5 Best Electric Vehicle Stocks to Buy for Long Term

2. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)

Number of Hedge Fund Holders: 72  

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) manufactures, tests, and sells integrated circuits and other semiconductor devices. The firm is on the list of best electric vehicle stocks to buy for the long term since it is one of the top producers of semiconductors around the globe. These semiconductors, which are only made in a handful of countries, are critical to the overall production of EVs since they control many software and hardware functions in electric cars. 

On July 14, investment advisory Susquehanna maintained a Neutral rating on Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) stock and lowered the price target to $88 from $90. Analyst Mehdi Hosseini issued the ratings update. 

At the end of the second quarter of 2022, 72 hedge funds in the database of Insider Monkey held stakes worth $9.2 billion in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), compared to 81 in the preceding quarter worth $10 billion. 

In its Q2 2022 investor letter, Mercator International Opportunity fund, an asset management firm, highlighted a few stocks and Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was one of them. Here is what the fund said:

“Another example of this buyers’ strike is Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) (1.81%), down 40% from its high and trading at less than 15 times forward earnings. When TSM announced better-than-expected earnings growth of 67% in the second quarter with no slowdown in sight, the stock barely gained a few percentage points. No matter how good the news, buyers are not showing up. Yet.”