5 Best Battery Stocks To Buy Heading Into 2023

4. Ford Motor Company (NYSE:F)

Number of Hedge Fund Holders: 47

Ford Motor Company (NYSE:F) is a Michigan-based company that designs, manufactures, markets, and services a range of Ford trucks, cars, sport utility vehicles, electrified vehicles, and Lincoln luxury vehicles worldwide. On July 21, Ford Motor Company (NYSE:F) announced that it will supply 60 gigawatt hours (GWh) of annual battery capacity to deliver a global 600,000 EV run rate by late 2023. Lithium iron phosphate battery packs will also be introduced for Mustang Mach-Es sold in North America next year and F-150 Lightnings in early 2024. It is one of the best battery stocks to consider. 

On December 15, Ford Motor Company (NYSE:F) and China-based Contemporary Amperex Technology announced that they are considering a potential plan to construct a battery plant in Michigan or Virginia to provide lithium iron phosphate batteries for electric models and still qualify for tax credits under the Inflation Reduction Act.

Citi analyst Itay Michaeli on November 30 raised the price target on Ford Motor Company (NYSE:F) to $14 from $13 and kept a Neutral rating on the shares. The analyst updated his model to reflect the Q3 results and latest data points. 

According to Insider Monkey’s data, Ford Motor Company (NYSE:F) was part of 47 hedge fund portfolios at the end of Q3 2022, compared to 46 in the prior quarter. Ken Fisher’s Fisher Asset Management is the largest stakeholder of the company, with nearly 45 million shares worth $503.6 million. 

Here is what Leaven Partners has to say about Ford Motor Company (NYSE:F) in its Q3 2022 investor letter:

“In our last quarterly letter, I briefly mentioned that the consensus estimates for corporate profits appeared to be a bit too sanguine. I referenced a Reuters article that reported, as of June 17, Wall Street expected S&P 500 earnings to grow by 9.6% in 2022, which was up from 8.8% in April and from 8.4% in January. That tune began to change at the end of July and accelerated in August and September, as major players, such as Ford (NYSE:F), has recently issued profit warnings and/or have withdrawn guidance. In response, Wall Street has altered its outlook: lowering third-quarter profit growth to 4.6% from 7.2% in early August and slashing full-year profit growth to 4.5%.”