5 Best EV Materials Stocks to Buy Now

In this article, we discuss 5 best EV materials stocks to buy now. If you want to read about some more EV materials stocks to buy now, go directly to 10 Best EV Materials Stocks to Buy Now.

5. Autodesk, Inc. (NASDAQ:ADSK)

Number of Hedge Fund Holders: 50    

Autodesk, Inc. (NASDAQ:ADSK) provides design and engineering software services. The software services of the firm include products that cater to the specific computer numerical control machining, inspection, and modeling for the manufacturing needs of the electric vehicle sector. For example, the company offers customers the chance to use Fusion 360, a cloud-based product development software that combines design, engineering, and manufacturing in a single package. 

On July 26, Oppenheimer analyst Ken Wong initiated coverage of Autodesk, Inc. (NASDAQ:ADSK) stock with an Outperform rating and a price target of $320, backing the firm to deliver durable earnings gains and consistent margin expansion in the coming years. 

At the end of the first quarter of 2022, 50 hedge funds in the database of Insider Monkey held stakes worth $1.9 billion in Autodesk, Inc. (NASDAQ:ADSK), compared to 52 the preceding quarter worth $1.7 billion.

In its Q4 2021 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and Autodesk, Inc. (NASDAQ:ADSK) was one of them. Here is what the fund said:

“We added to Autodesk, Inc. (NASDAQ:ADSK) on share price weakness. Near-term concerns have made the valuations of the company quite attractive in our view. Autodesk has consistently reported solid results, but management recently provided lower than expected guidance, noting supply chain issues, inflation squeezing its customer margins, global labor shortages, and complications from rolling and unpredictable COVID lockdowns globally. In aggregate, these issues mean that fewer client projects have been completed, despite high endmarket demand. Ultimately, many of these productivity pressures will likely drive the need to digitize further.

To be clear, much of the pressure on Autodesk’s share price recently was due to expectations, not a decline in the fundamentals of the business. Autodesk, Inc. (NASDAQ:ADSK) continues to grow revenues at greater than mid-teens rates while simultaneously enjoying record renewal rates. While each of the noted factors present real challenges in the near term, we think the lower share price provides long-term investors an opportunity. Given the secular trend towards digitization and the ever-increasing mission-critical nature of Autodesk’s products, we are confident in the long-term investment case.“