5 Best Electric Car Stocks To Buy Now

4. Ferrari N.V. (NYSE:RACE)

Number of Hedge Fund Holders: 31

Ferrari N.V. (NYSE:RACE) has one of the most recognizable brands in the world, with a strong heritage of performance and luxury. The company has consistently launched successful products, from the LaFerrari supercar to its F8 Tributo. Ferrari N.V. (NYSE:RACE) has increased its revenue and profits steadily over the last few years, and the company has a strong balance sheet with ample cash. Ferrari N.V. (NYSE:RACE) has free cash flows of over EUR 601 million. The company is investing heavily in research and development to develop new technologies, such as hybrid powertrains and autonomous driving. The company is on track to launch its first all-electric car by 2025, and given its rich history of leadership, Ferrari N.V. (NYSE:RACE) is expected to remain at the forefront of the electric car industry. The stock is ranked among the best electric car stocks to buy now.

Wall Street is bullish on Ferrari N.V. (NYSE:RACE). On October 27, HSBC analyst Edoardo Spina upgraded the stock to Buy from Hold.

At the close of Q3 2022, 31 hedge funds were long Ferrari N.V. (NYSE:RACE) and disclosed positions worth $1.02 billion. This is compared to 33 positions in the preceding quarter with stakes worth $870.3 million. As of September 30, Darsana Capital Partners is the dominant shareholder in the company and has stakes worth $231.25 million.