5 Best EV Stocks to Invest In

In this article we discuss the 5 best EV stocks to invest in. If you want to read our detailed analysis of the electric vehicle industry, go directly to 12 Best EV Stocks to Invest In.

5. Magna International Inc. (NYSE: MGA)

Number of  Hedge Fund Holders: 34

Magna International Inc. (NYSE: MGA) is a designer and manufacturer of systems, subsystems, and modules for original equipment manufacturers of vehicles across the globe. The company was founded in 1957 and is based in Canada. It ranks 5th on our list of the best EV stocks to invest in.

On June 17th, Magna International Inc. (NYSE: MGA) and Fisker Inc. (NYSE: FSR) entered into a binding manufacturing agreement. Both companies are promising that the electric Fisker Ocean SUV will begin to be produced by November 17th, 2022, at Magna International Inc.’s (NYSE: MGA) facility in Austria. The company’s first quarter of 2021 reports revealed EPS of $1.86 versus estimates of $1.57. It also reported first-quarter revenue of $10.18 billion. It has a gross profit margin of 14.24% and has gained 39.61% in the past 6 months and 27.66% year to date.

By the end of the first quarter of 2021, 34 hedge funds out of the 866 tracked by Insider Monkey held stakes in this company. The total value of their stakes was about $671 million. Comparatively, in the previous quarter 38 hedge funds held stakes in the company worth roughly $662 million.