10 Most Popular EV Stocks Among Famous Hedge Funds

9. Plug Power Inc. (NASDAQ:PLUG)

Number of Hedge Fund Holders: 20

An American company specializing in hydrogen fuel cell technology to replace traditional batteries in electric vehicles, Plug Power Inc. (NASDAQ:PLUG) is one of the most popular EV stocks among famous hedge funds. Since its inception, Plug Power Inc. (NASDAQ:PLUG) has been using green technology which offers energy gains that help companies realize their sustainability goals. 

Plug Power Inc. (NASDAQ:PLUG) reported Q3 earnings on November 9. EPS in the quarter equaled -$0.19, missing estimates by -$0.11. The quarterly revenue came in at $143.92 million, missing estimates by $901,450. 

Steve Cohen’s Point72 Asset Management increased its stake in Plug Power Inc. (NASDAQ:PLUG) by 16% in the third quarter, which resulted in the hedge fund owning a position worth almost $19 million in the company. Overall, 20 hedge funds in Q3 reported owning stakes valued at $360.4 million in Plug Power Inc. (NASDAQ:PLUG). 

Plug Power Inc. (NASDAQ:PLUG) and Acciona, S.A. (OTC:ACXIF) recently announced that they have finalized the formation of their previously announced 50-50 joint venture. Known as AccionaPlug, the joint-venture is headquartered in Madrid and will execute green hydrogen projects throughout Spain and Portugal.

Plug Power Inc. (NASDAQ:PLUG) completed the acquisition of Applied Cryo Technologies on November 23, a company providing technology, equipment, and services for the transportation, storage, and distribution of liquefied hydrogen and other cryogenic gasses, which will enable Plug Power Inc. (NASDAQ:PLUG) to realize its strategic goal of producing over 1,000 tons of green hydrogen every day by 2028.

Increasing his revenue estimates and stating that Plug Power Inc. (NASDAQ:PLUG) is positioned to capture significant market share in the hydrogen production and electrolyzer businesses, Morgan Stanley analyst Stephen Byrd raised the price target on Plug Power Inc. (NASDAQ:PLUG) to $65 from $43 and kept an Overweight rating on the shares.