/16/2024HC WainwrightReiterated RatingBuy ➝ Buy$30.00 ➝ $30.00
8/21/2024Roth MkmReiterated RatingBuy ➝ Buy$36.00 ➝ $36.00
8/20/2024TD CowenBoost Price TargetBuy ➝ Buy$36.00 ➝ $41.00
8/9/2024HC WainwrightBoost Price TargetBuy ➝ Buy$25.00 ➝ $30.00
8/8/2024BenchmarkReiterated RatingBuy ➝ Buy$14.00 ➝ $14.00
8/6/2024BarclaysInitiated CoverageOverweight$27.00
6/25/2024B. RileyUpgradeStrong-Buy


#7 - EVgo (NYSE:EVGO)

Consensus Rating
Buy
Rating Score
3.0
Ratings Breakdown
10 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
$6.61 (2.0% Upside)

About EVgo

EVgo logoEVgo, Inc owns and operates a direct current fast charging network for electric vehicles (EVs) in the United States. The company offers electricity directly to drivers, who access its publicly available networked chargers; original equipment manufacturer charging and related services; fleet and rideshare public charging services; and charging as a service and fleet dedicated charging services. Read More 
 

Recent Analyst Ratings

DateBrokerageActionRatingPrice TargetDetails
11/13/2024Needham & Company LLCReiterated RatingHold
10/30/2024Stifel NicolausBoost Price TargetBuy ➝ Buy$6.00 ➝ $10.00
10/22/2024Marathon CapitlUpgradeHold ➝ Strong-Buy
10/10/2024UBS GroupUpgradeNeutral ➝ Buy$4.00 ➝ $8.50
10/9/2024Royal Bank of CanadaBoost Price TargetOutperform ➝ Outperform$4.00 ➝ $8.00
10/3/2024TD CowenUpgradeHold ➝ Buy$5.00 ➝ $7.00
10/3/2024JPMorgan Chase & Co.UpgradeNeutral ➝ Overweight$7.00
9/30/2024Cantor FitzgeraldReiterated RatingOverweight ➝ Overweight$5.00 ➝ $5.00
9/23/2024Cantor FitzgeraldReiterated RatingOverweight ➝ Overweight$5.00 ➝ $5.00
9/16/2024Capital One FinancialUpgradeStrong-Buy


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