As the global shift toward sustainable transportation gains momentum, electric vehicles (EVs) have emerged as the cornerstone of this transformative journey. Investors keen on capitalizing on this burgeoning sector find themselves at the intersection of innovation and opportunity. In this article, we explore three compelling EV-related stocks that stand out amidst the electrifying surge in demand, offering not only promising financial returns but also contributing to the broader paradigm shift towards a greener and more sustainable future.
Here are three “Strong Buy” EV stocks from Wall Street –
Luminar Technologies, Inc. – SYM: LAZR
Recent Price: $2.64
Price Target: $6.67
Firms with Buy Rating: TD Cowen, Citi, Jefferies
Description: Luminar Technologies, Inc., an automotive technology company, provides sensor technologies and software for passenger cars and commercial trucks in North America, the Asia Pacific, Europe, and the Middle East. It operates in two segments, Autonomy Solutions and Advanced Technologies and Services.
Billionaire Ken Griffin, the founder of the largest hedge fund in the world, Citadel, already took a stake.
Famous billionaire Ken Fisher has poured more than $2 billion into it.
Jim Simons, the billionaire who runs Renaissance Technologies, is in too.
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Piedmont Lithium Inc. – SYM: PLL
Recent Price: $27.88
Price Target: $55.75
Firms with Buy Rating: D.A. Davidson, TD Cowen, B.Riley Financial
Description: Piedmont Lithium Inc., a development stage company, engages in the exploration and development of resource projects in the United States. The company primarily holds a 100% interest in the Carolina Lithium Project that include an area of approximately 3,245 acres located within the Carolina Tin-Spodumene Belt situated to the northwest of Charlotte, North Carolina in the United States. It also owns a real property of approximately 5 acres in Bessemer City, North Carolina; and 61-acre property in Kings Mountain, North Carolina. The company was incorporated in 2020 and is headquartered in Belmont, North Carolina.
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Livent Corporation – SYM: LTHM
Recent Price: $13.77
Price Target: $25.20
Firms with Buy Rating: HSBC, Keybanc, TD Cowen
Description: Livent Corporation manufactures and sells performance lithium compounds primarily used in lithium-based batteries, specialty polymers, and chemical synthesis applications in North America, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. The company offers lithium compounds for use in applications that have specific performance requirements, including battery-grade lithium hydroxide for use in high performance lithium-ion batteries; and butyllithium, which is used in the production of polymers and pharmaceutical products, as well as a range of specialty lithium compounds, including high purity lithium metal, which is used in non-rechargeable batteries and the production of lightweight materials for aerospace applications. It also provides lithium phosphate, pharmaceutical-grade lithium carbonate, high purity lithium chloride, and specialty organics; and lithium carbonate and lithium chloride for use as feedstock in the process of producing performance lithium compounds. The company was founded in 1940 and is headquartered in Philadelphia, Pennsylvania.