5 Best EV Charging Stocks to Buy Now

4. ABB Ltd. (NYSE:ABB)

Hedge Fund Holdings: 16

Headquartered in Zurich, Switzerland, ABB Ltd. (NYSE:ABB) is a Swedish-Swiss multinational automation corporation which specializes in the manufacture of major electrical equipment, robotics, and other automation technology. The company is a world leader in electric vehicle infrastructure, and offers a variety of EV charging solutions, including the ABB E-Mobility portfolio.

ABB Ltd. (NYSE:ABB) posted stellar third-quarter results, generating above-average revenue and consistent growth with respect to the previous quarter, as well as the most favorable margins in years. Although the macro headwinds are worrisome, with short-cycle demand expected to slump in 2023, the stock is extremely well-leveraged to considerable growth opportunities be it in electrification, decarbonization, or automation. ABB (NYSE:ABB) is also considerably undervalued, presenting an excellent buying opportunity for value investors looking to shield themselves from the grim macroeconomic outlook.

Artisan Partners explained the drop in ABB’s (NYSE:ABB) share price in their Q2 2022 investor letter, a copy of which can be obtained here. This is what they had to say:

“ABB Ltd (NYSE:ABB) is a Swiss-based industrial conglomerate that manufactures electronic products and equipment. There is no new significant fundamental news on the company. We believe the share price decline relates to negative sentiment associated with industrial companies.”