5 Best Electric Car Stocks to Buy Now

In this article we discuss the 5 best electric car stocks to buy now. If you want to read our detailed analysis of the EV industry, go directly to the 15 Best Electric Car Stocks to Buy Now.

5. Magna International Inc. (NYSE: MGA)

Number of Hedge Fund Holders: 34

Magna International Inc. (NYSE: MGA) is a Canadian manufacturing company that specializes in automotive components. It is the largest supplier of automotive products in North America. The company plans to expand its operations in North America to focus on the production of electric vehicles. In June, Magna International Inc. (NYSE: MGA) announced that it holds a 7.4% stake in an American automaker company, Fisker Inc. (NYSE: FSR).

In Q1 2021, Magna International Inc. (NYSE: MGA) reported a net income of $615 million, up from $261 million during the same period last year. The EPS beat the estimates by $0.29 at $1.86. The consolidated revenue presented an 18% year-over-year growth at $10.2 billion mainly due to higher light vehicle production globally. Complete vehicles accounted for $1.8 billion of the gross revenue, showing 40% growth from the prior-year quarter. Magna International Inc. (NYSE: MGA) also returned $280 million to shareholders in the first quarter through dividends and buybacks. Recently, Goldman Sachs raised its price target on Magna International Inc. (NYSE: MGA) to $12, with a ‘Buy’ rating. Since the beginning of the year, the stock has delivered a 20.2% return to shareholders and 79.2% in the past year.

As of Q1 2021, 34 hedge funds tracked by Insider Monkey have positions in Magna International Inc. (NYSE: MGA), worth $671.7 million. Heathbridge Capital Management is the biggest shareholder of the company, with shares worth over $16 million.