It’s obvious that the “EV revolution” is only picking up steam. The surge in EV sales has increased by more than three times since 2021 and is projected to grow by 35% (year-over-year) by the end of fiscal 2023.
The rising growth rates in EV demand in both China (70%) and the US (80%) indicate a promising market. Unfortunately, cobalt and nickel shortages, for example, have been a reality. And, despite increased mining efforts, innovation in battery technology is crucial to reducing dependence on these materials.
They’re still cheap, and investing in battery stocks is surely a move that will capitalize on the growing EV market, and Wall Street’s brightest analysts agree…
FREYR Battery (FREY)
FREYR Battery (FREY) is a highly promising company that specializes in producing and commercializing battery cells for various industries, including aviation, marine, and electric mobility sectors. Notably, FREY recently secured a substantial grant from the EU Innovation Fund for its Giga Arctic Project in the amount of 100 million pounds, which aims to reduce 80 million metric tons of carbon emissions. Furthermore, with plans to expand its projects to the U.S., FREY demonstrates a commitment to growth and global reach. As a result, FREY also happens to stand out as one of the best solar energy stocks right now.
FREY’s stock is currently down by 4.49% and is trading near the very bottom of its 52-week range, meaning there’s an upside to be found. With positive TTM (trailing twelve-month) asset growth of 30.08% and a solid 0.77 beta score, FREY most recently beat analysts’ EPS forecasts by 20.81%, meanwhile showing year-over-year net income growth of 63.54%. With a 10-day average trading volume of 2.33 million shares, FREY has a median price target of $13.50, with a high of $16 and a low of $10; this represents a possible price jump of 93% from its current spot. FREY has 4 buy ratings and 2 hold ratings.
Enovix Corp (ENVX)
Enovix Corporation (ENVX) is compelling since it is focused on developing high-energy density and safe batteries for EVs. ENVX recently received a significant purchase order from the U.S. Army for manufacturing battery cells for the Conformal Wearable Battery (CWB). This collaboration has the potential to enhance energy density, leading to longer-lasting and lighter battery packs. With its technological contributions and strategic partnerships, ENVX stands out as a promising stock to invest in.
ENVX is currently up year-to-date by an impressive 59.32% but is still trading around the middle of its range and shows plenty of room to grow. ENVX has a positive SMA (simple moving average), a PEG (price/earnings to growth) ratio of 1.05x, and positive TTM asset growth of 10.61%. Projected to report $304.2 thousand in sales for the current quarter, ENVX recently beat analysts’ EPS projections by 11.95% and has a 1-year expected growth rate of 37%. With a 10-day average volume of 9.23 million shares, ENVX has a median price target of $25, with a high of $100 and a low of $20, suggesting the potential for a price jump as high as almost 405% from where it sits now. ENVX has 10 buy ratings and 1 hold rating.
Shoals Technologies Group Inc (SHLS)
Shoals Technologies Group, Inc. (SHLS) is a highly favorable stock among analysts, as it provides components for solar energy and batteries in electric vehicles. Recently, SHLS’s share price rose by 9% following a significant contract with Blattner Company to supply 10 gigawatts of wire assembly systems over the next two years, with project deliveries underway and expected completion by Q2 2025. This showcases SHLS’s strong market position and potential for growth, making it an attractive choice for investors in both the renewable energy and electric vehicle sectors. SHLS arguably boasts the most impressive metrics. SHLS is up currently by 6.93% year-to-date, is trading around the middle of its range, has a positive 20/200 day SMA, and has TTM asset growth of 70.42%. SHLSrecently beat analysts’ projections on EPS and revenue by margins of 42.99% and 8.06%, respectively, and reported year-over-year growth in critical areas like revenue (+54.59%), net income (+441.52%), EPS (+400%), and net profit margin (+250.52%). Having a free cash flow of $55.32 million, SHLS is projected to report $114.9 million in sales at $0.13 per share for the current fiscal quarter. With a 10-day average volume of 2.11 million shares, SHLS has an average price target of $30, with a high of $42 and a low of $19; this indicates a potential price upside of close to 60%. SHLS has 10 buy ratings and 4 hold ratings.
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