5 Best Electric Vehicle Stocks to Buy Now

In this article, we will be taking a look at the 5 best electric vehicle stocks to buy now. To read our detailed analysis of six other top electric vehicle stocks as well as the sector as a whole, you can go directly to the 11 Best Electric Vehicle Stocks to Buy Now.

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

Number of Hedge Fund Holders: 33

Ferrari N.V. (NYSE:RACE) is a conventional automobile manufacturer planning to delve into the EV sector by 2025, as announced this July. The company expects to have 40% EV sales by 2030. Currently, it engineers and produces luxury performance sports cars.

An Outperform rating was reiterated on Ferrari N.V. (NYSE:RACE) shares on August 4, by analyst Tom Narayan at RBC Capital.

As of the close of the second quarter, Ferrari N.V. (NYSE:RACE) had an EPS of $1.4, beating estimates by $0.1. The company’s revenue was $1.3 billion, also beating estimates by $62.5 million. Over the next three to five years, Ferrari N.V. (NYSE:RACE) expects its EPS to rise by 11.5%, and it currently holds a one-year dividend growth rate of 57.1%.

Out of 895 hedge funds tracked in the second quarter. 33 hedge funds were long Ferrari N.V. (NYSE:RACE). Their total stake value was $870 million.

Ensemble Capital, an investment management firm, mentioned Ferrari N.V. (NYSE:RACE) in its first quarter 2022 investor letter. Here’s what they said:

“Ferrari (7.3% weight in the Fund): As WE DESCRIBED a year ago in this letter, Ferrari’s chief marketing officer’s hardest job is not getting people to buy a Ferrari, but to tell some of them no. The company is in the business of selling rare, luxury products and so by design they greatly limited the number of vehicles they sell. This extreme constraint has led to a wait list of well over a year with a customer base so devoted to the company that even in the midst of the Financial Crisis of 2008-09, the number of vehicles they sold only declined by 4%. Their customers are so price insensitive, that the company often sells out of their limited edition super cars that sell for millions of dollars before they even announce the price. For a Ferrari collector the high prices are a feature, not a bug, as it is the price that makes Ferrari ownership so exclusive.”