Buy These 2 EV Charging Stocks, Analysts Say, Forecasting Over 50% Upside

Say ‘electric vehicle’ these days, and Elon Musk is probably the first association that will come to mind. After all, he’s a headline machine – but his Tesla company has proven that the EV market can be profitable for automakers and investors alike.

But cars aren’t the only game in town for investors who want to buy into the EV sector, and worthwhile stocks don’t need to have Tesla-level prices. EVs are bringing a range of supporting technologies and infrastructure with them, from battery manufacturers to charging companies, and savvy investors can find affordable opportunities in that supportive network.

Today, we’ll look into the charging companies. While they may not exude the same appeal as the car makers, those cars won’t get very far without the charging infrastructure that their support companies will make available. In fact, the EV charging infrastructure market is expected to reach more than $207.5 billion by 2030.

We can get a taste of the opportunity here by looking at some of those pure-play charging stocks. Using the TipRanks platform, we’ve pinpointed two such names; each boasts a ‘Strong Buy’ rating from the analyst community, and offers plenty of upside potential. We’re talking more than 50% here.

Beam Global (BEEM)

The first stock we’ll look at is Beam Global, a company that works in clean energy products for EV charging. Beam has charging products in operation across 13 US states, in 96 cities. Chief among these products is the EV ARC, the first off-grid, permit-free, rapid-deployment EV charging system.

The system is designed for off-grid use, drawing power from its incorporated solar panels, and is sized to fit in or around standard parking spaces – any parking lot can become an EV charging spot. No major construction work is needed for deployment, and so no local zoning or permitting is required, either.

This past November, the company reported a quarterly record of $6.6 million in total revenue for Q3 of fiscal year 2022, for a 227% year-over-year increase. These gains were fueled by a series of recent wins the company has…

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