5 Best Battery Stocks To Buy Heading Into 2024

In this piece, we will take a look at the five best battery stocks to buy heading into 2024. If you want to take a deeper look at the battery industry, then read 11 Best Battery Stocks To Buy Heading Into 2024.

5. Sensata Technologies Holding plc (NYSE:ST)

Number of Hedge Fund Investors In Q2 2023: 32

Sensata Technologies Holding plc (NYSE:ST) is an engineering technology company that sells battery management systems that help determine battery charge rates, performance, and other parameters. The firm scored a win in September when it was added to the S&P MidCap 400 stock index, a positive development about its business strength.

During Q2 2023, 32 out of the 910 hedge funds part of Insider Monkey’s database were Sensata Technologies Holding plc (NYSE:ST)’s investors. Robert Joseph Caruso’s Select Equity Group owns the largest stake among these, which is worth $414 million and comes via 9.2 million shares.

4. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Investors In Q2 2023: 41

Albemarle Corporation (NYSE:ALB) is an American company that is one of the most important providers of lithium for battery production on the planet. The firm faced a setback in Australia in October 2023 when its bid to acquire an Australian lithium company for a multi-billion dollar price tag failed after Albemarle Corporation (NYSE:ALB) withdrew the offer.

As of June 2023, 41 out of the 910 hedge funds part tracked by Insider Monkey had held a stake in the firm. Out of these, Albemarle Corporation (NYSE:ALB)’s biggest hedge fund investor is Philippe Laffont’s Coatue Management due to its $154 million investment.

3. Honeywell International Inc. (NASDAQ:HON)

Number of Hedge Fund Investors In Q2 2023: 61

Honeywell International Inc. (NASDAQ:HON) is an American industrial equipment provider that also makes and sells batteries. The firm has beaten analyst EPS estimates in all four of its latest quarters, and the shares are rated Buy on average with an average share price target of $215.76.

By the end of this year’s second quarter, 61 among the 910 hedge funds polled by Insider Monkey had bought and owned Honeywell International Inc. (NASDAQ:HON)’s shares. John Overdeck and David Siegel’s Two Sigma Advisors is the largest shareholder among these through a $406 million investment.

2. General Motors Company (NYSE:GM)

Number of Hedge Fund Investors In Q2 2023: 72

General Motors Company (NYSE:GM) is typically known for its cars. However, the firm has partnered up with Samsung and LG to set up new battery manufacturing plants in the U.S. that are worth billions of dollars. These days, General Motors Company (NYSE:GM) electric vehicle plans are under quite a bit of pressure due to union strikes that have hampered manufacturing output.

During 2023’s June quarter, 72 hedge funds out of the 910 surveyed by Insider Monkey were the car maker’s shareholders. General Motors Company (NYSE:GM)’s biggest investor among these is Natixis Global Asset Management’s Harris Associates as it owns $1.4 billion worth of shares.

1. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Investors In Q2 2023: 79

Like GM, Tesla, Inc. (NASDAQ:TSLA) is also known mostly for its cars. However, the firm also makes its own batteries to drive down car costs, and it also sells an energy storage system called Powerwall with batteries to help people live off the electric grid. October 2023 proved to be a great month for Tesla, Inc. (NASDAQ:TSLA)’s batteries, as the firm revealed that it has now built the 20 millionth battery cell in its Texas facility.

79 out of the 910 hedge funds surveyed by Insider Monkey for their Q2 2023 shareholdings had held a stake in Tesla, Inc. (NASDAQ:TSLA). Catherine D. Wood’s ARK Investment Management owns the largest stake that is worth $1.2 billion and comes via 4.8 million shares.

Disclosure: None. You can also take a look at 10 Best States to Start an LLC and 14 Best SaaS Stocks To Buy Now.

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