5 Best EV Stocks to Buy Now

4. Lightning eMotors, Inc. (NYSE:ZEV)

Number of Hedge Fund Holders: 15

Lightning eMotors, Inc. (NYSE:ZEV) manufactures electric fleet of medium and heavy-duty vehicles, that include delivery trucks, shuttle buses, passenger vans, chassis-cab models, and city transit buses.

The company has turned heads of numerous hedge fund managers in the recent quarter. By the end of the first quarter of 2022, 15 hedge funds out of 912 tracked by Insider Monkey held stakes in this company. Their stakes were valued at ~$10.5 million. In the preceding quarter, 7 hedge funds out of 924 tracked by Insider Monkey held stakes in Lightning eMotors, Inc. (NYSE:ZEV).

Northland Securities gave an “Outperform” rating on Lightning eMotors, Inc. (NYSE:ZEV), with a price target of $6.50. The company has narrowed profitability gap in its 1Q22 results. Quarterly net loss of $10.8 million against $27.4 million net loss in 1Q21 means the company has a clear path to profitability. The company, which has given increased revenue guidance of $6 million- $8 million for second quarter, has teamed with Blue Bird Corporation (NASDAQ:BLBD) and General Motors Company (NYSE:GM). Not only this, it has won new and repeat orders with major fleets in the U.S. and Canada.

In 1Q22, the company saw record revenue of $5.4 million, exhibiting 18% year-over-year growth, on 68 units sold. Lightning eMotors, Inc. (NYSE:ZEV) expects selling 55 units to 75 units of vehicle and powertrain in the second quarter.